Ethereum has reached a major milestone with the completion of the Shanghai hard fork, signaling a new era for the popular blockchain. The upgrade, also known as Shapella, has been eagerly anticipated by the Ethereum community and marks the final step in its transition to a full proof-of-stake network.
The Historic update is complete
This historic upgrade has unlocked the ability for users to withdraw their staked ether and accrued rewards, a key feature of the new paradigm. The transition to a proof-of-stake system has reduced Ethereum’s energy consumption by 99%, while also increasing its security and decentralization.
Vitalik Buterin addresses the ETH community
The Shanghai hard fork has been met with great enthusiasm from members of the Ethereum community, who see it as a major milestone in the platform’s development. vitalik buterin vitalik buterin co-founder at ethereum, Bitcoin Magazine Vitalik Buterin is a professional programmer and writer who is famous as the Co-Founder of Ethereum. Buterin along with Gavin Wood, Charles Hoskinson, Joseph Lubin, and Anthony Di launched Ethereum in 2014. He co-created Ethereum when he understood that he could construct a new, possibly enhanced version by iterating on the Bitcoin blockchain.
He has been involved in the Bitcoin community since 2011, writing and co-founding articles for Bitcoin magazine. Vitalik linked Bitcoin to a calculator and a future blockchain to a smartphone and used the same method of improving the system’s strength by making it more general purpose to blockchain network space.
He was honored with the Thiel Fellowship Award in 2014 for bringing his innovative scientific and technical projects to reality, won the World Technology Network prize, Fortune 40 under 40 lists, and appeared on the Under 30 list of Forbes at the age of 23. EntrepreneurDeveloper/ProgrammerAuthor , the co-founder of ethereum ethereum Blockchain NetworkTechnology , has stated that the “hardest and fastest parts of the Ethereum protocol’s transition are basically over,” and that the network can now focus on scaling, making transactions faster and cheaper.
Also Read: Ethereum Price Prediction 2023, 2024, 2025: This Is How ETH Price Could Perform In 2023!
ETH Selling Pressure on?
With the completion of the Shanghai upgrade, Ethereum is poised to continue its growth and development as a major player in the cryptocurrency market. Market analysts have speculated that the unlocking of ETH deposited into the Beacon Chain could lead to selling pressure for ETH, but that this pressure is likely to be distributed over several days, allowing buyers to watch and analyze the selling pressure.
The future looks bright for Ethereum and its community, with many exciting developments on the horizon. The successful completion of the Shanghai hard fork marks the start of a new era for Ethereum, and we can’t wait to see what the future holds for this groundbreaking platform.
Ethereum’s completion of the Shanghai hard fork marks a significant achievement in the platform’s development, and the Ethereum community is full of hope and excitement for what lies ahead. With the ability to withdraw staked ETH and rewards, users can look forward to greater flexibility and benefits from the new proof-of-stake network.
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