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- Let’s look at the EIPs of the Shanghai Ethereum Hard Fork
The crypto industry is evolving rapidly, and many major upgrades are coming shortly. Ethereum’s development team has been hard at work on some exciting new features that will be introduced over the next few years. One thing to note is that not all upgrades are created equal. For example, the London and Berlin forks focused on updating different aspects of Ethereum, like reducing gas prices or improving data access for smart contracts, respectively. Shanghai Ethereum Hard Fork won’t focus on these same updates, but rather something else entirely!
After London and Berlin, now it turns to discuss Shanghai Ethereum Hard Fork. The event has been named Devcon2 for the city in which they are taking place. Finally, we’re here with what’s coming next after the London ethereum hard fork! The time of this upcoming 2020-2020 is not yet confirmed - but we can be sure that sometime around 2021, there will be a huge change forthcoming from these new updates on your favorite cryptocurrency: Ethereum (ETH).
Two major features of Shanghai Ethereum Hard Fork are merging Ethereum and Ethereum 2.0, which will create a completely new blockchain with faster transaction time and lower fees that can be used anywhere in the world. The other feature is EIP-3074 (Ethereum Improvement Proposal), which aims to replace “gas” – a unit for measuring computational steps on any given network like Etherum–with an algorithmic gas price known as ETHash using Pigouvian Taxation model or just put this algorithm would charge high rates when people use their computers 24/7. At the same time, it gives low prices during off-hours, so there won’t be much congestion from too many miners trying to mine blocks at once due to attractive rewards from mining more coins.
Let’s look at the EIPs of the Shanghai Ethereum Hard Fork:-
EIP-3074, introduced by Ethereum developer Afri Schoedon. The EIP introduces two new EVM instructions: AUTH and AUTHCALL. These are vital for delegating control over the end of authority - what they’re defining is essentially a way to delegate authority to intelligent contracts!
EIP-2537 adds support for the BLS-12381 curve, which is used by the beacon chain. Support for this will be important as we move towards the ETH2.0 transition period with all its potential changes and challenges to overcome!
EIP-2327: is an interesting proposal that could help ease the lives of Solidity developers and Optimism teams. The EIP introduces a new opcode, BEGIN DATA, which tells Ethereum nodes not to execute any code in subsequent bytes but rather treat them as data. This has been proposed because certain contracts use large amounts of storage space for storing unused “dead” bytecodes (e.g., function declarations).
EIP-2935: This proposal could save disk space for light clients by reducing the amount of history they need to store. According to recent calculations, this would be helpful in any client with less than 1 GBs of storage and those who only want their transactions sent cryptographically signed (not broadcasted). Furthermore, this change will allow all nodes more equal opportunities as far as participation without having burdensome data requirements like holding records up from before its time on-chain, which can sometimes exceed 1000 gigabytes!
The Shanghai Ethereum Hard Fork is going to be different from other hard forks in major ways. For starters, the Ethereum blockchain will contain ETH and a new type of token called ETH2 that can be used anywhere. Additionally, this fork will include two additional features - merging between Ethereum and Ethereum 2.0 (which creates a completely new blockchain with faster transaction time and lower fees) as well as EIPs (Ethereum Improvement Proposals). If you’ve been following the recent events surrounding cryptocurrencies, then it should come as no surprise that constant updates are being made to improve usability for everyone involved. There are plenty of resources on our site www.cxihub.com so head over now if you want to learn more about these topics!