What is Ethereum Shanghai upgrade? — adidaswilson

Ethereum is a blockchain-based decentralized platform that enables developers to build and deploy decentralized applications (DApps). The platform is powered by Ether (ETH), the native cryptocurrency of the Ethereum network. Over the years, Ethereum has undergone several upgrades to improve its scalability, security, and usability. One such upgrade is the Ethereum Shanghai upgrade, which is scheduled to take place in 2022. This article provides an overview of the Ethereum Shanghai upgrade, its features, and its potential impact on the Ethereum network.

What is the Ethereum Shanghai Upgrade?

The Ethereum Shanghai upgrade, also known as Ethereum 2.0, is the next major upgrade to the Ethereum network. The upgrade aims to improve the scalability, security, and usability of the network by introducing several new features and changes. The upgrade will be implemented in phases, with each phase introducing new features and improvements to the network.

One of the main features of the Ethereum Shanghai upgrade is the introduction of the Proof of Stake (PoS) consensus mechanism. Currently, Ethereum uses the Proof of Work (PoW) consensus mechanism, which requires miners to solve complex mathematical puzzles to verify transactions and add blocks to the blockchain. The PoS consensus mechanism, on the other hand, allows…