Gary Gensler Usa city Shanghai blockchain Ethereum proof-of-work Proof-of-stake Gary Gensler Usa city Shanghai

Ethereum core developers set April 12 for Shanghai hard fork

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A target date for the highly anticipated Shanghai hard fork has now been set: April 12. Ethereum core developers approved the target deadline during the All Core Developers Execution Layer #157 call on March 16.Initially estimated for late March, the Shanghai mainnet upgrade features five Ethereum Improvement Proposals (EIPs), including EIP-4985, which will enable staked Ether (ETH) withdrawals on the Beacon Chain, completing Ethereum's transition from proof-of-work (PoW) to a proof-of-stake (PoS) consensus.The target date April 12 at 10:27:35 PM UTC, epoch 620,9536, will now be confirmed by developers on GitHub.

The fork was initially forecasted for March, but developers later pushed it back to early April. 6209536 4/12/2023, 10:27:35 PM UTCValidators will receive rewards payments automatically at periodic intervals in withdrawal addresses.

Additionally, stakers can exit positions entirely, reclaiming their entire balance.According to Etherscan, Ethereum PoS smart contract has attracted over 17.6 million ETH, worth nearly $29.4 billion at the publication time.

Analysts predict that the upgrade could trigger a sell-off in the short term, Cointelegraph reported. The transition to PoS officially started on Sep.

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