Ethereum to Launch Public Testnet with Staking Withdrawal Feature

1 year ago 84

Continue testing your upgrade

The crypto asset (virtual currency) Ethereum (ETH) will launch a public testnet “Zhejiang” with a staking withdrawal function at 00:00 on the 2nd of Japan time.

Information on the launch was announced by Parithosh Jayanthi, who is involved in development and operation at the Ethereum Foundation. This time, it was also announced that the “Shanghai” and “Capella” testnets will be upgraded in “epoch 1350,” which is scheduled to be six days after the launch of Zhejiang.

The Shanghai+Capella upgrade is going full steam ahead! The first public withdrawals testnet is launching 1st of Feb at 15 UTC.

All info here: https://t.co/S5kp9o6Pzs#TestingTheWithdrurge https://t.co/fw2SZqPbHe

—parithosh | (@parithosh_j) January 31, 2023

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Shanghai is the name of the execution layer fork and Capella is the name of the consensus layer upgrade. So, these two names refer to the next upgrade of Ethereum.

Jayanthi explained that upgrades to the Shanghai and Capella testnets will allow testing staked Ethereum withdrawals. You can withdraw the whole amount or part of it. The upgrade also includes a few other EIPs, he said.

What is EIP

Abbreviation for “Ethereum Improvement Proposals”, which translates to “Ethereum Improvement Proposals”. It also plays a role in providing information to the community by assigning numbers to manage protocol specifications and publish the contents.

Cryptocurrency Glossary

He then commented:

The upgrades announced today are the perfect opportunity for tools to experiment with collecting, displaying and using withdrawal information.

One of our current priorities is to ensure a smooth user experience.

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Production upgrade

The Ethereum blockchain is currently available for staking, but the ability to withdraw staked Ethereum has not yet been implemented. Once Shanghai and Capella are on mainnet, staked Ethereum will be available for withdrawal in production.

The mainnet upgrade is targeted for March. Even now, the official website of Ethereum states that it is scheduled to be implemented by June 23.

Investors will also pay attention to the next upgrade, as it will be possible to withdraw Ethereum, which has been locked so far. Some people are concerned that the implementation of the withdrawal function will put Ethereum into selling pressure, but there is also a positive view that the ability to withdraw will attract new staking participants.

Relation: What impact will the Shanghai upgrade scheduled for March have on the Ethereum market?