Ethereum Shadow fork goes live: Users of the world’s second largest blockchain, Ethereum, are one step closer to accessing $26 billion worth of ETH. On Monday, Ethereum developers said they deployed the first mainnet shadow fork in preparation for the Shanghai upgrade in March.
Here are the 7 things you need to know about Ethereum Shadow Fork
1. According to Marius van der Wijdena software developer at the Ethereum Foundation, there were some minor issues with Geth clients – software used by nodes to operate the blockchain – but the team managed to fix them and the shadow fork was successfully applied.
2. Ethereum shadow fork is a copy of the blockchain used to run tests before creating the public testnet. This will allow developers to test the waters before the upcoming Shanghai upgrade. The public testnet for Shanghai will go live in the coming days.
3. The Shanghai upgrade will be the first major update since Ethereum’s historic merger in September. The Ethereum merger introduced the ability for users to deposit ETH with the network to become validators and help authenticate on-chain transactions.
4. There is some concern within the crypto industry that once the Shanghai upgrade goes live there will be increased selling pressure on the token due to the sudden availability of 16 million unlocked Ether.
Read more: 5 Ethereum Stocks to Benefit Indirectly from Ether’s Surge
5. Vitalik Buterin, the founder and current CEO of Ethereum, suggested implementing a feature he called “Stealth Addresses.” In an article, Buterin highlighted how difficult it is to ensure privacy in the ecosystem, but stated, “Resolving this state of affairs is a serious topic.”
6. Impact of Ethereum Shadow Fork: The argument against it is that 16 million Ether represents only 13.2% of the cryptocurrency’s total circulating supply. This upgrade will unlock the roughly 16 million deployed in the network, according to Etherscan.
7. Some Ethereum developers opposed the rushed upgrade: While most people are looking forward to the Shanghai launch, a handful of Ethereum developers remain against it. They believe that ETH’s undoing addresses the demands of the public rather than the long-term health of Ethereum.
Also Read: Top 7 Ethereum Ecosystem Tokens to Add to Your Portfolio Next Week
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