SafeStake

<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/c554ca6d0d954959af590b105ec1c5a8.png" /> The long-awaited Shanghai hard fork on the Ethereum network will happen in March 2023. The decision was approved just before the new year by the core team of developers, and will allow stakers to withdraw ETH locked in the Beacon Chain staking contract.What new things will the Shanghai hard fork bring to Ethereum?The Merge has replaced mining with staking to secure the network and add new blocks to the chain. “Staking” ETH (or ‘stETH’) is currently pegged to Ethereum’s Beacon Chain, and this will be affected the most by the Shanghai update.After the Shanghai update, stETH users will be able to withdraw their deposits and staking rewards for verifying transactions on the network. The Ethereum Foundation says it has structured the upgrades to “simplify and focus as much as possible on the successful transition to Proof-of-Stake.”In addition, the developers plan to implement a number of improvements, including the EIP-3540, EIP-3670, EIP-4200, EIP-4750 and EIP-5450 standards. They are needed to implement the EOF (EVM Object Format). After 5 years, the Ethereum Virtual Machine is finally getting an upgrade. EOF will significantly improve scalability and provide other exciting benefits, including the ability to validate and modify smart contracts during deployment.However, the timeframe may shift to fall 2023 if EOF implementation proves to be too complex. At the same time, another fork is planned, which will activate the EIP-4844 standard. It will establish most of the formats and logic of the proto-danksharding technology without actually implementing it on the blockchain.Ethereum Foundation analyst Danny Ryan says, “Consensus layer teams believe that EIP-4844 is not at the same readiness level as [EIP-4895]. If you combine them together, this will greatly slow down the integration of the ETH output.”It is important to note that in November, the Ethereum team launched a devnet (developer network) to test the functionality of validators withdrawing ETH from an escrow contract.Additionally, the developers are aware that because the Shanghai update releases staked ETH, it presents a risk that validators will sell their staked ETH en masse once it is implemented, resulting in a sudden surge in supply and drop in price — The Fall.To prevent this from happening, they have set the ETH protocol with a maximum payout limit of 43,200 hidden ETH per day. With more than 10 million in circulation, this should avoid any significant impact onEthereum’s price.While the Ethereum network developers are developing and implementing improvements (EIP-3540, EIP-3670, EIP-4200, EIP-4750 and EIP-5450), the SafeStake team continues to develop our DVT staking solution, offering the opportunity to participate in our Galileo testnet now!SafeStake offers a superior incentivized testnet experience for validators and node operators with a reward pool of 5M STATE tokens and the chancew to win valuable ETH prizes! Join today and help us test our solution to scale so we can bring it to Ethereum mainnet soon!<a href="https://www.parastate.io/safestake/" rel="noopener noreferrer nofollow">https://www.parastate.io/safestake/</a>About ParaStateParaState takes Ethereum chain support to the next level through WasmEdge, developing and executing high-speed smart contracts with built-in Ethereum compatibility (EVM and EWASM) and interoperability in next-level programming languages like Rust, C &#43;&#43;, and Golang.Parastate is participating in ETH2.0 PoS Staking with a new tech stack called SafeStake, a trust-minimized middle-layer that fosters the decentralization of ETH2.0 staking. SafeStake is a non-custodial infrastructure for distributed validator technology written in Rust, implementing HotStuff consensus and Threshold signing architecture to provide robust security and reliability for ETH 2.0 staking.Join the ParaState community:<a href="https://www.parastate.io/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://medium.com/ethereum-on-steroids" rel="noopener noreferrer nofollow">Blog</a> | <a href="https://twitter.com/_parastate" rel="noopener noreferrer nofollow">Twitter</a> | <a href="https://t.me/ParaState" rel="noopener noreferrer nofollow">Telegram</a> | <a href="https://discord.com/invite/zFS3Mnfpwj" rel="noopener noreferrer nofollow">Discord</a> | <a href="https://github.com/ParaState" rel="noopener noreferrer nofollow">Github</a>| <a href="https://medium.com/ethereum-on-steroids" rel="noopener noreferrer nofollow">Medium</a>

Ethereum’s Shanghai Fork Is Coming!

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