Ethereum Devs Introduce Shadow Fork to Test Ether Withdrawals
Ahead of the Ethereum Shanghai update, developers are taking measures to ensure its success by creating a "Shadow Fork" testnet. According to a tweet thread by Go-Ethereum developer Marius Van Der Wijden, this test environment will allow for testing of the conditions necessary for Ether (ETH) staking withdrawals, which will be enabled in the update. To further ensure security, developers are actively seeking out vulnerabilities by simulating attacks on the forked testnet using malicious nodes.
The Shanghai update will mark the first significant change to Ethereum since its significant merger in September. As a result of this merger, Ethereum went to a proof-of-stake (PoS) system and users could become validators by depositing ETH. Validators can earn rewards by authenticating on-chain transactions.
Beacon chain withdrawals have been a cause for concern to the cryptocurrency community, as 16,167,527 ETH are currently locked in the validator contract. The only solution to release these staked funds is through a hard fork, and the upcoming Shanghai upgrade is seen as a crucial step toward achieving this.?
The Ethereum enthusiasts have staked $26.5 billion worth of ETH, in hopes of reaping generous rewards, as of December 2020. Once the Shanghai upgrade has been fully implemented, users will be able to access both their newly issued ETH and original ETH deposits.?
Following The Merge, which transitioned Ethereum from a proof-of-work to a proof-of-stake network, the Shanghai upgrade is expected to be Ethereum's next major hard fork. The Shanghai upgrade will allow users to test its features in the near future. In addition, the developers are also exploring ways to reduce withdrawal gas costs.
CBW - External Analyst