During the simulation on the Ethereum test network, the staked ethereums were paid out successfully. The blockchain has thus taken a huge step towards becoming a full-fledged proof-of-stake network.
The update on the Zhejiang testnet was the first of three major trials leading up to the long-awaited Shanghai hard fork, which is expected to take place next month. The purpose of the test networkto provide developers with a master trial for payments similar to those that will be made on Ethereum’s main blockchain following the aforementioned upgrade.
Shanghai will be the first hard fork for Ethereum since the Merge performed in September, thanks to which the blockchain switched to a proof-of-stake algorithm. However, until the Shanghai update takes place, the staking mechanism is only one-way, that is, users can deposit ether, but cannot withdraw it.
On the Zhejiang test network, partial and full payments and BLS modifications are included in the execution payload. We are facing a successful fork.” – said Barnabás Busa, developer of the Ethereum Foundation.
The BLS changes allow people to change payment credentials to properly process staked ether payments.
Zhejiang is the first of three testnets, while the other two updates, Sepilia and Goerli, are expected in the coming weeks, running a simulation of Shanghai. Testnets help create a copy of the main blockchain on which both developers and users can test code changes made to their applications.
If the hard fork is successful, it will be of great importance to the crypto industry. Some believe that more and more people will commit to stalking after it happens. On the other hand, the price of ETH is expected to decrease due to the pressure to sell, which will be caused by the owners of staked assets, who will hurry to withdraw their long-held money.
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