The Ethereum Foundation team has recently made an exciting announcement regarding their plans for the Shanghai upgrade, set to take place in March. In a blog post, the team revealed that the Shapella fork on the Zhejiang testnet has entered its final pre-launch sequence, signifying a major milestone on the journey toward the upgrade.
The Zhejiang test network, launched on February 1, is the first of three testnets that replicate Shanghai. This latest development means that Ethereum is on track to meet its target of a March launch, although no specific date has been confirmed yet. The Sepolia testnet is due to undergo the upgrade on February 28, with the Goerli testnet following shortly after.
Following the Shanghai upgrade, Ethereum has a range of other updates planned, including the “Surge,” “Verge,” “Purge,” and “Splurge.” These changes are sure to keep the blockchain platform at the cutting edge of technological innovation.
However, there have been concerns about regulatory scrutiny since Ethereum switched to a proof-of-stake (PoS) consensus in September 2022. There were fears that this move would lead to ETH being classified as a security in the United States. However, Ethereum co-founder Joseph Lubin has expressed confidence that this won’t happen. He likened it to making Uber illegal, suggesting that it simply wouldn’t make sense for regulators to classify ETH as security.
Overall, it’s an exciting time for Ethereum and its many users and supporters. The upcoming upgrades are sure to bring even more improvements and benefits to the platform, making it an even more powerful tool for the creation and execution of smart contracts and other blockchain-based applications.