- Ethereum developers launch Withdrawal-Mainnet-Shadow-Fork-1 ahead of Shanghai.
- Vitalik Buterin proposes Stealth Addresses to address network privacy concerns.
Ethereum developer [ETH] By creating a “Shadow Fork”, we have made significant progress towards the rollout of the Shanghai Update. Additionally, Vitalik Buterin, in a related development, proposed a way to ensure transaction privacy on the Ethereum network. What impact could these developments have on the network and his ETH?
read ethereum [ETH] Price Forecast 2023-24
fork before fork
An Ethereum engineer named Marius Van Der Wijden announced the mainnet shadow fork on January 23rd. Wijden planned to introduce rogue nodes into the testnet, sending faulty blocks and messages to trick other nodes into joining a fake fork of the network.
Withdrawal-Mainnet-Shadow-Fork-1 finalizing 🚀🚀🚀
There were some issues initially as the config was not applied correctly to Guess (overriding mainnet config is not allowed). The configuration was applied correctly and all nodes are matching. Start some evil nodes.
— MariusVanDerWijden (@vdWijden) January 23, 2023
This testnet was called Withdrawal-Mainnet-Shadow-Fork-1. It also appeared to simulate the requirement to withdraw staked Ether (ETH).
The shadow fork is an interim test fork that implements some of the protocol changes required before the full Shanghai hard fork. Before the big switch to a proof-of-stake network known as Merge that happened last year. Ethereum has adopted multiple shadow forks for testing.
Vitalik Goes Stealth
Ethereum founder and current CEO Vitalik Buterin also proposed implementing a feature he dubbed “stealth addresses”. In an article, Buterin highlighted the difficulty of ensuring privacy in the ecosystem, stating:
“Fixing this situation is a serious topic.”
Additionally, stealth addresses are a way to hide the true ownership of domain names registered using non-fungible tokens (NFTs) and the Ethereum Name Service (ENS). Stealth addresses are created by wallets that scramble public key addresses for anonymous transactions. Accessing these secret exchanges requires a unique “spending key” key.
If the development team’s shadow fork succeeds, users will be able to withdraw their staked ETH without fear of compromising the network. Vitalik’s proposed stealth deployment of his address could also solve the lack of privacy concerns on the Ethereum network. If these updates increase the popularity of the network, the value of ETH could increase.
How much is 1,10,100 ETH worth today?
Development activity is decent, but prices are falling
Know how busy your developers are with Santiment’s development activity indicator. At the time of writing this, the metrics showed that the developer inputs were reaching almost 50. This could go up further as the Shanghai update gets closer.
On the daily timescale chart, Ethereum is trading around $1,618. Further, the price continued, down almost .50% from the slight decline that had occurred in the last 48 hours leading up to press time.
However, it was clear that price action was higher than the long and short moving averages (blue and yellow lines). Support levels are also indicated by yellow and blue lines.