Ethereum Validator Count Surpasses 500,000 Ahead of Upcoming Shanghai Hard Fork

Ethereum Validator Count Surpasses 500,000 Ahead of Upcoming Shanghai Hard Fork

According to statistics, the number of Ethereum network validators on the Beacon chain exceeded 500,000 as of Jan. 12, 2023. The validator milestone comes as Ethereum core developers prepare for the Shanghai hard fork. Five days ago, Ethereum core developers launched a developer network environment called “devnet 2” for the upcoming upgrade. Ethereum Developers Launch ‘Devnet 2’ Testing Network for Upcoming Shanghai Upgrade; Network Exceeds 500,000 Validators

On Jan. 11, 2023, Ethereum developers launched a new testing network for the Shanghai upgrade, a hard fork that’s anticipated to happen in March 2023. The developer’s new testing environment is called “devnet 2” as it follows “devnet 1” released in Nov. 2022. The new testnet was discussed briefly during the All Core Devs (ACD) meeting held on Jan. 5, 2023. Beaconscan.com Ethereum validator statistics for Jan. 15, 2023.

At that time, Ethereum core developers stressed that the focus remains vigilant on staked withdrawals. It has been 123 days since The Merge, the point in time when the Ethereum blockchain transitioned from a proof-of-work (PoW) blockchain to a proof-of-stake (PoS) network. The transition meant that instead of miners and ASIC devices verifying transactions, Ethereum validators now handle the verification of onchain transactions on the main layer.

Following the release of devnet 2, the next day the network crossed a milestone with more than 500,000 validators, according to statistics from beaconscan.com. In order to become a validator, an individual or organization must physically manage a validator client on the Beacon Chain and hold 32 ether. According to Jan. 16, 2023, ethereum (ETH) exchange rates, the cost to be a validator with the 32 Ether price alone would be just over $50,000.

Beaconscan.com indicates that as of Jan. 15, 2023, roughly 501,215 validators were recorded on the Ethereum blockchain. On the same day last year, there were approximately 282,249 ETH validators, which means the count has increased by 77.58% over the last 12 months. On the day of The Merge, there were 428,438 validators, and today the number is 16.99% higher. Tags in this story 32 ETH cost, ACD, All Core Devs, Beacon Chain, Beacon Chain validators, beaconscan.com, Blockchain, Dev environment, developer network, devnet 2, ether, Ethereum, Ethereum (ETH), main layer, milestone, network, Onchain, Proof of Work, Proof-of-Stake, Shanghai hard fork, Statistics, testnet, The Merge, transaction verification, Validator milestone, Validators

What do you think about the 500,000 validator milestone on the Ethereum blockchain? Share your thoughts about this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Binance Launches Off-Exchange Settlement Solution ‘Binance Mirror’ for Institutional Clients NEWS | 10 hours ago SHIB Token Sees Rise Ahead of Shibarium Beta Launch NEWS | 12 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBinance Launches Off-Exchange Settlement Solution ‘Binance Mirror’ for Institutional Clients Next articleAuthorities in Germany, Bulgaria, Serbia, Cyprus Take Down Crypto Scam Network Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher