Number of Ethereum Validators Surpasses 500,000 Ahead of Next Shanghai Hard Fork

[ad_1]

According to statistics, the number of Ethereum network validators on the Beacon chain exceeded 500,000 as of January 12, 2023. The validator milestone comes as leading Ethereum developers prepare for the Shanghai hard fork. Five days ago, Ethereum core developers launched a developer network environment called “devnet 2” for the next update.

Ethereum Developers Launch “Devnet 2” Testnet for Upcoming Shanghai Upgrade; The network exceeds 500,000 validators

On January 11, 2023, Ethereum developers launched a new testnet for the Shanghai Upgrade, a hard fork that is expected to happen in March 2023. The developer’s new testbed is called “devnet 2” as it follows “devnet 1” released in November 2022. The new testnet was briefly discussed at the All Core Devs (ACD) meeting held on January 5, 2023.

Beaconscan.com Ethereum validator stats for January 15, 2023.

At this time, Ethereum’s core developers emphasized that the focus remained vigilant on staked withdrawals. It’s been 123 days since The Merge, 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 on-chain transaction verification on the backend layer.

Following the release of devnet 2, the next day the network hit a milestone with over 500,000 validators, according to statistics from beaconscan.com. To become a validator, an individual or organization must physically manage a validator client on the Beacon Chain and hold 32 ethers. According to Ethereum (ETH) exchange rates for January 16, 2023, the cost to be a validator with the only 32 Ether price would be just over $50,000.

Beaconscan.com reports that as of January 15, 2023, approximately 501,215 validators were registered on the Ethereum blockchain. On the same day last year, there were around 282,249 ETH validators, which means the number has increased by 77.58% over the past 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 Cost 32 ETH, ACD, All Core Devs, Beacon Chain, Beacon Chain validators, beaconscan.com, Blockchain, Dev environment, developer network, devnet 2, ether, Ethereum, Ethereum (ETH), core layer, milestone , network, Onchain, Proof of Work, Proof-of-Stake, Shanghai hard fork, Statistics, testnet, The Merge, transaction verification, Validator stage, Validators

What do you think of the milestone of 500,000 validators on the Ethereum blockchain? Share your thoughts on this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is provided for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. 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.

More popular newsIn case you missed it

[ad_2]