Ethereum Announces Plans for Upcoming Blockchain Upgrade

GM Readers!📪 It's BitDegree Insider, and today's Friday. What a nice sentence to write.

⭐️Today's selection:

• 🍴Ethereum Shanghai Hard Fork Plans
• 😞FTX Contagion Spreads
• 🧩Answer To Yesterday's Puzzle
• 👌Selected Meme of The Day
• 📰Bite-Sized News

ETHEREUM DEVS SAY MARCH 2023 IS WHEN WE MAY SEE ETHEREUM'S UPDATE 

Ethereum doesn't sleep, nor does it hibernate.

The great minds behind the Ethereum network have announced that they're targeting March 2023 to step their game up.

The update is called 'Shanghai'. Or to be more precise 'Shanghai hard fork'. To be even more precise "Ethereum Improvement Proposal (EIP) 4895."

What will it do?

Right now, it's not possible for ETH stakers to withdraw their staked funds from the Ethereum blockchain.

That's why this update is needed. It will fix this. 

That's the main reason for it. Apart from that, it will add more flexibility and options for the long-time stakers.

So, the Ethereum blockchain is a living organism. And continues growing, evolving, adapting, and overcoming. But, judging from the past, this deadline may be postponed.

BTW, what's a hard fork? 

A hard fork is a type of software upgrade that introduces changes to the rules of a blockchain network that are not backwards-compatible, meaning that the new rules are not compatible with the old rules.

TL;DR: Ethereum developers have announced that Ethereum blockchain may go through the 'Shanghai Hard Fork' update in March 2023. It will address and fix issues for ETH stakers.

FURTHER CRYPTO LOSSES

Living in the Post-FTX world is painful. The crypto ecosystem was shaken badly, and some of its components find it hard to survive or to hold strong.

For example, Ren Protocol, a wrapped bitcoin issuer, is experiencing a bad time. They warned their users of 'potential risk'.

You see, Ren Protocol was funded by Alameda Research. Ouch.

The warnings about these risks come after they've already shut down their product. The product in question is Ren 1.0, a version of a tokenized bitcoin.

Such 'wrapped' assets allow users to lock their assets and put them to use on different blockchains, like Ethereum.

Bottom line isn't complicated. The 'FTX Contagion' continues to spread. Not the first victim, not the last.

TL;DR: More companies send worrying signals. Ren Protocol warned users of potential risks. 

ANSWER TO YESTERDAY'S PUZZLE

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Bankman-Fried May Receive a Subpoena if He Refuses to Testify Before US Congress. The word 'may' makes all the difference though.
• FTX Reportedly Sought to Sign $100M Sponsorship Deal with Taylor Swift. Taylor successfully shook it off.
• Judge Dismisses EMax Lawsuit Against Kim Kardashian and Other Celebrities. One case a year is enough for Kim.