Blockchain Education Ethereum’s Shanghai Upgrade
This week, crypto enthusiasts’ attention was focused on Ethereum as the currency prepared for an upgrade. That upgrade, known as Shanghai, took place on Wednesday and allows users who have previously staked their Ether (ETH) on the network to withdraw their funds for the first time. Additionally, the upgrade incorporates five Ethereum Improvement Proposals (EIPs).
With the completion of the Shanghai update, Ethereum has successfully transitioned from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. PoS is a more energy-efficient method for verifying cryptocurrency transactions, where validators are chosen at random based on their staked ETH rather than competing to validate blocks first, as in the case of PoW.
Ethereum initially functioned as a PoW network, but in December 2020, it introduced the PoS-based Beacon Chain, which ran concurrently with the live PoW blockchain. The Merge, which united the two chains, occurred in September 2022.
Although Ethereum users have been able to stake their ETH since the Beacon Chain's launch, they were previously unable to withdraw their staked ETH. However, with the implementation of EIP-4895 in the Shanghai update, this transition to PoS is finalized, and users can now unstake their ETH.
“4 Things To Know About Ethereum’s Shanghai Upgrade.” Investopedia. (11 Apr, 2023) https://www.investopedia.com/ethereum-shanghai-upgrade-7377912#citation-1
“Shanghai Network Upgrade Specification.” Github. https://github.com/ethereum/execution-specs/blob/master/network-upgrades/mainnet-upgrades/shanghai.md Accessed 13 Apr, 2023.
“Ethereum 2.0 Beacon Chain Goes Live as 'World Computer' Begins Long-Awaited Overhaul.” CoinDesk. (14 Sept, 2021) https://www.coindesk.com/tech/2020/12/01/ethereum-20-beacon-chain-goes-live-as-world-computer-begins-long-awaited-overhaul/
“The Merge.” Ethereum. (13 Apr, 2023). https://ethereum.org/en/roadmap/merge/
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💭 Food For Thought
“We cannot solve problems with the kind of thinking we employed when we came up with them.”
- Albert Einstein
“Stay away from those people who try to disparage your ambitions. Small minds will always do that, but great minds will give you a feeling that you can become great too.”
- Mark Twain
“It is only when we take chances, when our lives improve. The initial and the most difficult risk that we need to take is to become honest.
- Walter Anderson
SafeMoon Cross-chain Supply
The SafeMoon Education Team prepared an article to help in understanding the SafeMoon cross-chain supply.
"We recently introduced two new pairings - one on Ethereum (ETH) and the other on Polygon (MATIC). To address the potential confusion within the community regarding the token supply, we want to explain the rationale behind these pairings and how they affect SafeMoon's overall supply..." Click to read more.
SafeMoon Special - Hello Again
SafeMoon Pulse Monthly Recap
Each month, the SafeMoon Pulse offers a comprehensive SafeMoon overview of the previous month, including any updates or changes you might have missed. Let's recap the month of February! The video is below, or if you prefer reading, you can access the Pulse article here.
SafeMoon Wallet: How to Sell Crypto Guide
SafeMoon Orbital Shield
SafeMoon released a technical explanation of their patent-pending security product, SafeMoon Orbital Shield.
Need a slightly more simplified explanation?
What is PoA, and what are its advantages?
Learn more by clicking the image below.
Recent Captain's Logs
SafeMoon CEO John Karony talks about SafeMoon's Centralized Exchange
(CEX) progress in the Captain's Log video below.
CEO John Karony gave a quick update on the SafeMoon blockchain explaining a bit about the chosen consensus mechanism and release expectations.
Token Monetization Innovation (TMI)
SafeMoon has released a new patent pending feature designed to improve the user experience on its DEX (Decentralized Exchange - SafeMoon SWaP), labeling the feature TMI (Token Monetization Innovation).
TMI aims to improve transparency and transaction predictability by charging the exchange fees upfront in the native token and using smart contracts to ensure transparency in token liquidity pairings. It also aims to expand the availability of web3 and enable additional community partnerships with meaningful projects.
TMI SafeMoon Newsletter Captain's Log.
Attention pSafeMoon holders ONLY.
The pSFM Migration Campaign is now LIVE!
Only use the official dApp link on the SafeMoon Website.⚠️
Have the tokens you want to use for migration in your wallet.
Don't transfer after the cutoff date/time
Have a small amount of ETH for gas fees
Tokens acquired in wallets after the cutoff date/time won't be eligible
The pSafeMoon process will remain live for a minimum of six months.
The pSafeMoon Guide now includes an updates section so you can be aware of any issues relating to pSafeMoon. In addition, you'll find some FAQs to keep you all up to date.
SafeMoon announced that with the recent SafeMoon SWaP updates came a new patent pending feature that solves the existing Defi inconsistent fee paradigm for tokens on multiple Decentralized Exchanges.
Press Release: [Businesswire]
They partnered with "Blockchain and AI expert Dr. Adel Elmessiry to help solve the inconsistency. Labeling the invention "Tokenomic Supervisor," they explain that it operates in 2 steps:
To learn more, view the full article here.
Security Questions (Best Practice)
🎓You might have seen that SafeMoon Orbital Shield requires users to answer 2 security questions.
⚠️We highly encourage reading our Best Practice article to learn about a safer method for answering these security questions!
Slippage and Gas Articles
You may have heard of slippage and gas related to the transactions you make when trading your digital assets on the blockchain, but do you know what they are, where they come into play during a transaction, or even why they exist?
SafeMoon Education Manager Cats published two new educational articles for those interested in understanding more.
⬇️Click on the image of the subject you'd like to learn about first.⬇️
↙ Learn about Slippage (Left) and Gas (Right) ↘
Understanding SafeMoon Transactions Article
🎓Want to understand more about what happens when a SafeMoon SWaP transaction takes place? Here's an article that can help you understand the process a bit further.
SafeMoon Career Opportunities
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