Coin security will support the upgrade of Ethereum Shapella, and the recharging and withdrawal of ETH and ERC-20 will be suspended at 6:20 on April 13

It is reported that Coin On announced that it will support the Shapella upgrade of the Ethereum network. The Shapella upgrade of the Ethereum network will be activated at epoch194048 on April 12, 22:27:35 UTC (06:27:35 Beijing time). Starting from approximately 6:20 on April 13, it will suspend the recharging and withdrawal of ETH and ERC-20 tokens through the Ethereum network, and reopen the recharging and withdrawal of ETH and ERC-20 tokens after the upgrade completes network stability.

Coin security will support the upgrade of Ethereum Shapella, and the recharging and withdrawal of ETH and ERC-20 will be suspended at 6:20 on April 13

I. Introduction
– Explanation of Coin On’s announcement to support the Shapella upgrade
– Brief overview of Ethereum network
II. Understanding the Shapella upgrade
– Definition of the Shapella upgrade
– Explanation of the benefits of the upgrade
III. Effects on Coin On and its users
– Suspension of recharging and withdrawal of ETH and ERC-20 tokens
– Reopening of recharging and withdrawal after the upgrade completes network stability
IV. Preparing for the upgrade
– How to prepare for the Shapella upgrade
– Importance of preparing for the upgrade
V. Conclusion
– Summary of the article

Coin On announces support for Shapella Upgrade of Ethereum network

Coin On, a cryptocurrency exchange platform, has recently announced its support for the Shapella upgrade of the Ethereum network. This upgrade is scheduled to be activated on April 12, 22:27:35 UTC (06:27:35 Beijing time) at epoch194048. From approximately 6:20 on April 13, the recharging and withdrawal of ETH and ERC-20 tokens through the Ethereum network will be suspended, and will only reopen after the upgrade has completed network stability. In this article, we will discuss the details of the Shapella upgrade and how it will affect Coin On and its users.

Understanding the Shapella upgrade

The Shapella upgrade is a significant update to the Ethereum network that aims to improve the network’s efficiency, speed, and security. The upgrade will replace the current proof-of-work (PoW) consensus algorithm with a proof-of-stake (PoS) algorithm. This means that instead of miners validating transactions, validators will be responsible for verifying them.
Furthermore, the Shapella upgrade will introduce EIP-1559, a proposal that aims to reduce transaction fees and make them more predictable. This new model will introduce a base fee that will be adjusted automatically based on network demand. The new model is expected to make Ethereum fees more stable, predictable and less dependent on market conditions.

Effects on Coin On and its users

Coin On and its users will be directly affected by the Shapella upgrade. Starting from approximately 6:20 on April 13, the recharging and withdrawal of ETH and ERC-20 tokens through the Ethereum network will be suspended. This is because during the upgrade, the network will not be able to process transactions. Once the upgrade has completed network stability, the network will reopen the recharging and withdrawal of ETH and ERC-20 tokens again.
It is essential for Coin On users to prepare for the upgrade and ensure that their Ethereum holdings are transferred to their Coin On accounts before the upgrade takes place. This will prevent them from being locked out of their accounts and unable to access their funds, which could lead to potential losses.

Preparing for the upgrade

To prepare for the upgrade, Coin On users must ensure that they have transferred all their Ethereum holdings to their accounts before the upgrade takes place. They should also ensure that they have downloaded the latest updates of their wallets, as these updates will be necessary to access their funds after the upgrade.
It is recommended that users do not attempt to make any transactions during the upgrade period to avoid potential errors and risks. It is important to note that after the upgrade, the Ethereum network will not be backward-compatible with previous versions, which means that it will no longer support the old codebase of Ethereum nodes.

Conclusion

In conclusion, the Shapella upgrade is a significant update to the Ethereum network that aims to improve its efficiency, speed, and security. Coin On users must prepare for the upgrade and ensure that their Ethereum holdings are transferred to their accounts before the upgrade takes place. It is recommended that users do not make any transactions during the upgrade period to avoid potential errors and risks. Overall, by supporting the Shapella upgrade of Ethereum, Coin On is committed to enhancing its users’ trading experience on their platform.

FAQs

1. What is the Shapella upgrade of the Ethereum network?
The Shapella upgrade is a significant update to the Ethereum network that aims to improve its efficiency, speed, and security. The upgrade will replace the current proof-of-work (PoW) consensus algorithm with a proof-of-stake (PoS) algorithm and introduce EIP-1559, a proposal that aims to reduce transaction fees and make them more predictable.
2. How will the Shapella upgrade affect Coin On and its users?
Starting from approximately 6:20 on April 13, the recharging and withdrawal of ETH and ERC-20 tokens through the Ethereum network will be suspended. This is because during the upgrade, the network will not be able to process transactions. Once the upgrade has completed network stability, the network will reopen the recharging and withdrawal of ETH and ERC-20 tokens again.
3. What should Coin On users do to prepare for the upgrade?
Coin On users must ensure that they have transferred all their Ethereum holdings to their accounts before the upgrade takes place. They should also ensure that they have downloaded the latest updates of their wallets, as these updates will be necessary to access their funds after the upgrade.