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Ethereum launches testnet and Google partnership with Coinbase

October 20, 2022

Ethereum launches testnet and Google partnership with Coinbase
Google announced a new deal with Coinbase that will allow a subset of customers to pay for cloud services with cryptocurrencies. It will take effect in early 2023. The co-founder and CEO of Coinbase, Brian Armstrong, said they are excited that Google Cloud has selected Coinbase as its strategic cloud partner. They could not ask for a better partner to help execute their vision of building a trusted bridge into the Web3 ecosystem.

On Monday, it was announced that core developers at Ethereum had unveiled “Shandong” the testnet, for the blockchain network’s Shanghai upgrade. The Shanghai upgrade is projected to happen in 2023. It will be Ethereum’s first upgrade since the Merge in September when Ethereum transitioned from a proof-of-work consensus mechanism to a proof-of-stake.

This upgrade introduces a change to Ethereum Virtual Machine (EVM), the technology that executes smart contracts.

Another expected proposal will allow staked ETH and earned rewards withdrawals via the Beacon Chain. Currently, validators with staked ETH can not withdraw funds directly.

Moreover, the upgrade will also introduce changes to layer-2 protocols, reducing gas prices by equalizing block sizes and increasing call data efficiency in the network.

Bitcoin and ether started the week in positive territory as risk assets of various stripes rose.

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