As a seasoned researcher with years of hands-on experience in the blockchain industry, I find Justin Drake’s proposal for Ethereum’s redesign intriguing and thought-provoking. While it may seem audacious to suggest a complete overhaul of a system as complex and critical as Ethereum’s consensus layer, I believe that such proposals are essential for the continued growth and evolution of any technology, especially one as groundbreaking as Ethereum.
Researcher Justin Drake has put forth an idea for revamping the consensus mechanism within Ethereum, advocating for a change from the present Beacon Chain to a newly proposed “Pulse Chain” or simply “Beam Chain.
During the Devcon conference held in Bangkok, Thailand, Drake posited that adopting the Beam Chain might significantly narrow the gap between Ethereum’s current state and the ultimate design originally conceived for the network.
At the presentation, the Ethereum researcher aimed to persuade the crowd that revamping the consensus mechanism might not be as unconventional as one might think. Drake put it this way:
“I want to take what may sound like a totally crazy idea and convince you that, actually, it may not be so crazy that it might be a reasonable proposal to put on the table to completely redesign the consensus layer.”
Drake remarked that the Ethereum’s Beacon Chain feels somewhat outdated as it was last updated around five years ago. He further noted, “So much progress has been made in these past five years.
According to the researcher, the local community shows a significantly improved grasp of ideas such as Maximal Extractable Value (MEV), and the broader sector employs strategies to address this widespread issue related to public blockchain systems.
Additionally, Drake pointed out that advancements in technology have accelerated the speed of Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (zk-SNARKS), while zero-knowledge Ethereum Virtual Machines (zkEVMs) have recently been introduced.
Reducing the staking requirement from 32 to 1 ETH
Drake’s plan for the consensus layer outlines possible adjustments to block creation, pledging assets as validation (staking), and encryption methods.
As per Drake’s statements, Ethereum researchers agree that the current emission rate of the network might be problematic. This situation offers a chance to strengthen the blockchain and enhance its future performance by lowering the quantity of Ether (ETH) needed to act as a validator.
Drake mentioned that, under the staking mechanism, the number of Ethereum (ETH) required to become a validator could be significantly decreased from the current 32 ETH to as little as 1 ETH,” he stated.
As I present my suggested pathway, let me emphasize that it’s merely a proposal. Its validation and eventual implementation hinge upon achieving a general agreement among us moving forward.
ETH 3.0 not an “appropriate” nickname
Ever since Drake hinted at his presentation concerning topic X, there’s been a flurry of speculation within the community about what the proposal might contain. On social media, people have been throwing around the idea of “ETH 3.0”. Yet, a researcher suggests that this title may not fit the proposal because it primarily tackles only the consensus layer.
From a personal perspective as a crypto investor, I don’t find the label “Ethereum 3.0” accurate. The reason behind this is that Beam Chain primarily focuses on the consensus layer, rather than encompassing the entire Layer 1. It’s essentially a part of Ethereum’s structure, but not the complete picture, just the consensus layer.
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2024-11-12 14:52