As a researcher deeply entrenched in the Ethereum ecosystem for years, I must admit that watching the Beacon Chain mature over the past four years has been nothing short of exhilarating. It’s like witnessing a seedling grow into a mighty oak – each milestone achieved is a testament to the power of long-term vision and perseverance.
In celebration of Ethereum’s Beacon Chain marking four years, researcher Justin Drake took a moment to reflect on its milestones and pivotal position within the blockchain ecosystem.
On December 1, 2020, the Beacon Chain went live, signifying Ethereum’s network upgrade towards Ethereum 2.0. This launch represented a significant change in the blockchain’s operation system, moving it from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus. In this new setup, users can now deposit their Ether (ETH) to earn rewards.
Initially, the Beacon Chain started humbly, having just 0.5 Ether staked on its inaugural day. Yet, Drake emphasized that it transformed into “an exceptionally robust foundation blockchain, which is arguably the strongest base ever established in the blockchain industry.
Ethereum researcher celebrates Beacon Chain’s fourth year
Drake emphasized the significant accomplishments of the network, such as reaching 10,000 agreement contributors, ensuring $125 billion in financial stability, finality through layer-1 penalties, recovery from a 51% attack via layer-0 penalties, and maintaining a 100% operational status.
“No other PoW or PoS chain comes close—the gap is immense. This is the power of long-term thinking, of taking the long and hard road.”
Drake added that there is a “tremendous opportunity” to cement Ethereum as the settlement layer for the internet of value. Despite these achievements, Drake acknowledged that the Beacon Chain is “far from perfect.”
He emphasized the need for improvements, including better censorship resistance, enhanced MEV handling, smaller staking deposits, improved delegation, faster finality, smarter token issuance and post-quantum security.
He urged community members to get involved, saying that the future is bright. “I invite you to get involved. Ethereum may just be humanity’s most ambitious and exciting decentralized computing project,” Drake wrote.
Justin Drake proposes “Beam Chain”
During the Devcon gathering held in Bangkok, Thailand, Drake unveiled a fresh idea – the “Beam Chain.” This is intended as an alternative to the current system known as the Beacon Chain.
During his main speech, Drake referred to the Beam Chain as a milestone on Ethereum’s ultimate blueprint. He clarified that although the Beacon Chain established a foundation, it has somewhat aged, and fresh advancements have surfaced ever since its launch.
Drake thinks that moving to the Beam Chain could aid Ethereum’s continued development, ensuring it aligns with the community’s aspirations for the future of its blockchain network.
Read More
- GBP EUR PREDICTION
- HBAR PREDICTION. HBAR cryptocurrency
- SEI PREDICTION. SEI cryptocurrency
- Rumoured The Elder Scrolls 4: Oblivion Remake Dev is Working on an “Unannounced Unreal Engine 5 Remake”
- CNY RUB PREDICTION
- ICP PREDICTION. ICP cryptocurrency
- Wise Guy: David Chase Revisits The Sopranos in HBO Documentary Trailer
- Borderlands 4 Revealed at Gamescom Opening Night Live
- The Fantastic Four: First Steps Celebrates Christmas With Brand-New Poster
- The DCU Is Better Off Without More Batman Movies for Awhile
2024-12-02 15:44