The Beacon Chain is now the “strongest foundation blockchains have ever seen,” according to Ethereum expert Justin Drake.
Justin Drake, a researcher, considered the accomplishments of Ethereum’s Beacon Chain and its function as the backbone of the blockchain network as it approached its fourth anniversary.
On December 1, 2020, the Beacon Chain was introduced as a component of the network’s shift to Ethereum 2.0. With the launch of the Beacon Chain, the blockchain transitioned to a proof-of-stake (PoS) consensus, enabling users to stake $3,633.21 in Ether in exchange for prizes.
According to Drake, the Beacon Chain started small, with just 0.5 ETH staked on its first day. It has developed into “the strongest foundation blockchains have ever seen,” he said.
An Ethereum researcher commemorates the fourth anniversary of Beacon Chain.
Ten thousand consensus participants, $125 billion in economic security, finality through layer-1 slashing, 51% assault recovery by layer-0 slashing, and 100% uptime were among the significant milestones the network accomplished, according to the researcher. Drake penned:
“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.”
According to Drake, Ethereum has a “tremendous opportunity” to solidify its position as the Internet of Value’s settlement layer. Drake admitted that the Beacon Chain is “far from perfect” despite these accomplishments.
Better censorship resistance, improved MEV handling, lower staking deposits, better delegation, faster finality, smarter token issuance, and post-quantum security are just a few of the improvements he highlighted as necessary.
The future is bright, he said, and he encouraged community members to get involved. “I encourage you to participate. Drake said Ethereum might be the most ambitious and fascinating decentralized computer project ever.
The “Beam Chain” proposal from Justin Drake
Drake unveiled a novel idea at the Devcon conference in Bangkok, Thailand: the “Beam Chain,” which is meant to take the role of the Beacon Chain.
Drake referred to the Beam Chain as a step toward Ethereum’s “final design” in his keynote speech. Although the Beacon Chain established the foundation, he clarified, it is now “kind of old” since its implementation; additional advancements have been made.
According to Drake, moving to the Beam Chain would support Ethereum’s continued development and align with the community’s long-term objectives for the blockchain network.