Ethereum researcher Justin Drake also praised the Beacon Chain on its fourth anniversary, even though it is still imperfect. The Beacon Chain, which went live on December 1, 2020, and heralded the move to proof of stake (PoS) for Ethereum, represents, Drake said, ‘the strongest foundation blockchains have ever seen.
https://twitter.com/drakefjustin/status/1863213377297731802
Days one and two saw just 0.5 ETH staked onto the Beacon Chain in its early beginnings. Four years later, there are 10,000 consensus participants and $125 billion in economic security. Amongst these milestones are finality through layer 1 slashing, 51% attack recovery using layer 0 slashing, and 100% uptime.
“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.”
Opportunities and Challenges
First, it was a success, but Drake also admitted the Beacon Chain ‘is far from perfect.’ He highlighted areas needing improvement, including Secure in the face of enhanced censorship resistance.
Censorship-resistant anonymity systems provide enhanced anonymity and strong security guarantees while limiting their vulnerability to adversaries who may attempt to disrupt these systems.
Improved handling of maximum extractable value (MEV)
Staking deposit requirements that are smaller.
- Improved delegation options
- Faster finality
- Smarter ways of issuing tokens
- Security post-quantum
These upgrades are an aggressive part of Ethereum’s growth path, which is why Drake called out what he called humanity’s most ambitious and exciting decentralized computing project.
At Ethereum’s Devcon event in Bangkok, Thailand, Drake unveiled his vision for the network’s next evolution: the “Beam Chain.” He classified it as a proposed replacement of the Beacon Chain in line with Ethereum’s long-term goals.
Ethereum’s Evolution From Beacon Chain To Beam Chain
Drake celebrated the work the Beacon Chain has put into its foundation but suggested that it has become out of date since its launch. “The Beam Chain is a step toward the final design of Ethereum,” he added.
The new proposal tries to fill the loopholes in the Beacon Chain and utilize the latest breakthroughs in blockchain technology.
They cut an impressive swath as the Ethereum ecosystem grows. Drake’s beam chain vision keeps Ethereum front and center of the innovation, positioning its future as the global value settlement layer.
