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Ethereum Foundation researcher Justin Drake has introduced a transformative proposal for a new consensus layer upgrade called the “Beam Chain” during his Nov. 12 presentation at DevCon in Bangkok. The Beam Chain is a complete overhaul of Ethereum’s consensus layer, which would move the blockchain network closer to its final architecture. Drake pointed out that the current Beacon Chain, which has been in place for five years, is outdated. During this time, research and technology have advanced significantly, opening up new opportunities for improvement in critical areas, including MEV (maximal extractable value), advancing SNARK technologies, and tackling technical debt. Beam Chain Drake explained that his proposal builds on the advancements made during this period and aims to bring Ethereum’s consensus layer up to date with the latest developments in blockchain technology. So, the Beam Chain will prioritize faster finality and higher throughput, allowing quicker transaction finalization within three slots. The staking requirements will also be reduced, allowing participants to stake with just 1 ETH instead of the current 32 ETH. This reduction will make Ethereum staking more accessible to a broader range of participants. Further, Drake also outlined plans to bolster censorship resistance in block production by introducing attestor-proposer separation. On the cryptographic side, the proposal aims to “SNARKify” the consensus layer, boosting security and performance while preparing the network for future quantum threats. Although the Beam Chain will involve significant changes, Drake emphasized that it won’t alter the roadmap. Instead, it bundles various planned improvements into one comprehensive package. The goal is to eliminate technical debt from the pre-merge period and set the stage for substantial performance gains. So, the Beam Chain will maintain Ethereum’s security and help improve the network. If the Beam Chain receives sufficient community support, developers could start drafting specifications next year, followed by development…

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Filed under: News - @ November 12, 2024 4:22 pm