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Blockchain researcher Justin Drake unveiled the Ethereum Beam Chain concept during Devcon in Bangkok. This proposed overhaul aims to consolidate several key advancements in the network. The proposed Beam Chain will consolidate native support for zero-knowledge proofs and rapid finality into a single upgrade for the Ethereum network. Ethereum Beam Chain to Address Legacy Issues of the Network Drake described the Beam Chain as a step closer to Ethereum’s envisioned final form. He emphasized that the current Beacon Chain, introduced five years ago, is outdated.  Significant technological progress has been made since its implementation, particularly in areas like maximal extractable value (MEV) mitigation and advancements in zero-knowledge technologies. “The current beacon chain is kind of old. The specs were frozen five years ago, and in these five years, so much has happened. Particularly, we have a much better understanding of MEV (Maximal Extractable Value),” said Ethereum researcher Justin Drake in Devcon 2024.  Drake highlighted that zk-SNARKs have become more efficient, and zero-knowledge Ethereum Virtual Machines (zkEVMs) are now operational, offering enhanced scalability and privacy for blockchain applications. This proposal marks the first major technological vision since the network’s transition to proof-of-stake over two years ago. The Merge, which replaced Ethereum’s energy-intensive proof-of-work model, was the last event to garner widespread enthusiasm.  While the network has seen incremental updates since then, including improvements for layer-2 blockchains, the Ethereum Beam Chain could unify future upgrades under a more comprehensive framework. Ethereum Beam Chain upgrade proposed timeline. Source: Ethereum Foundation Unlike previous updates, the Ethereum Beam Chain proposal suggests bundling significant changes into one coordinated upgrade every few years while continuing with annual incremental improvements to address smaller technical needs. The Ethereum Networks is Going Through Significant Changes The Ethereum Beam Chain proposal comes on the back of several upgrade initiatives for the…

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Filed under: News - @ November 12, 2024 9:19 pm