At the recent Devcon 2024 event, Ethereum Foundation researcher Justin Drake proposed a new consensus layer upgrade for the network. The new upgrade, dubbed as “Beam Chain” has also sparked discussions among the crypto market enthusiasts, especially as it comes amid a strong rally ETH price. Notably, this upgrade focuses on enhancing the Ethereum blockchain’s speed, scalability, and security.

Ethereum Foundation’s Beam Chain Proposal Sparks Optimism

During his Devcon 2024 presentation, Ethereum Foundation researcher Justin Drake described “Beam Chain” as a potential milestone in Ether blockchain’s evolution. Unlike previous upgrades, this proposal envisions a faster and more efficient network by leveraging zero-knowledge (ZK) cryptographic technology.

Specifically, Drake explained that Beam Chain would introduce faster block production and eliminate some existing structures, such as epochs, for simpler slot-based intervals. He suggested a transition from 12-second block slots to four-second slots, significantly boosting transaction speeds and reducing finality time to just three slots.

In addition, the proposal aims to reduce the validator stake requirement from 32 ETH to 1 ETH, making Ether more accessible to new validators. Drake called it a “fantastic onboarding opportunity” for newcomers, hoping it would encourage broader participation in securing the network.

Furthermore, the transition would integrate zk-SNARKs, a cryptographic proof that enables trust without revealing private data. Drake envisions this as an essential step for Ethereum to achieve “post-quantum security.”

Meanwhile, reflecting on Ethereum’s previous transitions from proof-of-work to proof-of-stake, Drake framed Beam Chain as part of the blockchain’s next “ZK era,” emphasizing scalability and security. If accepted by the community, Ethereum’s development team plans to begin specifications by 2025, building by 2026, and initiating a rigorous testing phase from 2027.

This timeline shows the long-term commitment to Beam Chain’s eventual integration on Ethereum’s mainnet.

ETH Price To Hit ATH Soon?

ETH price today was trading at $3,251 and its one-day trading volume rose more than 52% to $68 billion at the same time. Notably, the crypto has touched a 24-hour high of $3,444, while Ether Futures Open Interest surged 1% to $17 billion, indicating strong market confidence.

Besides, this new proposal by the Ethereum Foundation is also likely to boost the appeal of the crypto to investors. Notably, Bitcoin price has continued to make new records after Donald Trump’s election victory, with top altcoins following suit. Having said that, many in the crypto market anticipate a further rally in Ethereum price.

Meanwhile, Standard Chartered also predicts ETH price to hit $10K, which has bolstered market confidence towards the altcoin. In addition, a recent Ethereum price analysis also hints at a potential rally for the crypto to $4,100 next.

The post Ethereum Foundation Proposes “Beam Chain” Consensus Layer Upgrade At Devcon appeared first on CoinGape.

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Filed under: News - @ November 12, 2024 1:27 pm