Blockchain researcher Justin Drake introduced the concept of Ethereum Beam Chain at the Devcon event in Bangkok. This proposal aims to consolidate several important advancements in the network.
The proposed Beam Chain will integrate native support for zero-knowledge proofs and fast finality into a single upgrade for the Ethereum network.
Also Read: A Binance employee was fired just for attending Devcon 2024
Ethereum Beam Chain addresses the network's old issues
Drake described Beam Chain as a step closer to the ultimate form that Ethereum is aiming for. He emphasized that the current Beacon Chain, introduced five years ago, is outdated. There have been significant technological advancements since its deployment, particularly in areas like Maximal Extractable Value (MEV) reduction and progress in zero-knowledge technology.
"The current Beacon Chain is a bit old. The specifications were frozen five years ago, and in these five years, there have been a lot of changes. Particularly, we have a much better understanding of MEV (Maximal Extractable Value),"
Ethereum researcher Justin Drake at Devcon 2024 said.
Drake emphasized that zk-SNARKs have become more efficient, and the Ethereum Arm Virtual Machine (zkEVM) is now operational, providing better scalability and security 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 final event that garnered widespread interest.
While the network has witnessed incremental updates since then, including improvements for Layer 2 blockchains, the Ethereum Beam Chain could consolidate future upgrades under a more comprehensive framework.
Proposed Ethereum Beam Chain Upgrade Roadmap. Source: Ethereum FoundationUnlike previous updates, the Ethereum Beam Chain proposal suggests bundling significant changes into a coordinated upgrade every few years, while continuing with annual improvements to address smaller technical needs.
Ethereum is undergoing significant changes
The Ethereum Beam Chain proposal comes after several upgrade initiatives for the network. The Ethereum Foundation recently introduced the Mekong testnet, designed to test the features of the anticipated Pectra upgrade scheduled for 2025.
This testnet provides a controlled environment for rigorous testing before deploying updates to the mainnet. Meanwhile, ENS Labs, the entity responsible for the Ethereum Name Service (ENS), has announced a Layer 2 scaling solution to improve the performance of blockchain-based identity systems.
ETH has also gained value in the current market, rising 29% in the past week to reach a three-month high of $3,184. Investor confidence appears strong, with increased holding time and reduced selling pressure. At the same time, on-chain activity of "whales" has reached a 14-week peak. Transactions exceeding $1 million have increased to 8,482, reflecting heightened interest from large-scale investors.
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