cryptojournalist
Why Replace the Beacon Chain?
Ethereum researcher Justin Drake is proposing a big shift for Ethereum’s consensus layer – the part of the network that validates transactions. Speaking at Devcon in Bangkok, he introduced the idea of a new “Beam Chain” to replace the current Beacon Chain, which he says is due for an upgrade. According to Drake, Beacon Chain was “frozen” five years ago, and technology has evolved dramatically since then.
Keeping Up with Technology
Drake highlighted how much progress has been made in blockchain tech over the past few years. He pointed to advances in zk-SNARKs (tools that improve transaction privacy and security) and zkEVMs (Ethereum-compatible systems that use zero-knowledge proof technology). He also noted that the community has gained a better understanding of issues like MEV (maximal extractable value) – the potential for validators to earn extra by reordering transactions, which can affect fairness in the network.
Opening Staking to More Users
One of the key goals of Drake’s Beam Chain proposal is to make staking* easier and more accessible. Currently, Ethereum requires 32 ETH to become a validator, which is a steep barrier for many. Drake suggests reducing this to just 1 ETH, making it easier for a broader range of people to participate in securing the network.
(*Staking: A process where users lock up cryptocurrency to help validate transactions, earning rewards in return.)
“Not Quite ETH 3.0”
Although some in the community have nicknamed the proposal “ETH 3.0,” Drake believes that’s misleading. The Beam Chain is only about improving the consensus layer, not overhauling the entire Ethereum network.
With Beam Chain still in the early stages, Drake emphasized that it’s just an idea for now. It will need broad community support before any changes are made.
