What is Beacon Chain? Beacon Chain is a PoS blockchain that operates in parallel with Ethereum’s PoW, playing a pivotal role in the evolution from Ethereum 1.0 to Ethereum 2.0. So what is interesting about Beacon Chain and what important role does it play in Ethereum’s development roadmap? Let’s find out together in the article below.
What is Beacon Chain?
Birth history and mission
Developers on Ethereum started researching Ethereum in 2014, but they really focused more after the crypto market exploded in 2017. They saw that Ethereum in the long term would not have to be a Good land for developers, protocols or Dapps, so they need to change and develop.
Beacon Chain is considered a locking machine because after converting from PoW to PoS, Beacon Chain will be considered the mainchain of Ethereum. Developers have started building, deploying, and testing the Beta version from the period after 2018 until December 1, 2020, when the Beacon Chain was officially launched.
Beacon Chain Overview
To put it simply, Beacon Chain is a Blockchain platform that uses the Proof of Stake consensus mechanism that runs in parallel with the old Ethereum network that uses the Proof of Work consensus mechanism. After The Merge, Beacon Chain will replace PoW Chain to become Ethereum’s main blockchain.
Immediately after launch, Beacon Chain launched a validator program on Ethereum’s new Blockchain with a minimum of 32 ETH with a value at that time of about $12,000. After a while, Liquid Staking projects were born with the role of helping people who do not have enough 32 ETH to participate in staking and receive regular profits.
Note: Before The Merge event, Beacon Chain did not process transactions or smart contract interactions.
The Merge event
The Merge is one of the major upgrade events for the Ethereum network and is an extremely important step in the journey towards Ethereum 2.0 to solve all remaining problems with transaction speed and speed. transaction fees. The focus of The Merge is Ethereum officially switched from consensus mechanism Proof of Work to Proof of Stake.
After The Merge is the time when Beacon Chain came to light when it became the official Blockchain of Ethereum.
Summary
Beacon chain is a PoS Blockchain that plays an extremely important role in the process of Ethereum upgrading from version 1.0 to 2.0.
