Celebrating the fourth year of Ethereum Beacon chainResearcher Justin Drake actions how the project has become a major milestone in the blockchain world.
Released on December 1, 2020, Beacon Chain marked Transforming Ethereum into Ethereum 2.0 by Adopting a Proof-of-Stake (PoS) Consensus Mechanism. This change allowed users to stake their Ether to earn rewards, changing how the network works.
ETH
$3,905.68
Bet on its first day, Beacon Chain has grown. Drake calls it “the most solid foundation a blockchain has ever seen.”
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The network has reached some impressive milestones.as more than 10,000 people participating in the consensus, maintaining 100% uptime, securing $125 billion in economic value, and demonstrating that it can recover from 51% attacks with layer 0 reduction.
Drake emphasizes:
No other PoW or PoS chain comes close – the gap is huge. This is the power of long-term thinking, of taking the long, hard road.
Despite these achievements, Drake admits the Beacon Chain is “far from perfect”. It points out areas that need improvement, including improving delegation, reducing the amount required to wager, and speeding up how quickly transactions are finalized.
Seeing a “tremendous opportunity” to make Ethereum the settlement layer for the “internet of value”, Drake encourages everyone to participate. He is optimistic about the future, writing: “I invite you to participate. Ethereum may be humanity’s most ambitious and exciting decentralized computing project.”
While Beacon Chain’s progress has been notable, the fight to improve Ethereum’s resilience and inclusivity continues. Recently, a new initiative called Buildernets has come to the fore and aims to tackle censorship head-on. How is Ethereum progressing in this battle? Read the full story.
Having completed a master’s degree in Economics, Politics and Cultures of the East Asian region, Aaron has written scientific articles analyzing the differences between Western and collective forms of capitalism in the post-World War II era.
With almost a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that cryptocurrency enthusiasts face. He is a passionate analyst who cares about data- and fact-based content, as well as that which speaks to both Web3 natives and newcomers to the industry.
Aaron is the go-to person for all things digital currencies. With a strong passion for blockchain and Web3 education, Aaron strives to transform the space as we know it and make it more accessible to beginners.
Aaron has been quoted by several established media outlets and is a published author himself. Even during his free time, he likes to research market trends and look for the next supernova.
