A new proposal by Vitalik Buterin (ethereum founder) has been called the beacon chain. It suggests radically modifying the blockchain’s role in a new iteration of the ethereum network based on proof-of-stake consensus. The foundational infrastructure behind ethereum 2.0 is probably set for a major redesign in light of this.
Raul Jordan, co-lead at non-profit Prysmatic Labs had this to say in an interview, “The idea here is that basically on the beacon chain, you’re going to be able to deploy these little worlds that summarize how a blockchain works, how a state transition works, [and] how a smart contract works,” the proposed beacon chain design by Buterin “makes it a lot easier for application developers, people building on [ethereum],” this improvement is a leverage point for the new network without having to re-learn the parameters of an entirely new blockchain platform.
Jordan’s Lab happens to be building software to support a highly-scalable and energy-efficient version of the world’s second largest blockchain based on proof-of-stake consensus and they are one of a dozen other teams or so. Many application developers on the world’s second largest blockchain platform would be glad to this information. Being that for years they have been anticipating the ethereum 2.0 upgrade without a full understanding of what it would become or turn out to be.
A CEO of crypto wallet application MyCrypto, Taylor Monahan had questions in a past interview regarding the 2.0 upgrade; of how to get proof-of-stake, how to implement sharding, how to get there safely and what it really means for the ecosystem and developers in the ecosystem. Most questions would have been answered in part by now even as many aspects of ethereum 2.0 are still highly subject to change and further research. It should be simple enough to understand the beacon chain since this latest proposal by Buterin suggests interesting new dynamics to simplify how decentralized applications (dapps) are deployed on the network estimated at $26 billion.
Credits- Christine Kim
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