An Ethereum "Beam Chain" could be in the works | Credit: Hameem Sarwar @ CCN
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Key Takeaways
The “Beam Chain” would replace the five-year-old Beacon Chain consensus layer.
The minimum stake to become a network validator could be reduced from 32 ETH to 1 ETH.
ETH is trading at $3,270, up roughly 35% for the week.
Justin Drake, one of the Ethereum Foundation’s leading and long-term researchers, has proposed the “Beam Chain,” an extraordinary overhaul of the network’s foundational technologies that could improve Ethereum’s capabilities in every way.
Speaking at the Ethereum Devcon on Nov. 12, 2024, Drake unveiled his proposal for an upgrade that will replace the Beacon Chain.
Drake intends to create the “Beam Chain,” which will replace the existing Beacon Chain consensus layer.
According to Drake, the Beacon Chain’s five-year-old specifications are frozen in the past, and “so much has happened” in that time, Drake said.
He notes that the Beacon Change is “kind of old” and that they “now know the mistakes they made” with it.
“Beam Chain is a proposed redesign of the consensus layer that incorporates all of the latest and greatest ideas from the research roadmap. The goal is to try and transition in a safe and fast manner from the Beacon Chain… to the Beam Chain, which is much, much closer to the final design of Ethereum.”
He explains that it would “exclusively target” the consensus layer.
This means it won’t affect layers that are “directly consumed by applications,” namely the Ethereum Virtual Machine (EVM) and binary large object (blob) layers.
It aims to establish faster second block times via smaller validator stakes and “chain snarkification” and make Ethereum secure in a post-quantum world.
An Overhaul
Drake outlines that just by targeting the consensus layer, block production, staking, and cryptography will undergo major improvements.
Furthermore, the proposal would allow the Ethereum mainnet network scaling to increase without relying on Layer-2 solutions, which emerged as the network’s saving grace when it came to scaling issues.
He explains that zk-SNARKS have vastly improved and become faster over the years, and with the debut of zero-knowledge Ethereum Virtual Machines (zkEVMs), their capabilities have vastly increased.
Drake also emphasized that he and other Ethereum researchers have concluded that the network could very well be “broken” as a result of the current network issuance curve.
The only real way to fix this is by reducing the amount of required ETH to become a network validator. Echoing a suggestion that came from Ethereum co-founder Vitalik Buterin, Drake explains:
“Under the staking bucket is this idea of dramatically reducing the total amount of ETH to become a validator from 32 if down to just 1 ETH,”
Drake reiterates that this is just a proposal and that its implementation would need community consensus.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
