Ethereum 3.0? “Beam Chain” Proposal Aims to Revamp ETH Consensus

Ethereum has planned major upgrades with Justin Drake, a researcher for the Ethereum Foundation, introducing a new idea termed “Beam Chain.” Drake introduced this idea at Devcon. Beam Chain will change Ethereum’s consensus layer. It is called “Ethereum 3.0” by some people, and it will reduce block times and the amount of ETH needed to become a validator. It will also improve security.

ZK Technology and Faster Block Times

The Beam Chain idea shows a few important changes, including reducing block production times. If developers implement Beam Chain, Ethereum’s block slots will fall from 12 seconds to four. This means that blocks will be finalized in three slots.

Additionally, the idea removes epochs where validators organize their work. This simplifies the consensus process and makes validation faster. It also makes network operations more efficient.

Drake also shows how important zero-knowledge succinct non-interactive arguments of knowledge (SNARKs) are. These proofs can improve scalability because they let nodes verify computations without seeing the data. For Ethereum, SNARKs give scalability on Layer 1, which means that Ethereum will not need to rely on Layer 2 solutions as much. It also makes the mainnet more efficient.

Validator Model

The Beam Chain would also make Ethereum more accessible to potential validators. Unlike the current model, where a 32 ETH stake is required to participate, Drake’s proposal suggests reducing the staking requirement to just 1 ETH.

This change could attract more participants, democratizing access to the Ethereum network and fostering greater decentralization. Additionally, a staking cap would ensure that no single validator could exert disproportionate influence over the network.

These changes will also help address problems with the Beacon Chain design. Drake said that this new design will fix past mistakes. However, the Ethereum community needs to agree on these changes before developers implement them.

Implementation Timeline and Community Participation

The Beam Chain idea is still new, but Drake showed a possible timeline for implementation. The research and development will start in 2025, followed by a two-year testing period starting in 2027. This long testing period allows developers to make sure that the changes are safe before implementing them on Ethereum’s mainnet.

Despite the excitement surrounding the proposal, Drake cautioned that the community’s input will be essential. The success of the Beam Chain relies on a collaborative effort within the Ethereum ecosystem, as widespread consensus is needed for its implementation. This marks a critical moment in Ethereum’s ongoing evolution.

Ethereum Foundation’s Financial Moves and Community Reactions

In other news, the Ethereum Foundation sold 100 ETH for over $334,000 before Drake’s keynote. This was the first time in a while that the foundation sold ETH, which started a discussion about the foundation’s finances.

Some people are concerned about a lack of transparency, but the foundation defends its choice to sell ETH from time to time to increase its fiat reserves.