Ethereum Beam Chain solves legacy issues %.
Justin Drake proposes to update the #Ethereum #Beam #Chain at Devcon 2024
Justin Drake proposes to update the Beam Chain to improve Ethereum consensus by integrating fast finality and zero-knowledge proofs.
Beam Chain aims to combine major updates into a single overhaul based on advances such as zk-SNARKs and zkEVMs.
Update proposes to integrate key changes every few years while maintaining annual incremental improvements.
Blockchain researcher Justin Drake presented the Ethereum beamchain concept at Devcon in Bangkok. The proposed overhaul aims to integrate several important advances in the network.
The proposed Beam Chain would combine built-in support for zero-knowledge proofs and high-speed finality into a single upgrade of the Ethereum network.
Mr. Drake called Beam Chain a step in bringing Ethereum closer to its final form. He emphasized that the current Beacon Chain, introduced five years ago, is already outdated.
Since its introduction, there have been significant technological advances, especially in the areas of lowering maximum extractable value (MEV) and developing zero-knowledge technologies.
the current Beacon Chain is quite old. The specification was frozen five years ago, and a lot has happened in those five years. In particular, the ability to understand MEV [maximum extractable values] has improved dramatically, said Justin Drake, an Ethereum researcher, at Devcon 2024.
Drake emphasized that scalability and privacy of blockchain applications have improved as zk-SNARK has become more efficient and the Ethereum Zero-Knowledge Virtual Machine (zkEVM) is now operational.
The proposal was the first major technological breakthrough since the network transitioned to proof-of-stake more than two years ago.
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