According to Foresight News, Ethereum Foundation researcher Justin Drake recently reflected on the four-year anniversary of the Ethereum Beacon Chain, which was launched on December 1, 2020. At its inception, 50 million ETH were staked, and while it initially offered no direct benefits to users, it has since evolved into one of the most robust foundations in blockchain history. Looking ahead, Ethereum has the potential to become the settlement layer of the internet of value.
Despite its imperfections, the Beacon Chain is undergoing a long-term upgrade journey. These upgrades aim to improve censorship resistance and MEV handling, reduce staking deposits, increase finality speed, enable smart issuance, achieve smartwatch-level full-chain verification, and ensure post-quantum security. Beyond the consensus layer, there are aspirations to achieve full sharding on the data layer and native rollups on the execution layer. Improvements to Layer 1 (L1) will be implemented incrementally over the years, with some enhancements, such as chain networking and post-quantum security, potentially requiring a complete redesign.
Layer 2 (L2) solutions are expected to deliver significant performance improvements within months. These enhancements include a faster user experience, low fees, unlimited throughput, and synchronous composability. The ongoing developments in both L1 and L2 are set to bolster Ethereum's position as a leading blockchain platform, paving the way for a more efficient and secure digital economy.
