#2024WithBinance Ethereum developer talks about the network's achievements since the launch of Beacon Chain
Launched on December 1, 2020, Beacon Chain "has blossomed into the most robust blockchain foundation ever seen." This is how developer Justin Drake assessed the progress of the Ethereum ecosystem.
The cryptographer recalled that it all started with a "modest" 0.5 million ETH sent on the first day of operation to the Ethereum network consensus layer deposit contract. At that time, the parallel PoS chain did not provide users with immediate benefits, he added.
Among the achievements of Beacon Chain, he highlighted:
10,000 consensus participants;
$125 billion in economic security;
51% attack recovery via L0 slashing;
economic finality thanks to L1 slashing;
100% uptime.
“No other PoW or PoS blockchain comes close to this — the gap is huge. That’s the power of long-term thinking, the long, hard road,” Drake said.
The expert expressed confidence in the ability to cement Ethereum as the settlement layer for the Internet of Value. According to him, the Beacon Chain is far from perfect. The modernization process will take years
