Ethereum Edges Closer To Proof Of Stake With Beacon Chain

Ethereum edges closer to a proof of stake network via Beacon Chain as the developers noted so let’s find out more in our latest Ethereum news today.

Since its inception, the ETH blockchain ran on the same mechanism that powers BTC but for many years, the ETH developers were plotting a transition to proof-of-stake which is a move that will replace miners with validators while lowering the network’s energy use and it will eventually allow the network to process more transactions per second and to reduce fees as well.

The upgrades are a part of the larger effort to build ETH 2.0 so while it has never had a solid completion date, the new 2.0 network could become available and usable sooner than projected. On a call with the implementers, the lead researchers Danny Ryan indicated that he and Mikhail Kalinin from the ETH 2.0 software client Teku are coming up with new ways to create a shippable product that saves features for later.

Right now, the network is in Phase 0 of the transition-Beacon Chain which helps coordinate block creation and rewards with the ETH 2.0 network that went live on December 1. The current PoW blockcahin is operating as normal while the future proof of stake network is running in parallel so, with the proof of stake, the 2.0 blockchain users could earn rewards for helping run the network based on the ETH amount that it is locked as opposed to the amount of computing power that they provide.

It's been a while, but PR is opened. Everybody is welcome to collaborate! Let's work that through to get Ethereum Mainnet onto proof of stakehttps://t.co/C9TOccXf3Y

— Mikhail 👉👈 Kalinin (@mkalinin2) March 11, 2021

The next step is to merge the two networks. Kalinin’s proposal is an executable beacon chain that gets rid of the complexity of the original design he even posted a pull request that developers can contribute to in order to implement the proposal. Ethereum’s creator Vitalik Butern expressed desires to move the merge faster so it seems that Ethereum edges closer to a proof of stake mechanism. Ryan said there will be a public call with the project stakeholders about allocating the resources in the next two weeks:

 “That can even be what we bring to mainnet. It might forego a handful of features, including say, validator withdrawals.”

The validator withdrawals are a way to pull funds out of the network so delaying the integration of the feature will keep people’s ETH locked up in ETH 2.0:

 “When shipping major features, it’s always best to at least consider the simplest version of the upgrade and the potential paths to enhance it from there. This helps manage complexity and risk.”