Facebooks Cryptocurrency Network Launched In Switzerland

There has been a major redesign in the core infrastructure behind Ethereum 2.0, bringing beacon chain contracts as a new way to deploy dApps in the ecosystem. The altcoin news recently showed a new proposal directly submitted by the founder of Ethereum, Vitalik Buterin, which suggests a radical modification of the blockchain’s role in a new iteration.

The new proposal shows the iteration based on proof-of-stake consensus. As one co-lead at a non-profit organization called Prysmatic Labs named Raul Jordan stated:

“The idea here is that basically on the beacon chain, you’re going to be able to deploy these little worlds that summarize how a blockchain works, how a state transition works, [and] how a smart contract works.”

This puts beacon chain contracts in the focus of the latest cryptocurrency news. According to Jordan (who is part of one of the leading teams building software that supports scalable and energy-efficient version of the second largest blockchain in the world), the proposed beacon chain design by Buterin “makes it a lot easier for application developers, people building on [ethereum],” and thus helps in leveraging the new network without having to re-learn the parameters of an entirely new blockchain platform.

A lot of application developers praise the news for the beacon chain contracts because of the amazing features. However, many aspects are still highly subject to change and further research. However, Buterin’s latest proposal suggest interesting new dynamics to simplify how decentralized applications (dApps) are deployed on the estimated $26 billion network.

As many other altcoin news sites report, the beacon chain is a central blockchain that coordinates with hundreds of other Ethereum blockchains called “shards” in the envisioned Ethereum 2.0 network.

“Instead of having one giant machine run transactions one at a time…we can split it up across tons of machines across the world and run them in parallel,” Jordan explained.

Even though originally the beacon chain was to act strictly as the coordinator, Buterin has proposed that the beacon chain could serve an additional function – and store specialized smart contracts called beacon chain contracts. The titles were everywhere, reported by many best cryptocurrency news sites.

“These contracts are not analogous to regular smart contracts you would deploy for your application on ethereum 1.0,” writes Will Villanueva, a researcher for the Ethereum venture capital studio Consensys. “Those would live within the shard chains. In contrast, beacon chain contracts will represent execution environments or transaction frameworks as a whole.”