In 2014, Vitalik Buterin and the other co-founders launched Ethereum, the current third largest cryptocurrency in the world. The problem of scalability has always been part of the conversation, with the developers of Ethereum all agreeing that a period of solving the theoretical problems leads to the challenge of developing a "Ethereum 2.0" which solves the problem of downsizing and holds the promise of creating a vast distribution "Computer of the world".
Currently, Ethereum still operates using a Proof of Work (PoW) mining protocol on its mainnet. However, Ethereum 2.0 will be mainly supported by a Proof of Stake framework in which the Beacon Chain will be central to everything that happens on the network. It is expected that the Beacon chain will be the first component of the Ethereum 2.0 framework to be delivered and will act effectively as the foundation of the new system, which will solve any problem and provide the necessary scalability.
As stated by Head of BTC:
"The developers of Ethereum hope to solve the problem of the excessive use of energy caused by the extraction of PoW and the congestion of the network that strangles the dApp with high tariffs for gas." Initially, the chains of Shard will reach the scale on Ethereum 2.0 by aggregating the transactions and reaching consensus on their order leaving the actual hashing to the main chain.The final layer of the Ethereum 2.0 system is the VM level, which will provide a framework for the execution of contracts and smart transactions according to the current Ethereum network. "
The importance of the beacon chain is vital to the system. Its main function is to examine the way in which the PoS protocol is sent both for itself and for the plethora of shard chains that ensure the scalability on Ethereum 2.0.
In addition to this, the functions include the appointment of block applicants, the search for validator committees that are commonly voted on the proposed blocks, the approval and management of the validator committees, the application of the regulations through sanctions. and awards and demonstration of a central anchor point for fragments to be regularly reported base so that the transaction between multiple fragments is facilitated relatively quickly.
"Among the many features of Beacon Chain is the work of maintaining a set of nodes as block validators, these nodes pointing each to the required sum of 32 ETHs and are essentially central to the operation of the entire Ethereum system. 2.0 When a node sends the 32 ETH quota to a smart contract on the existing main PoW network, it is then blocked after some validity checks and the information is transmitted to the Beacon Chain clients. "
What are your thoughts? Let us know what you think in the comments below!