Beacon Chain : What are the Beacon Chain Impacts on the ETH network?

-

 Have you heard of Beacon Chain ever? Well! You may find it new for you but probably ETH or ETH 2.0 are the names that probably every trader knows. Let me tell you that Beacon Chain was first launched on Dec 1, 2020, as a trial to introduce the PoS (Proof-of-Stake) to the ETH network which was previously employed on the Proof-of-Work mechanism.

Proof-of-Work is not that much great as Proof-of-Stake in some aspects so to improve the scalability, efficiency and speed of the Ethereum network, ETH employed the PoS which improvised the efficiency of the ETH network, and this version of the ETH latterly known as ETH 2.0. 

But, if we talk about the behind-the-scenes, Beacon Chain was launched to test the PoS on the ETH network. And, after finding it beneficial, they merged this phase into the Ethereum network and launched ETH 2.0. In this read, we will understand the Beacon Chain further, as well as we will look at the impacts of Beacon Chain.

 

A cursory look at the Beacon Chain

ETH network is the 2nd largest network in the crypto industry, and the launch of the Beacon chain in blockchain played a vital role in terms of evolution of the ETH network. This Chain employed the Proof-of-stake which serves as a consensus layer in the ETH to replace the Proof-of-Work mechanism which is energy intensive. Previously, it was launched as a demo of the PoS mechanism, but the merge of Beacon Chain with ETH brought a great impact on the ETH network such as it enhanced the security and the speed of transactions and improvised the scalability and efficiency. We will explore the key impact of Beacon Chain in the very next section, come along with me.

 

The key impact of Beacon Chain

Security Reinforcement through Staking: Beacon Chain’s merge with ETH brought a major transition of ETH from PoW to PoS which introduces staking. And, because of this staking, validators took part in the ETH network by locking up their purchased ETH assets as collateral to create new blocks in the blockchain and validate the transactions. This process of locking ETH on the network incentivizes the stakeholders with the best-possible interest which attracts the stakeholders to take part frequently. As far as the participants are highly involved in securing the ETH network by creating new blocks, the ETH network becomes more resilient and decentralized. And, this is how the employment of PoS by merging the Beacon Chain with the ETH network, improvised the security of the network and reduced the dependence on energy-intensive mechanisms. Along with this, a couple of more impacts which drive the growth of ETH are environmental friendliness and sustainability, facilitating Ethereum's path to sharding, and enhancing decentralization and network participation. These all impacts are collectively elevating the growth of ETH.

 

The Bottom Line!

There is no doubt that Beacon Chain drives a profound impact on the Ethereum network. The employment of PoS, fundamentally upgraded the security, scalability and sustainability of the ETH network. So, as far as the ETH continues to climb the charts, Beacon Chain will always remain a pivotal chapter in the evolution of the network.

 

 

Comments

Post a Comment

Popular posts from this blog

MetaMask Chrome Extension : The privileges of the MetaMask Chrome Extension

-
MetaMask is a well-known crypto wallet launched to ease the working of crypto investors to manage and store their funds generated from the crypto trade and investments. To widen its services and approach, the wallet has tried to connect with all the possible channels to help investors in better management of their funds. As a result of this, the wallet was made available on web browsers via extensions (computer) and on mobile devices as well in the form of apps. Among all the available extensions, the MetaMask Chrome extension has gained much popularity and is trusted by a large number of crypto investors. The extensions act as a bridge between the user operating through the computer and the crypto market. Not only this, extensions do carry with them a number of opportunities, that help the investors in taking their trade activities to the next level. So, in this read, we will try to discover the benefits that the investors can avail of while using the extensions.  The upsides of t...
Read more

Metamask Wallet : How to buy NFTs on OpenSea by using MetaMask Wallet?

-
As NFTs (Non-fungible-tokens) are gaining popularity in the world of digital assets, more and more people are showing interest to start earning from NFTs, as it is becoming a new way to earn money. For buying NFTs (Non-fungible tokens) first of all you have to set up a crypto wallet that is compatible with Ethereum (ETH). Various wallets compatible with Ethereum (ETH) are available in the market which you can use to buy your NFTs (Non-fungible tokens). Today we will talk about MetaMask wallet , the most popular and trusted Ethereum-based wallet in the world of crypto. MetaMask allows its users to buy, sell, and resell Non-fungible tokens on NFT marketplaces such as OpenSea, Rarible, SuperRare, and more. In our further content, we will cover an easy step-by-step guide that will help you to connect your MetaMask and buy NFTs on OpenSea.    Steps to connect MetaMask on OpenSea: Follow these steps to connect your MetaMask Wallet with OpenSea,  Step 1: First of all, open your ...
Read more

Metamask Chrome Extension :  An overview of Bridge tokens feature of MetaMask Extension

-
If you are an active user of MetaMask Chrome Extension, then we are sure that you definitely know about its Bridge tokens feature. But, if you just took a step into this overwhelming crypto world or are looking for download MetaMask Extension, we want you to clarify that it is a newly launched tool that allows you to move tokens on different blockchain networks. And if you want to know more about this feature, then take a deep dive with us in our further sections of this write-up. In our further content, we will cover some topics such as an introduction to Bridging, the benefits of using it on MetaMask, and the steps to use it.    Introduction to Bridging: Bridging or Bridge Token is a highly used feature in the portfolio interface of MetaMask Extension , that allows two separate blockchain networks to exchange and communicate assets and information. In simple words, this feature allows you to move your crypto tokens between different available blockchain networks. For example...
Read more