Ethereum 2.0 Beacon Chain Goes Live

Ethereum 2.0 Beacon Chain Goes Live

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14/12/2020 by Koinal
206
On December 1, 2020, the Ethereum platform released the Beacon Chain and moved to an advanced system called Ethereum 2.0.
Ethereum 2.0 Beacon Chain Goes Live

ETH 2.0 aims to expand scalability, speed, and usages for the platform and the ERC token. The move to a Proof-of-Stake validation system is a significant change from the original Proof-of-Work mining system. Koinal.io offers a secure online portal for purchasing cryptocurrency. You can participate in leading currencies like Bitcoin and innovative opportunities like Ethereum Proof-of-Stake.

– What Does the Ethereum 2.0 Beacon Chain Do?

The Beacon chain brings a proof-of-stake system to the Ethereum platform. Proof-of-stake will permit owners of Ether to place their assets and participate in the validation and system security. The new proof-of-stake system’s goal is to increase the number of participants and thereby improve system security.

Ethereum 2.0 is an essential innovation to the Ethereum platform. It is a broad set of reforms and improvements that will upgrade the Ethereum network. Known as Eth 2 or Serenity, the landmark innovations promise to extend Ethereum without breaking in its operations.

The current phase is called Phase 0. It brings the introduction of the proof-of-stake software and the recruitment of new validators. The original proof-of-work program will continue and operate in parallel to proof-of-stake validation.

– Ethereum 2.0 Beacon Chain

Owners of Ethereum tokens can participate in building new blocks for the blockchain, improving performance, and adding security. Staking pays participants, and their cryptocurrency holdings can grow. System improvements can raise the value of Ether as it adds more purchasers, and the system adds more users.

– Future Growth

The Beacon Chain will set the stage for the introduction of shard chains. Shards are decentralized branches of the main net that manage transactions. Shard plans include up to 64 new blockchain extensions. The Beacon Chain is the foundation for proof-of-stake validation that will grow to support sharding nodes. The use of shard nodes will increase the scale of Ethereum, expand decentralization, and speed-up the rate of processing.

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