Ethereum, a modular contract scripting system on the blockchain, developed with a combination of programming language with simplicity and universal generalization in mind is known for its Proof of Work consensus system. However, a new consensus algorithm is being introduced to provide better features for the users and also upgrade its ecosystem as it solves various limitations. The Beacon Chain listed as one of the roadmaps is the development set to introduce the Proof of Stake (PoS) consensus mechanism to the Ethereum ecosystem.
Launched in December 2020, the Beacon Chain or ETH 2.0 is a coordination mechanism responsible for creating new blocks and also ensuring those new blocks are valid. It was designed to improve Ethereum scalability, a plan included which was included in phase 0 of the deployment plan of Ethereum. It is designed to coordinate the expanded network of shards and stakers, with an operation mechanism a little different from what the Ethereum mainnet does today.
As of writing, the Beacon Chain is alive and has 20 epochs in which one epoch is 6.4 minutes long, and each epoch contains 32 randomly assigned validators that propose a block in a single compartment. Shard chains will be the second Beacon chain as they will help increase the capacity of the network and improve transaction speed by extending the network to 64 blockchains. The Beacon Chain is an important feature for sharing as it requires staking to work securely.
Concerning deployment, the Beacon Chain will exist independently of the Ethereum Mainnet at first, it will then be connected to Ethereum eventually as the plan is to “merge” Ethereum’s mainnet into the proof-of-stake system that will be controlled and coordinated by the Beacon Chain. Hence, the Beacon chain was not developed to alter the normal function of the Ethereum we use today, instead it was created to facilitate the processes and make transactions better and faster with lesser difficulties. Its core structure changes the consensus model from Proof of Work to Proof of Stake and will always scan, validate, collate votes, and send out rewards to the validators performing their job excellently. Here, the validators are required to attest to blocks for keeping the network secure, remove rewards for offline users, and also slash away ETH tokens from dubious participants.
Beacon Chain’s goal is to provide a platform for decentralized applications for the entire cryptocurrency world. Here, projects can be created as there is a common set of APIs and trustless interactions with no compromises.
Beacon ETH is the token of Beacon Chain that will help keep Ethereum secure. It is like a public good that will make Ethereum healthier and earn the participants more ETH in the process. In practice, it will involve you staking ETH to activate validator software.
Who are the founders of Beacon ETH (BETH)?
The founder of the Beacon Chain is the same as Ethereum, Vitalik Buterin. Vitalik is the developer, and researcher of the Ethereum protocol and also created other Blockchain projects, solely or partially.
Other notable creators include Gavin Wood, Jeffery Wilcke, Anthony Di Lorio, and Joseph Lubin.
What is Beacon Chain (BETH) used for?
Participants can still send ETH tokens to their families and friend.
The new ETH 2.0 allows users to swap their tokens for another on MetaMask and UniSwap with no hassle.
Enjoy blockchain games
Participants can still build virtual cat families, strategize and battle with Axies as they would on the Ethereum ecosystem.
Transact on the NFT marketplace
Users can still mint, sell, and buy NFTs on NFT marketplaces.
BETH allows you to easily participate in ETH staking without losing the flexibility to withdraw your ETH anytime.
Secure the Ethereum ecosystem
The Beacon Chain’s role is to secure, sustain, and scale Ethereum the Ethereum ecosystem.
Beacon Chain allows participants to earn ETH tokens if they perform the role of validators. As a validator, you are required to process transactions and create new blocks in the chain before you are awarded any token.
What makes Beacon ETH (BETH) Unique?
As the world of Blockchain progresses, the process of earning passive incomes improves into easier and better methods that require little to no stress. Hence, staking was developed to help participants earn without our being heavy computers to solve complex mathematical questions or consume high megawatts of electricity to power this equipment.
Staking and becoming a validator is easier than mining and will help make Ethereum more secure in the long run. This means the more people that participate in the network, the more decentralized it is and the higher the possible incentives.
How many Beacon ETH (BETH) coins are in circulation?
There is not currently any available amount of tokens in circulation for BETH.
How is the Beacon ETH (BETH) Network secured?
The Beacon Chain will be responsible for randomly assigning stakers to validate shard chains rather than requesting an energy-intensive consensus algorithm like the Proof of Work (PoW) consensus. Instead, the PoS mechanism randomly chooses a validator to validate blocks of data where the cost of an intended malicious error is greater than the block reward. This feature makes it difficult for stakers to collude and take over a shard. Although this may happen, the chances are less than a 1 in a trillion.
How do I buy Beacon ETH (BETH)?
BETH is a tokenized version of staked ETH that offers staking rewards without having to worry about the technical requirements. The BETH token can be used for a wide range of uses like staking and yield aggregating.
BETH tokens can be easily purchased by the following steps.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy BETH through your trading account.
Which Cryptocurrency Wallet Supports Beacon ETH (BETH)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as Beacon Chain (BETH). Because of its vast use case, it has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. Users can easily use PTPWallet as their BETH wallet because it offers a simple interactive interface, making it easy for people to navigate its system.