Ethereum 2.0 Beacon Chain launched

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Ethereum is finally going to kickstart its journey towards ETH 2.0 today, with the Beacon chain going live. This was possible only after the ETH holders stakes over 867,000 ETH, more than the required 524,288 in order to set this in motion. As Ethereum sets on the transition path, users will only have to wait and watch. However, this change from Proof of Work [PoW] to Proof of Stake [PoS], is not a mere update and will have to check multiple boxes to finally change.

As of now, the community knows the issues with the Ethereum blockchain, and the idea behind the launch of Ethereum 2.0 is aimed to scale ETH’s throughput by over 1,000x without sacrificing the decentralization ethos. One of the major challenges facing it is the development of a brand new blockchain with consensus mechanism and sharding without disrupting the existing over $100 billion Crypto-economy, noted Messari’s Wilson Withiam and Ryan Watkins.

The activation of the Beacon chain or Phase 0 taking place tomorrow will not cause any changes to the functionality. The application, transactions, and smart contract execution will all be still carried on the PoW chain. While the launch of Phase 1 will kick in only when Phase 0 has been completed, it will be completed by next year around this time, noted the researchers. They added:

“Phase 1 will implement new architecture for how the Beacon Chain stores data, called sharding. Sharding will subdivide the Beacon Chain into 64…

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