Ethereum 3.0? Justin Drake Unveils ‘Beam Chain’ Proposal at Devcon

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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November 11, 2024

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Ethereum Foundation researcher Justin Drake has revealed “Beam Chain,” an ambitious upgrade for Ethereum’s consensus layer, at the Devcon SEA conference.

Dubbed by some as “Ethereum 3.0,” the initiative aims for faster block times, reduced validator stakes, and advanced cryptographic techniques to enhance scalability and security.

The Next Era for Ethereum

Drake framed the proposal within Ethereum’s evolutionary “Eras,” marking a potential shift into the ZK (Zero-Knowledge) era.

Ethereum transitioned from proof-of-work to proof-of-stake with The Merge in 2022, and Beam Chain could herald the next stage, leveraging SNARKs (Succinct Non-Interactive Argument of Knowledge).

This cryptographic innovation enables parties to verify computations or information without exposing underlying data, paving the way for enhanced scalability and privacy.

Among its standout features, Beam Chain proposes reducing slot times—the fixed intervals for proposing blocks—from 12 seconds to four, enabling faster block finality within three slots.

It could also simplify the network’s structure by eliminating epochs, which currently organize validator duties in groups of 32 slots.

Another notable change is the introduction of a staking cap, reducing the minimum stake to activate a validator node from 32 ETH to just 1 ETH.

These changes, Drake argued, aim to address design shortcomings in Ethereum’s existing Beacon Chain while fostering inclusivity by lowering entry barriers for validators.

However, he emphasized that community consensus would be vital for implementation.

Scaling Without Layer 2s?

The proposal could significantly enhance Ethereum’s mainnet scalability, potentially reducing reliance on Layer 2 solutions.

Layer 2 networks, while instrumental in scaling Ethereum, have sparked debates over their impact on the base layer’s value.

By integrating native zkEVM (Zero-Knowledge Ethereum Virtual Machine), Beam Chain could allow nodes to verify blocks using SNARKs, eliminating gas limits and enabling arbitrarily large blocks.

Drake’s keynote also followed recent controversy over his resignation as an advisor to EigenLayer, a restaking platform, amid concerns about conflicts of interest.

He apologized for the “drama” surrounding substantial token allocation payments, acknowledging the backlash from the Ethereum community.

Despite these challenges, Drake remains committed to innovation. Describing Beam Chain as his “most ambitious initiative to date,” he shared the proposal’s development journey, which involved months of collaboration with researchers and developers.

“It’s early days, and community participation will be key to achieving rough consensus,” he stated.

Ethereum’s Journey Post-Merge

If realized, Beam Chain would represent Ethereum’s most significant upgrade since The Merge, which unified Ethereum’s mainnet with the Beacon Chain in 2022.

The Merge transitioned Ethereum to proof-of-stake, reducing its energy consumption by over 99% and setting the foundation for future scalability improvements.

The community has moved away from terms like “Ethereum 2.0” to avoid confusion about the blockchain’s continuity.

Similarly, Drake has expressed reservations about labeling the new proposal “Ethereum 3.0,” aiming to maintain clarity and prevent misinformation.

Adding intrigue to the announcement, the Ethereum Foundation sold 100 ETH for $334,316 in DAI stablecoins just before Drake’s keynote, as reported by Spot On Chain.

This marked the Foundation’s first ETH sale since disclosing its financial report, which revealed treasury assets of $970 million, including $788.7 million in cryptocurrencies—mostly ether—and $181.5 million in non-crypto assets.