Beacon Chain : Open Source Ethereum Blockchain Explorer

Beacon Chain is known as the world’s largest blockchain network. It is a designed community that functions to implement the staking process and govern the BNB ecosystem. This article will discuss all the points to be known if you are new to cryptocurrency staking.  

Features of Beacon Chain

Given below are the features that will help the trader differentiate between Beacon Chain and other blockchain networks.

• Selecting of Random Validator

To ensure more safety for the digital assets of the users, the platform randomly selects a validator who will validate the transactions made on the blockchain. Selecting of random validator means that the platform is not centralized and there will be no doubt in the decisions of the validator.

• Penalty and Rewards System

The validators of the platform are rewarded for their work on the nodes after keeping a close eye on the progress made by them. And if any malicious activity has been spotted during the process then Beacon Chain also has the right to punish them with a penalty.  

Given below is the list of roles that are being performed on this blockchain network:

• Users can stake the side chains.

• Receiving and sending various digital assets.

• Ability to issue any new digital asset.

• Freezing, Unfreezing, locking, and unlocking the user's digital asset.

• Communications and cross-chain transfers.

Wallets Supported

Before you start using this Beacon Chain network you will have to create an account on one of the wallets that is supported by this blockchain. So to save your research time we have the list of those supported wallets. Given below is the said list:

• Turbi Wallet

• Coinomi Wallet

• Trust Wallet

• Math Wallet

• Ledger Wallet

• Coinomi Wallet 

• Enjin

• Ellipal Wallet

• SafePal Wallet (Hardware Wallet)

• TokenPocket Wallet

• Zengo Wallet

• Trezor

• Bitkeep. 

Although it is not a complete list. To view the completed one, please refer to its official website to know it. 

Wallet set-up process

Now that we already know the names of those wallets that are compatible with the Beacon Chain, our next topic would be how to set up the wallet with this blockchain network. The first wallet that is to be discussed now is Ledger Wallet.

Setting up Ledger Nano S Wallet

Given below is the list of the required things that are required in the process:

• A preinstalled browser that supports it. For instance, Google Chrome, Opera, or Firefox whichever suits you. 

• The next thing is access to the Beacon chain web wallet with your installed browser.

• The Ledger Nano should have firmware of the latest version. 

• Installed ledger live application on your computer device.

Process of App Installation

• Click open the Ledger Live application on your PC.

• Now go to the ‘Manager’ section.

• In the search field, type ‘Binance’. 

• There you will have to locate Beacon Chain and then press the install button.

• Wait for the installation process to be complete, once it is done a pop box will appear on the screen notifying you about the process completion.

• Now check your Ledger Nano device for the installed application. The name of Beacon should be visible on the device. If it is not then the application has not been installed successfully. 

Working on Beacon Chain

Before we start to know about the working process of Beacon we must be aware of the PoS protocol on which the entire blockchain network is based. Prior to PoS the PoW protocol was used. Now, the PoW protocol does not exist anymore and the PoS protocol has replaced it by merging with it on 15 September 2022. 

Proof of Stake

This network is run by a number of Validators and its function is to reduce the computational work that is needed to be done before a transaction is verified. For this, the validators are to be appointed and they work on validating these transactions. But not anyone can become a Validator. For a person to become a validator, he needs to have a minimum staking of at least 32 ETH. The role of the validator would be either as an attestor or as a proposer. 

After the launch of Beacon Chain, the following things were introduced that benefitted the crypto users:

• Staking

It launched the Proof-of-Stake protocol that resulted in an increase in security while trading and even helped the traders in earning more ETH as a reward. Though the purpose of staking is the same as that of mining it is still different from one another. In mining the cost was increased because of the requirement of high-power machines which also need high voltages. Thus the cost of mining always kept increasing. But the new Proof-of-Stake is cost-friendly and also it allows the users to lock their assets as a protection from any fraud that was not given in the PoW. 

• Introduction to Sharding

Before Sharding the load of all the transactions was on a single network which resulted in a slowing down of transactions completing the process. But ever since Beacon Chain introduced sharding the blockchain network has been divided into 62 small blockchain networks that process the transactions. 

• No smart contract 

This blockchain does not support any Smart Contract which works as a disadvantage for the network. Because crypto traders mainly prefer to make smart contracts for their transactions. A Smart Contract is a contract where two different entities with the help of their computer codes make an agreement that gets executed automatically. 

During the year 2020 on December 1, it was launched as a test version to check its working in the transactions. And during that time the network became popular among the crypto traders that the owners behind the Beacon Chain decided to announce its official release. This blockchain network was officially released after its merging with PoW on 15 September 2022. And if you want to know some more details about the network then refer to their official website.