Beacon Chain | Ethereum 2.0 Explorer | Eth staking

Crypto trade is different and quite complex than the other trade. This is the major reason that the team of developers always aims to bring improvement to the crypto mechanism and make it quite simple and effective for investors. Thus, to make the current working of this crypto world simple a revolution took place in the form of the Beacon Chain and gave birth to several components that are adding effectiveness to the trade of crypto assets.

Through this read, we will be looking into the concept of the Beacon Chain Ethereum wallet. This concept is quite new to many of us and does hold a great significance. 

If you also want to gather information about this then just go through the complete read and build fundamental knowledge relating to the same.

So, get ready to start learning about it.

Beacon Chain is the authentic name given to the proof-of-stake blockchain that was launched years back in 2020. This chain came into notice on December 01, 2020, whose main aim was to make sure the sustainability of the proof-of-stake consensus logic before running it on the Ethereum Manniet.

When we went deep into our research we found that this is the name given to a ledger of accounts accountable for conducting and coordinating with the network of Ethereum stakers before the involved stakers started validating the transactions of the real Ethereum.

Inventions are made to improve the current working of a platform and this effort was also made to improve the mechanism of the crypto trade and to add or modify certain functionalities to it. For your reference, we are listing some of the highlighted benefits that were discovered over time:

• It gave birth to the Consensus engine or Consensus layer

• Lead to the emergence of the Ethereum Beacon Chain staking

• Creating an outline for sharding

• Acts as a basic component for secure, eco-friendly, and scalable Ethereum

It is one of the most important events that took place in the history of the crypto world. This event is remembered for unifying the two blockchains. And, after the emergence of this event, there is a single Proof-of-stake Ethereum chain.  

By shedding light on the above event we came to know that to end the PoW and to kick-start PoS on Ethereum requires a couple of commands to be given to the Beacon Chain. This set of instructions involves directing the chain to accept the transactions from the original Ethereum chain, bundling them into blocks, and further arranging them into a blockchain by utilizing the proof-of-stake consensus mechanism.

As a result of it, the active users of the Ethereum blockchain at that time stopped their mining, block propagation, and Consensus logic.

You might be now thinking, how are the above-mentioned functions performed then?

All these operations are handed over to the Beacon Chain and this complete event that took place came to be known as “The Merge”. Thus, after the emergence of this event, there is one PoS Ethereum chain.

Numerous crypto assets are existing in the market and Beacon is one of them. However, the process to grab an asset varies according to the nature of that particular asset. Some assets are easy to buy while the process of some assets is quite hard. To purchase Beacon is slightly different from the other available ones as it is now available on the majority of the platform.

Thus, if you are looking to buy a Beacon and begin your investment journey with it then we are hereby listing the process for the same and it is as follows:

1. Navigate to the CoinMarketCap to check from where you can purchase Beacon and through which currencies

2. From the available platform that supports Beacon select one from which you would like to make a purchase

3. Now, perform the essentials steps involved in making a purchase from the selected platform

To define it specifically, a deposit contract is a smart contract that is used to submit 32 ETH  deposits which are utilized further to initialize a validator and let them participate in the PoS consensus of Ethereum.

When speaking about the Beacon Chain withdrawals briefly, this chain hasn’t allowed for the withdrawal of the staked ETH or the rewards associated with that program.

As we already discussed that with the launch of this, PoS came into existence, and the happening of “The Merge:” unified the two blockchains and there is just a single PoS Ethereum chain. Right?

But still, many of the active investors are trying to figure out the competitors of the Beacon chain. While performing the research it has been predicted that Fantom might give a tough competition to it. The major reason behind it is that this blockchain (FTM) is enabled for smart contracts and has a light-fastening confirmation time for blocks.

One of the Beacon chain issues that have been reported in the last week is the finality. The team of developers have an insight into the emerging problem and took the steps that they found to be essential to iron out this issue. However, the definite reason behind the occurrence of these errors is not known.

To conclude, Beacon Chain has brought a revolution in the crypto world. With the emergence of this chain PoS came into existence. Not only this, but it also introduced the Consensus logic and block gossip protocol that safeguards Ethereum. Further, as an impact of this chain, staking, and setting up of sharding took place. The thought of launching Sharding came by dividing the total load of a network and then allocating them into small blocks to add pace to the transactions.