Beacon Chain - What was the need for it in the blockchain?

In this article, we will discuss the newly introduced blockchain network that has a huge impact on the trading and investing features for users. And if you are new to cryptocurrency then you should know what does a blockchain mean and what is its role. A blockchain is a network that allows users to share data collectively. Blockchains also have cloud services that store the transactional data which can be shared easily. There is no tampering of data in the blockchains. It is so because the data stored cannot be edited without the permission of the parties and has not been taken. 

Mainly there are four types of blockchains available named private blockchain, public blockchain, hybrid blockchain, and consortium blockchain. Hence, in our further content, we will discuss one of the most popular blockchains that are The Beacon Chain Ethereum 2.0 explainer. So let’s start.

It is a Proof-of-Stake blockchain network that was introduced in December 2020. During that time, it was launched as the trial version. And during that trial period, this blockchain network received immense popularity among the traders as compared to the previous existing Proof-of-Work mechanism. 

Then in September 2022, the merger was initiated in which the Proof-of-Stake was officially launched by replacing the existing network of Proof-of-Work. If you are interested to become a validator on the Beacon, then you should know about the staking procedure of it. And on the Ethereum Beacon Chain Explorer, you will find all the details of the block traded currently. The link of it is https://beaconcha.in/. 

The function of the Beacon Chain is to coordinate the transactions being held on the Ethereum Mainnet. Though it does not support any smart contracts that are being supported on other networks. It replaced the process of mining with the sharding procedure. The introduction of sharding resulted in a reduction in costs at a huge level. Thus there was a large economic benefit after its launch. This new blockchain network is more environment-friendly and more scalable. And the details of the Beacon Chain Wallet token can be obtained in detail from the official website.  

Sharding refers to the upgradation of the processing capacity of the Ethereum blockchain. Earlier the transaction speed and the number of transactions being processed on the blockchain were much lower. In this update, the transaction load has been divided into 64 new chains. By dividing them into these small blocks the required capacity of hardware has also been reduced and thus a lower transaction fee is charged for a transaction. 

Because of sharding, you can run Ethereum even on your Phones and laptops which was not possible earlier. Along with it, there is an enhancement in the security level also. It is because of its decentralized network. For any further details, you should consider looking at the official website.  

In this section of the content, a few additional details about Beacon is given which is not necessary to be known if you are a first-time user. And if you want to know some more things about Beacon then continue reading this section.  

• Beacon Chain Checkpoints

In an epoch, a checkpoint is a block in the first slot. And in case there is no slot present then the next preceding block slot will be considered as the Checkpoint. Each epoch has one separate checkpoint block. 

• Beacon Chain Validator Activation and Lifecycle 

The lifecycle of the Validator on the Beacon Chain is not much complex. To become a validator, you have to pass several stages to confirm its status. And these stages are known as Deposited, in the queue of activation, Activated, slashed (for any misbehavior), and Exited. 

We have already discussed the impacts being made by the Beacon Chain, but it does not mean that there are no issues with it. Nothing is perfect, hence this blockchain network also has some flaws in it. In this section, we will discuss the various issues of Beacon. 

Recently there has been some technical error being reported on the Ethereum network. As per the reports the transactions are not being processed completely and is taking much more time to finalize the transactions. And the exact reason for this fault has not been discovered yet. 

The same issue was also repeated on the very next day when the transactions were stopped from being finalized on the blockchain for over one hour. Later on, it was revealed that during the time of the defaults, there was high load than usual. Thus, the blockchain network was not able to handle the excessive load.  And sometimes, a wrong transaction may get approval from the validators either by mistake or because of any other reason. And many times, good performance is also displayed by the validators. In cases like these, there are several Eth Staking Rewards and Penalties.

Beacon chain login

With with launch of the Beacon chain, PoS came into existence intending to improve the mechanism of the Ethereum ecosystem. This new concept came into existence with a lot of elements and one of them is validators. Validators play a crucial role in adding speed to the current transactions. To keep an eye on the progress of validators for ensuring that everything is running as expected Beacon chain login becomes important. This process helps in tracking the progress of the validators along with allowing users to manage the same.

Beacon chain sign up

All the processes in the crypto realm are somewhat interlinked to each other or are interdependent. If you are already a user of the Beacon chain then you might be aware of how to organize and check the performance of your validators. But to get the key to track the performance of validators, users have to first complete the steps involved in Beacon Chain sign up. In simple words, this process is also termed as registration process which asks the users to provide some of the general information that is to be registered with their account. The general information that users have to provide involves a valid email address, a vigorous password to secure the account, and the consent of the individuals relating to the “Terms and Conditions” of the platform. Further, acknowledgment of the platform’s “Privacy Policy” is also important.

Forgot your Beacon chain password

Unable to recall the password that you have created for this account?

No worries… construct another password by simply navigating to the “Forgot Password?” section. Now, the question arises where you are going to find this label. Well, you can find it on the login page just above the blank space provided to enter the password. If you ever forgot your Beacon chain password, simply use the option listed above and create another password for your account by following the prompted actions. To evade the chances of forgetting the password again, jot it down somewhere safe.

Reset the Beacon chain password

You can easily reset the Beacon Chain password by sending a request to the support team of the platform by clicking on the “Forgot Password?” option located on the login page. You have to simply provide the email address registered with the platform and then tap on the “Reset” button. Adhere to the prompted actions ahead to alter your account password easily and in no time.

Beacon chain not working

To date, users haven’t complained about this issue. The only issue that has come to the notice of the people is the Finality issue. However, for a safer side, if you ever encounter the Beacon Chain not working error, you can simply address this issue by practicing the common troubleshooting measures. For this, you can simply check the internet connectivity, switch on and power off the device, clear the cache and cookie history, try working with a private mode, and so on.

Beacon Chain syncing issues

Beacon Chain syncing issues are the topic of debate nowadays. This issue usually emerges when the nodes face certain issues in working or are currently down. It has been reported that the Beacon Chain sync will take around 10 minutes to 48 hours. Using checkpoints, you can begin the process of re-syncing. The emergence of syncing issues results in restricting the validators to proceed or function properly, which creates a hurdle for the users in pursuing their activities. However, this issue is temporary and gets wiped up shortly within a short span. Just sit tight and let the issue get resolved.

In this content, we provided you with all the important facts that should be known if you are a professional trader or are looking to start your trading career. An additional point to be known is the meaning of the Beacon Chain deposit contract. These deposit contracts facilitate the transfer of deposited funds from the Ethereum mainnet to the Proof-of-Stake blockchain network. And now if you want to know more about Ethereum Beacon Chain staking then you can also refer to the official website for the detailed content. The link where you can find additional details is https://ethereum.org/en/roadmap/beacon-chain/.