At Devcon, Justin Drake Proposes Beam Chain for 'Ethereum 3.0', Redesigning Ethereum's Consensus Layer

Nov 12, 2024, 10:08 AM

Justin Drake, a researcher at the Ethereum Foundation, has proposed a new consensus layer called 'Beam Chain' at the Devcon conference. The Beam Chain is a total redesign of Ethereum's current consensus layer, aiming to replace the existing Beacon Chain. Key features of the proposal include four-second block times, reduced validator staking requirements to as low as 1 ETH, and enhanced cryptographic security through SNARKs for 'chain snarkification' and quantum security. The proposal seeks to modernize Ethereum's staking and block production mechanisms, integrating recent research advancements. The Beacon Chain, now five years old, would be replaced under this proposal. Some community members are informally referring to this initiative as 'Ethereum 3.0'.