Ethereum Beacon Chain Explained
Ethereum 2.0, also known as Serenity, is a term that is used to describe a series of planned upgrades, with the Ethereum beacon chain being the first, that will be implemented on the Ethereum platform. These changes will be rolled out incrementally over the course of the next few years. Once implemented, it is hoped that these upgrades will produce a more efficient and scalable Ethereum platform that is able to handle thousands of transactions per second.
The objectives of Ethereum 2.0 extend beyond being able to process transactions at scale, they also include other design goals, such as:
- Simplicity: to minimize complexity, even at the cost of some losses in efficiency.
- Resilience: to remain live through major network partitions and when a very large portion of nodes go offline.
- Longevity: to select all components such that they are either quantum secure or can be easily swapped out for quantum secure counterparts when they become available.
- Security: to utilize crypto and design techniques that allow for a large participation of validators in total and per unit time.
- Decentralization: to allow for a typical consumer laptop to process and validate shards.