Ethereum 2.0 Beacon Chain launch successful

  • The launch of Ethereum 2.0 Beacon Chain has been successful with over 27,000 validators.
  • Ethereum’s co-founder predicts greater security and decentralization for the Beacon Chain-based network.

Years of work have materialized with the successful deployment of phase 0 of Ethereum 2.0. Known as Serenity, the Beacon Chain marks the beginning of the migration of Ethereum to a blockchain-based on Proof-of-Stake (PoS). The community and a sector of the crypto space celebrate the event. The Ethereum Core developer, Péter Szilágyi said:

I’m super happy the project has reached this phase, congrats and good luck to all the people involved! Here’s to a smooth next few hours, days, weeks and months!

The Genesis block of Ethereum 2.0 Beacon Chain has been validated with 80% participation in the network and more than 27,000 validators.

Ethereum co-founder Joseph Lubin stated that the Beacon Chain is an example of how the network has been able to attract investors from around the world to participate in its consensus model.

In that sense, Lubin believes that PoS is an improvement for the “incentives in the crypto economy” that make Ethereum “a pillar” as a trustless network that operates without the need for a third party. According to Ethereum’s co-founder, the achievement is a reflection of the community’s willingness to build a fully decentralized network. Lubin added:

The global economy needs an objectively trustworthy frame of reference to coordinate logic and transactions between business networks. Ethereum is the leading candidate, already functioning as the global settlement layer for ~$1 trillion in digital assets on the decentralized web.

One of the promises of Ethereum 2.0 is to improve the scalability of the network.

Also Lubin acknowledges that this will not happen overnight, but believes that the community “is proving that with the right incentives”,

Ethereum can become a more secure and decentralized platform.

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