Ethereum 2.0 Coordinator Announces Progress With Beacon Chain Upgrade
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One of the most anticipated developments in the cryptocurrency ecosystem in recent times is finally here.

According to a report, Ethereum 2.0, the major upgrade of the Ethereum network is beginning to roll out with the launch of Phase 0 known as Beacon Chain.

The launch of the Beacon Chain, which is Phase 0 in the ETH 2.0 development roadmap, played out successfully at 12:00 UTC on Tuesday 1st December 2020.

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The co-founder at Prysmatic Labs, Raul Jordan, shared this new development a few hours ago, via his official Twitter handle.

Jordan tweeted, “ETH2 phase 0 launched successfully, and the chain reached finality perfectly. This is the culmination of years of work, and it is by all means, a great launch #Ethereum. Thanks to all people running our software at Prysmatic Labs.”

Vitalik Buterin, the co-creator of Ethereum (ETH) also shared his excitement with the community in a viral tweet.

What Is Beacon Chain?

The Beacon Chain is a proof-of-stake (PoS) blockchain, which indicates the first step in the plan to transition the consensus algorithm of Ethereum from proof-of-work (PoW) to proof-of-stake. Beacon Chain is expected to run alongside the original Ethereum PoW chain. This will make the chains to continue without interruption.

In a blog post published on 16th May 2019, ConsenSys gave the functions of the Beacon Chain a better explanation as follows:

  1. Managing the proof of stake mechanism
  2. Processing Crosslinks
  3. Direct consensus and finality.

Ethereum 2.0 Phase 1 that will likely launch in this coming year will address finality and consensus on shard chains and will be more of a test run for shard chains than the release of an immediately-scalable solution.

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Update On the Level of Decentralization of Ethereum 2.0 Validators

A few hours ago, the co-founder of Ethereum (ETH), Vitalik Buterin, shared an update in relation to the current level of decentralization of ETH 2.0 validators.

Vitalik tweeted, Some updates on decentralization stats since a week ago: * Participant count over 3k * Nakamoto coefficient up from 25 to 34 * Herfindahl score down from 0.0164 to 0.0126 (down is good); ~30% more decentralized based on this metric More participation = more decentralization!”

Read Also: This Dubai-based Company to Support Ethereum 2.0 Launch with $10 Million in ETH Deposit

Proof-of-Work (PoW) Difficulty Hits An All-Time High

In another tweet earlier today, as the Ethereum 2.0 Phase 0 was preparing to go live, Vitalik Buterin hinted at the community that the proof-of-work (PoW) difficulty just attained an all-time high:

“So, right at the time that the beacon chain is launching, the PoW difficulty just hit an all-time high!”

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.