📌 Beacon Chain Summary
The Beacon Chain is a core part of Ethereum’s transition from proof-of-work to proof-of-stake. It acts as a new consensus layer, helping keep the network secure and managing the process of validating transactions and blocks. The Beacon Chain went live in December 2020 and later merged with the main Ethereum network to coordinate validators and enable staking.
🙋🏻♂️ Explain Beacon Chain Simply
Think of the Beacon Chain as the conductor of an orchestra, making sure everyone plays together in harmony. Instead of letting anyone with enough computer power make decisions, it chooses helpers called validators to take turns leading, keeping things fair and efficient.
📅 How Can it be used?
A project could use the Beacon Chain to enable secure and efficient staking for digital assets on a decentralised platform.
🗺️ Real World Examples
When Ethereum users stake ETH, their coins are locked on the Beacon Chain, which then chooses them as validators to help confirm transactions and create new blocks. This process rewards users for helping secure the network.
Some cryptocurrency exchanges offer staking services by interacting with the Beacon Chain, allowing customers to earn rewards without directly managing their own validator nodes.
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