Cryptocurrency

Beacon Chain Contracts Proposal By Vitalik Buterin Could Change The Way To Deploy Dapps On Ethereum

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The launch of Ethereum 2.0 is one of the most awaited crypto events of 2019, and it continues to be in the headlines. As per new reports, the core infrastructure of the hyped 2.0 update, based on the Proof-of-Stake consensus, might be up for a redesign.

Vitalik Buterin, the co-founder of Ethereum, has suggested a new proposal, Beacon Chain, which include radical modifications to the blockchain’s role in version 2.0 of the Ethereum network. While speaking to reporters, Prysmatic Labs co-lead, Raul Jordan said,

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The idea here is that basically on the beacon chain, you’re going to be able to deploy these little worlds that summarize how a blockchain works, how a state transition works, [and] how a smart contract works.

Prysmatic is one of the many software building teams which support the Ethereum Blockchain, the world’s second largest on the PoS consensus. Jordan further added that the Beacon Chain proposed by Buterin will make it easier for developers to build on the new version of the network, without learning any new parameters. Instead of having one huge machine run singular transactions, it can be divided into a large number of machines worldwide, to run the transactions simultaneously, he said.

Ethereum has been facing severe criticism from various sections of the community for its lack of decentralization. Earlier this year, Charles Hoskinson, former co-founder of Ethereum lashed out at the centralized approach of Ethereum platform. Ethereum 2.0 was touted to tackle this centralized approach, reinstating trust-less systems again. However, this doesn’t seem to bother Buterin, who didn’t make any comment on the need of decentralization. In his Beacon Chain proposal, he said,

The general ethos of the proposal is to have a relatively minimal consensus-layer framework, that still provides sufficient capabilities to develop complex frameworks that give us all of the smart contract capabilities that we need on top as a second layer.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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