Beacon Chain BETH

It seems that the 2021 bull run will be the last bull run for the ETH Token as a prominent token. Do you remember the 2016 Ethereum update when Ethereum was attacked by hackers its blockchain was upgraded and the old one is still running in the form of Ethereum Classes (ETC).

Now, 2021 is the time for the next big update in Ethereum for transition to proof of stake i.e. ETH 2.0 / Beacon Chain / BETH.

If you put your ETH on stake for future earnings you will see Ethereum is permanently converting your ETH to BETH before it is put on stake and the earnings will also, be in BETH.

Some staking ETH 2.0 screenshots are enclosed

Binance Screenshot

Huobi Screenshot

So, you must be thinking is ETH 2.0 or BETH a separate blockchain?

The answer to this is mentioned on the Ethereum website 2.0 page

“Think of Eth2 as a set of upgrades being added to improve the Ethereum we use today. These upgrades include the creation of a new chain called the beacon chain and up to 64 chains known as shards.
These are separate from the Ethereum Mainnet we use today but won’t replace it. Instead, Mainnet will “merge” with this parallel system that’s being added over time.
In other words, the Ethereum we use today will eventually embody all the features that we’re aiming towards in the Eth2 vision.”

Answer Source: https://ethereum.org/en/eth2/

Why do you think ETH is undergoing this change?

Well, there are 3 top reasons from hundreds of more reasons

  • Proof of work consumes a lot of energy and is very harmful to the environment. So, proof of stake migration is definitely required.
  • The cost of transfers on the main ETH chain is currently very high as compared to other blockchains. You must have checked our last post with blockchain price comparison where one transfer on Ethereum takes 5.19 USD at the same time it takes 0.000000285 USD on Thunder Token.
  • Other blockchains like Etherlite (ETL) and a few more have come in with all features of ETH, more transfer speed with 10,000+ Transactions per second, one-click Dapp transfer, and with many additional features and even per transfer transaction cost of 0.0000006 USD.

Now no big player wants to lag in front of new players, so upgrades are being done to remain in the market for a longer period.

Don’t know exactly what Ethereum will do but seems like BETH will be the future replacement of ETH from the Ethereum team. The exact updates and scenarios can be checked from the Ethereum website.

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Information on these pages contains forward-looking statements that involve risks and uncertainties, are for informational purpose only, and they do not constitute financial, investment, or other advice. Read More

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