Blockchain researcher Justin Drake introduced the Ethereum Beam Chain proposal at Devcon 2024 in Bangkok.
This initiative aims to integrate significant advancements, such as zero-knowledge proofs and rapid finality, into a single upgrade for the Ethereum (CRYPTO:ETH) network.
Drake described the Beam Chain as a step towards Ethereum’s envisioned end state, highlighting the outdated nature of the current Beacon Chain, which was introduced five years ago.
“The current beacon chain is kind of old. The specs were frozen five years ago, and in these five years, so much has happened. Particularly, we have a much better understanding of MEV (Maximal Extractable Value),” Drake stated.
He pointed out that technologies like zk-SNARKs and zero-knowledge Ethereum Virtual Machines (zkEVMs) have advanced, providing better scalability and privacy.
This proposal represents the most significant vision for Ethereum since The Merge, which transitioned the network to a proof-of-stake model over two years ago.
While incremental updates have been made since then, including enhancements for layer-2 blockchains, the Beam Chain could streamline and unify future major upgrades under a coordinated framework.
The Beam Chain proposal suggests rolling out significant bundled updates every few years while maintaining annual, smaller-scale improvements for ongoing technical refinements.
The Ethereum network continues to evolve, with other recent developments including the introduction of the Mekong testnet, designed to trial features for the Pectra fork set for 2025.
This testnet serves as a controlled environment for testing before mainnet deployment.
Additionally, ENS Labs has launched a layer-2 scaling solution aimed at enhancing blockchain-based identity systems.
Ethereum has seen positive market movement, with ETH prices rising 29% over the past week to reach $3,184, a three-month high.
Whale activity has also surged, with large transactions exceeding $1 million reaching a 14-week peak, reflecting increased interest from significant investors.
At the time of reporting, the Ethereum price was $3,252.39.