Are you new to the cryptocurrency world and feeling a bit lost? Don't worry, you are not alone. The cryptocurrency space can be daunting for newcomers, with its many terms, abbreviations and definitions that can be difficult to understand.
ATAIX crypto glossary will help make sense of some of the most common cryptocurrency terms and definitions. Armed with this information, you'll be ready to start participating in this exciting and innovative new economy!
The Beacon Chain is the core of Ethereum 2.0, responsible for managing the validator registry and coordinating the shard chains. At noon UTC, the Beacon Chain went live on Dec. 1, 2020.
The beacon chain is the key to the new Ethereum 2.0 system. This proof-of-stake blockchain helps keep the system alive and coordinates all the different players involved. The beacon chain is integral to keeping everything moving smoothly by functioning as a spine or heartbeat.
Beacon chain is like a big lighthouse that constantly scans, validates, and collects votes. It also rewards the validators who correctly attest to blocks while punishing those who are not online or engage in malicious activities. Consequently, the beacon chain helps maintain the security and stability of the Ethereum network.
The beacon chain is accountable for managing the proof-of-stake protocol and shard chains. This includes managing validators and their stakes, nominating block proposers, organizing validators into committees, voting on proposed blocks, applying consensus rules, applying rewards and penalties to validators, and being an anchor point on which shards register their states to facilitate cross-shard transactions. The beacon chain will not run smart contracts; that is what the shard chains are for.
The Beacon Chain is the heart of the new network. It creates new blocks, makes sure they are valid, and rewards validators for keeping the network secure. Proof-of-stake has been part of Ethereum's roadmap for a long time, and it addresses some of the weaknesses of proof-of-work blockchains like accessibility, centralization, and scalability. Validators (each containing their stake of 32 ETH) propose new blocks voted on by other validators.