Ethereum 2.0 beacon chain launches with over $400m staked

Ethereum 2.0 beacon chain launches with over $400m staked
Ryan is an editor at TechForge Media with over a decade of experience covering the latest technology and interviewing leading industry figures. He can often be sighted at tech conferences with a strong coffee in one hand and a laptop in the other. If it's geeky, he’s probably into it. Find him on Twitter: @Gadget_Ry

Decentralised computing platform Ethereum has successfully launched its beacon chain for 2.0 with supporters currently staking over $400 million.

Ethereum 2.0 pivots the world’s most popular decentralised app platform to a faster and more efficient Proof-of-Stake consensus.

Developers are building innovative new applications for just about every industry—but there’s one that Ethereum has become synonymous with, decentralised finance.

Ethereum is now the global settlement layer for ~$1 trillion in digital assets on the decentralised web. This monumental growth hasn’t come without its problems, with slow transaction times and high fees becoming regular issues.

The beacon chain for Ethereum 2.0 launched today is part of ‘Phase 0’ of an expected multi-year rollout that should one day see the network processing around 100k transactions per second.

Fortunately, it won’t take multiple years for scalability to be addressed and innovations for Ethereum 1.0 should be sufficient for some time:

Some of Ethereum’s rivals have already delivered faster transaction speeds but at the cost of decentralisation. The so-called “trilemma” in blockchain development is that trade-offs between speed, decentralisation, and security must be made.

Ethereum is focused on being decentralised as there are already plenty of fast and secure centralised platforms to choose from.

While plenty of “Ethereum killers” have emerged, none have come anywhere close to stealing the crown. Ethereum simply has multitudes more developers and daily active users than any other decentralised platform.

The Ethereum 2.0 beacon chain launched with more than 21,000 validators around the globe and over 674,000 ETH staked. For a six-year-old project, the growth, community, and excitement around Ethereum is astounding.

Perhaps more importantly, real-world companies are building on, exploring, or supporting Ethereum—including large multinationals like Microsoft, Intel, Accenture, and others that just a few years ago most would never have expected.

Ethereum is also gaining traction as a currency and investment asset. While Bitcoin is the leader in mainstream recognition – and currently has more store-of-value properties – several SEC-reporting Ethereum ETFs have appeared this year.

We look forward to seeing what decentralised app developers build in the coming years. An Ethereum-based peer-to-peer stack for collaboratively building software even launched this week.

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