Is Ethereum 3.0 coming?

Rumors of an expanded upgrade to Ethereum are currently circulating. Developer Justin Drake recently revealed the plans behind this.

At the Devcon conference in Bangkok, Ethereum developer Justin Drake gave an insight into a redesign of the Ethereum blockchain. One of the key changes would be the reduction of the 32 Ether requirement for validators to just one Ether. He also talked about improvements in block production and support for Zero-Knowledge-Proofs. These changes would be introduced with the new Consensus-Layer, Beam Chain, which would replace the current Beacon Chain.

The goal is to significantly improve the performance of the Ethereum blockchain, which has faced scalability issues in recent years. This would include increasing the number of transactions per block and shortening the block finality, which is currently around 15 minutes.

"The Beacon Chain is now somewhat outdated," Drake said. "The specification was established five years ago and a tremendous amount has changed since then." The Beam Chain is therefore "a proposed redesign of the Consensus Layer that incorporates the latest and greatest ideas from the Ethereum roadmap."

However, Drake indicated that he prefers not to apply the term "Ethereum 3.0," as used on social media. "Beam Chain only relates to the Consensus Layer," Drake said. "The changes are less significant than the move to Proof of Stake with Ethereum 2.0."

When and if these plans by Justin Drake will be implemented remains uncertain for now. Meanwhile, the Ether share price is rising along with the positive mood in the crypto market. Compared to last week, the second-largest crypto currency is up 27%.