Ethereum Foundation Unveils Plans for Ethereum 3.0, Sparking Major Bullish Sentiment for ETH
Justin Drake announced a new proposal aimed at bringing a consensus layer upgrade called “Beam Chain” at Devcon.
Justin Drake is a prominent researcher at the Ethereum Foundation, known for his work on advancing Ethereum’s technology, particularly in areas related to Ethereum’s security, scalability, and long-term vision. He’s been deeply involved in the development of Ethereum 2.0, including its transition to Proof-of-Stake (PoS). Drake is also currently involved in research on Ethereum’s future iterations, like Ethereum 3.0. He frequently shares insights on Ethereum’s roadmap, helping to drive innovation and strengthen the Ethereum blockchain’s global impact.
On 12 Nov 2024, Justin Drake proposed a new consensus layer upgrade called “Beam Chain” at the Devcon conference, which the ETH community has dubbed “Ethereum 3.0.” This upgrade aims to introduce faster block times, lower validator staking requirements, “chain snarkification,” and quantum security improvements for the Ethereum network. According to Drake’s information, Beam Chain will enter its specification phase in 2025, followed by a full testing phase in 2027. In short, it will take nearly two years from now to see Ethereum 3.0.
Ethereum Price Action
The current trading price of $ETH, the native token of the Ethereum blockchain network, is $3,277, which reflects a 3.6% increase over the past 24 hours. Notably, ETH’s price has surged 32% in the past 7 days.
According to crypto analyst Titan of Crypto, the trade price of Ethereum could reach $5,700 as the most anticipated target during this bull phase of the market.
