Content-type: text/html ~ Stephen's Web ~ Ethereum 2.0 Beacon Chain Goes Live as ‘World Computer’ Begins Long-Awaited Overhaul

Stephen Downes

Knowledge, Learning, Community

Traditional blockchains such as Bitcoin and Ethereum are based on 'proof-of-work', which is a requirement that providers solve long cryptographic problems before being allowed to add new data to the chain. This takes a lot of time and creates a huge processing cost for each transaction, so Ethereum has long been working toward an alternative 'proof-of-stake' requirement. This week marks the beginning of that transition. Announced by Russo-Canadian developer Vitalik Buterin in 2013, Ethereum is intended to be used for a wide range of transactions (including educational records and contracts), not just digital currency.

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Stephen Downes Stephen Downes, Casselman, Canada

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Last Updated: Apr 20, 2024 02:34 a.m.

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