Beacon chain is a new type of data structure in Ethereum that is designed to enable scalability and security for the network through sharding. The beacon chain is a data structure that stores information about all the shards in Ethereum.
It is responsible for maintaining the liveness of the shard chains and for keeping track of which shard chains are active at any given time. The beacon chain is also responsible for managing cross-shard communication and forcoordinating fraud proof challenges between shards.
The primary goal of the beacon chain is to enable scalability by allowing the Ethereum network to be divided into multiple shards, each of which can process transactions in parallel. This will allow the Ethereum network to process many more transactions per second than it currently can.
NOTE: Beacon Chain in Ethereum is a critical part of the Ethereum 2.0 upgrade, which is intended to increase scalability, security and efficiency of the network. However, there are several risks associated with using the Beacon Chain. These include the risk of a chain split or forking, which could lead to potential losses for users. Additionally, it is important to understand that the Beacon Chain is still in development and is subject to change at any time. As such, users should only use the Beacon Chain after researching it thoroughly and understanding all associated risks and rewards.
In addition, the beacon chain will also improve security by making it more difficult for attackers to mount 51% attacks or other types of attacks that require a large amount of computational power.
The beacon chain is still under development and is not yet live on the Ethereum network. However, you can track its progress on Github.
Once it is ready, it will be deployed on the Ethereum mainnet.
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