30s Summary

The developers behind zkSync and Polygon, two major Ethereum layer-2 networks, have expressed optimism about a proposal to revamp Ethereum with the “Beam Chain” concept. The proposal involves incorporating zero-knowledge cryptography into Ethereum’s consensus layer architecture to speed up transactions. Both Polygon’s co-founder Brendan Farmer and Matter Labs’ CEO Alex Gluchowski believe the changes won’t render layer-2 networks obsolete, but would instead enhance their performance. The new system is expected to roll out by 2029, promising improved efficiency and user experience on Ethereum.

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Here’s something to chat about: what works for the big guys, usually works for the little ones too. Well, at least this seems to be the case in the blockchain world. The brains behind zkSync and Polygon, two big names in the realm of layer-2 networks on Ethereum, recently shared their thoughts on a proposal to revamp Ethereum, a $400 billion blockchain. Apparently, they’re not worried. These proposed changes aren’t expected to make these layer-2 networks redundant.

So, here’s the lowdown. Last week, Justin Drake, a developer, shared his plans to revamp Ethereum’s consensus layer architecture at a meetup in Bangkok. The idea, known as the “Beam Chain,” involves incorporating zero-knowledge cryptography. This would compress data and make transactions on Ethereum faster and cheaper.

Now, Ethereum has been addressing scaling issues by focusing on a rollup-centric roadmap. This involves relying on layer-2 networks. Zero-knowledge rollups are a popular choice because they’re faster and more secure than other types of rollups.

Following Drake’s announcement, many folks were left scratching their heads, wondering whether these zero-knowledge rollups on Ethereum would become a thing of the past. But according to Alex Gluchowski, CEO of Matter Labs (the company behind zkSync), this won’t be the case. The changes will affect the consensus layer – not the execution layer, so layer-2 networks won’t be messed up.

Ethereum is made up of several layers including a consensus layer that is responsible for ensuring that blocks are validated, and an execution layer which carries out transactions. Changes in execution layers would typically impact layer-2s, as they post their transaction data back to Ethereum.

Drake’s proposal also aims to shorten block times, reducing transaction costs for L2s settling on Ethereum. Furthermore, he wants to introduce single-slot finality, which means blocks with transaction data could be finalized immediately. This would greatly speed up the entire process.

“All of those things are great as we depend on Ethereum as the global settlement layer,” said Gluchowski.

Meanwhile, Brendan Farmer, a co-founder at Polygon, agrees that layer-2 networks won’t become obsolete. If anything, he suggests they would function even better after the upgrade.

In short, if Beam Chain works as planned and rolls out by 2029, the efficiency and user experience of Ethereum could be significantly improved. Shorter block times and faster finality on Ethereum would be especially useful for making layer-2 networks interoperable, a key goal for scaling networks.

“All these are plus points. Layer-2s could work better and the user experience will improve significantly,” Farmer said.

Gluchowski sees Beam Chain as a validation of zero-knowledge proofs as a scaling method. He said, “ZK is the end game.” So, watch this space. More to come on this front!