What is Beacon Chain?

The Beacon Chain is the first stage of the launch of the Ethereum Consensus Layer (formerly known as Ethereum 2.0), an upgrade to the Ethereum network. The Beacon Chain introduces the Proof-of-Stake (PoS) consensus mechanism to the network and allows ether (ETH) holders to stake their ETH and become network validators. The Beacon Chain was designed to be the primary mechanism for coordinating data, users, and assets across the upgraded Ethereum network. It was launched on December 1, 2020.