Holesky Beacon

The core element of Ethereum 2.0, the Beacon Chain, is in charge of coordinating validators, putting the proof-of-stake (PoS) consensus process into practice, and opening the door for the Ethereum blockchain to become more scalable and efficient.

For Ethereum, switching to proof-of-work has long been a priority for a number of reasons:

• Environmentally friendly: PoW mining uses a significant amount of energy. PoS, which uses a lot less energy, is the result of Ethereum's search for a more sustainable solution as climate change becomes an increasingly serious worry.
• Decentralization and Security: Proof-of-Work (PoW) favors those with higher processing capacity, which may result in centralization. Conversely, PoS provides a more even playing field. Additionally, the PoS staking requirement guarantees validators behave in the best interest of the network, or else they run the danger of losing their staked ether (ETH).
• Scalability: As Ethereum's transaction volume increased, congestion and expensive gas prices resulted. PoS ensures that Ethereum can handle more transactions effectively by providing a route to greater scalability.