Today, Blockdaemon is excited to highlight our support for the Gnosis Beacon Chain (GBC). This network runs a slightly modified version of Ethereum’s innovative Beacon Chain as the future consensus layer of the Gnosis (formerly xDai) Chain.
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Joining the Gnosis Beacon Chain offers validators an alternative way of participating in proof-of-stake in an Ethereum-consistent, real-world value environment.
Today, Blockdaemon actively runs validator nodes on Gnosis Beacon Chain. With this support, we help to secure the network with our industry-leading infrastructure as we approach the merge of the two networks, expected in summer 2022. In this blog, we’ll explore how we’re aiding the Gnosis Chain, and why this project matters to us.
Key Features of Gnosis Beacon Chain
The Gnosis Beacon Chain (GBC) lets validators secure a network that highly resembles the Ethereum Beacon Chain, with real economic value at stake. However, there are some notable differences between GBC and Ethereum’s Beacon Chain.These differences include:
- Lower Staking Requirements: Validators on GBC only need 1 GNO token to become a validator. In contrast, Ethereum Beacon Chain node operators need to lock-up 32 ETH in a deposit contract before participating in consensus
- Alternative Chain Parameters: GBC is customized for shorter epoch times, ERC20-enabled deposits and faster blocks
- Governance Mechanism: Validators can actively vote on proposed changes alongside the broader GNO community
These key features lower the barrier for new network validators to join GBC. Ultimately, the easier it is for validators to participate in consensus and start receiving rewards, the more diverse and decentralized the GBC network becomes over time.
The Importance of Gnosis Beacon Chain
GBC serves as an important frontrunner to many mission-critical Ethereum consensus-layer updates.
For example, the chain will ‘practice’ the merge approximately one week ahead of the official Ethereum go-live date. As we approach the merge, the efforts of GBC, as well as the many devnets and testnets, pave the way for a successful shift to proof-of-stake. Together, these networks are the proving grounds for Ethereum’s merge. GBC is important as it offers a parallel, similar networking stack with real monetary value to prepare for the full launch of Ethereum staking.
Blockdaemon’s Support for Gnosis Beacon Chain
Ethereum’s Beacon Chain is the prime proof-of-stake network.
Today, over 300,000 validators actively help secure the chain, underscored by billions of dollars in locked value. With so much at stake, we are proud to support the GBC, as it forges ahead testing and refining modified Beacon Chain software. This assists with the planning and preparation of a successful merge and future enhancements of the Ethereum protocol like sharding.
As the world’s leading provider of blockchain infrastructure, Blockdaemon runs over 10,000 Beacon Chain validator nodes. We’re committed to supporting the success of Ethereum both pre and post-merge. To that end, we’re doing our part to help GBC.
By contributing to GBC’s network, we’re actively helping to decentralize the chain while participating in all node updates in advance of the merge event. We take an active, skin-in-the-game approach to all networks we manage, with GBC being no exception.
Gnosis Chain is the new name of the former xDAI chain, and Anyblock Analytics (acquired by Blockdaemon) has been a longstanding operator on this network for many years. This included running a public validator, RPC and data services as well as dashboard support.
How to Get Started
Gnosis Beacon Chain is not yet available for customer nodes or staking, but be sure to register your interest for these services by reaching out to us today!
In the meantime, you can browse our suite of over 50 supported blockchain protocols, including 20 leading proof of stake platforms on the Blockdaemon marketplace!
