The Beacon Chain is a core component of the Ethereum network, specifically designed to facilitate the transition from a proof-of-work to a proof-of-stake consensus mechanism. It serves as a coordination layer that manages validators and their stakes, ensuring the network's security and efficiency. Launched in December 2020, the Beacon Chain operates independently of the original Ethereum blockchain, known as the Ethereum 1.0. It plays a crucial role in the upcoming upgrades to Ethereum, enabling features like shard chains, which will improve scalability and transaction throughput.