Ethereum News

Ethereum [ETH] to become the next biggest cryptocurrency in the world?

Beginning from Vitalik Buterin’s announcement about Casper, it has been a continuous chain of evolving technology releases for Ethereum which includes its upcoming ‘Sharding’. Casper is the Proof-of-Stake [POS] protocol of Ethereum which is different from other POS protocols in terms of security. Overcoming all the disadvantages of Proof-of-Work [POW] in terms of security is the ultimate goal of this new protocol.

In a recent conference which was held at Toronto, Vitalik, the CEO, and Founder of Ethereum discussed the newer updates on Casper algorithm.

Vitalik says:

“hopefully one of the more joyous experiences in ethereum in a fairly short time.”

The first version of Casper ‘v0.1.0’ was released on GitHub yesterday, by one of its developers named Danny Ryan. The complete source code of the software is available on GitHub now.

Along with the recent changes on Casper, Danny added:

“v0.1.0 marks us more clearly tagging releases to help clients and external auditors more easily track the contract and changes.”

V0.1.0 is named as Casper Friendly Finality Gadget [FFG], which is a blended version of both POW and POS consensus mechanism. The main aim of implementing Casper is to achieve complete transition into POS. It is designed in a way that POS protocol has been overlaid on the existing POW protocol of Ethereum called ‘Ethash’. After every 50th block mined via POW, the block will encounter the POS algorithm where finality is assessed by a network of validators.

Finality is an important factor that has to be implemented in every field that deals with finance. It means that a particular operation which has been executed should be inscribed in history and nothing can revert it. According to Vitalik, even the decentralized systems are unable to provide 100% finality and anybody can hack into a system or tamper the registry.

A recent tweet by Ethereum Community Fund says:

“First #CasperFFG release. @ethereum is really working at full speed. Congrats to the researchers, we are honoured to be part of this ecosystem alongside you! “

A blockchain enthusiast says:

#CasperFFG: The #Ethereum Slashed From Bad Validators Being Penalized Will Be Burned $ETH #ETH #ProofOfStake #PoS

The initial stage of Casper is yet to be audited and the network will be implemented once more code has been written for Ethereum clients so that they can download these programs to run the protocol of the cryptocurrency. The network requires a hard fork since Casper is not compatible with the previous versions of Ethereum.

Vitalik also mentioned that the users would need high configuration hardware and submit a minimum of 1,500 ETH to participate in Casper. Nodes with less Ether will also have an option to participate in a pool that works together and divide their profits.

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