New Progress on Casper: “Replacing PoW Completely is the next step”
The video, titled “[Updated] Ethereum PoS: Casper FFG In Depth],” talks about the current state of Ethereum, what Casper would change in Ethereum, and how it would benefit the network.
Further along in the video, around the 57-minute mark, Karl Floersch, an Ethereum researcher, talks about a slide called “Next Steps.”
On this slide, he talks about papers that both specify as well as justify Casper and its implications on the Ethereum network. Furthermore, he says that the first full implementation of Casper is “basically done,” which could see the Casper technology being deployed soon on a public testnet or in isolated sandboxes.
Thirdly, Floersch says a preliminary Capser testnet, or a “testnet testnet” as he calls it, is on the way, and that replacing Proof of Work (PoW) entirely is the next step in the roadmap for the team to achieve.
Casper is to be deployed in phases, with phase one implementing Proof of Stake (PoS), as a layer on top of PoW. This phase has already been completed, with the final version of Casper soon having Ethereum rely on PoS to secure the network entirely.
The move will help reduce the economic waste of PoW, as well as bring finality, or a guarantee that history will not be changed, every 50 blocks (or one epoch).
The people working on Casper want to make sure that it is airtight before releasing it to the public, considering the countless tokens and projects that rely on Ethereum’s blockchain as their backbone. Breaking Ethereum would not only affect their immediate community but also all the innovate startups and ICO’s launching from the blockchain network as well.
Despite the security issues surrounding Parity during November, which allows clients to quickly and securely interact with the Ethereum blockchain, the price has continued skyrocketing as the video was posted online, with ether currently hovering above $680. The altcoin reached an new all-time high on December 14, at $745.00 on the Bitstamp exchange.
Following the release of Casper which will not only provide better security at a lower cost compared to the current PoW method being used, further use of Ethereum as both of a currency and as a blockchain should ensue, making Ethereum that much more valuable. It’ll surely be interesting to see price movement of ether in 2018.