{"id":5240,"date":"2018-04-25T00:00:00","date_gmt":"2018-04-25T00:00:00","guid":{"rendered":"https:\/\/crypto-economy.com\/2018\/04\/25\/the-new-ethereum-casper-consensus-protocol-is-ready-for-review\/"},"modified":"2018-04-25T00:00:00","modified_gmt":"2018-04-25T00:00:00","slug":"the-new-ethereum-casper-consensus-protocol-is-ready-for-review","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/the-new-ethereum-casper-consensus-protocol-is-ready-for-review\/","title":{"rendered":"The new Ethereum Casper consensus protocol is ready for review"},"content":{"rendered":"

Developers of the Ethereum Network announced it was ready for review the new code written to modify the way consensus is reached.<\/p>\n

The Ethereum Improvement Proposal (EIP) 1011<\/a><\/strong> \u2013 also known as Hybris Casper FFG<\/a> <\/strong>(Friendly Finality Gadget\u201d) \u2013 is the long-awaited code that will serve as a bridge in the transition from the energy-soaking proof of work (PoW), to a safer, less power-intensive proof of stake (PoS). This process is called \u201cminting<\/strong>\u201d, and it is meant to be more environmentally friendly.<\/p>\n

EIP 1011 developer Danny Ryan reported<\/a><\/strong>, during a meeting, that the code is \u201cready for reviews and community discussions, etc.\u201d<\/em> <\/strong>He also stated testing phase for clients using the Ethereum blockchain would begin soon. \u201cAs these pieces of the puzzle are getting closer to being completed, I\u2019ll signal that it\u2019s time to start talking about fork block numbers.\u201d<\/em><\/strong><\/p>\n

As implied in its name, the new consensus will work on a system that combines both PoW and PoS. This is done because of the difficulties developers have to face if transitioning in one go. The EIP 1011 explains that some of the ETH is locked in unique wallets by Validators, then they authenticate every block by placing a \u2018bet\u2019 with the locked-up ETH, on the next suitable block. Once completed, they\u2019re rewarded according to how much each one bet on.<\/p>\n

\"Proof<\/p>\n

Regarding its rules, the consensus sentenced that all who don\u2019t follow their protocol guideline and were spotted will lose their stakes. So if a malicious validator commit a fallacy, it will be tracked down and be punished,<\/strong> in the event of placing a \u201cnothing at stake\u201d bet.<\/p>\n

\u201cCasper designs harsher incentives to guarantee network security, including punishing miners who go offline, unintentionally or not,\u201d<\/em> Ryan said.<\/p>\n

Due to the type of upgrade they decided to work on, the change will not be compatible with current Ethereum<\/a> <\/strong>software, so a hard fork is expected yet there\u2019s no elapsed time arrival.<\/p>\n

Reaction<\/strong><\/h2>\n

While it is true that the crypto-community in general is looking forward to this upgrade, there are several analysts and stakeholders who doesn\u2019t receive well the news. Dahlia Malkhi, expert of distributed systems and researcher of VMware<\/strong>, labeled Casper and its PoS model as \u201cweak and vulnerable\u201d. She said:<\/p>\n

\u201cI think proof-of-stake is fundamentally vulnerable. You\u2019re giving authority to a group to call the shots [\u2026] In my opinion; it\u2019s giving power to people who have lots of money.\u201d<\/em><\/p>\n

Others just don\u2019t like this model because it eliminates a large portion of revenue supporting the Ethereum Network. We will have to wait and see.<\/p>\n","protected":false},"excerpt":{"rendered":"

Developers of the Ethereum Network announced it was ready for review the new code written to modify the way consensus is reached.<\/p>\n","protected":false},"author":3,"featured_media":5242,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70,73,74],"tags":[],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/5240"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=5240"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/5240\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/5242"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=5240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=5240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=5240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}