👻 Casper Our Friendly Ghost Is Coming
Just a few days ago I really started to learn POS (Proof of stake) and how it works since Ethereums Casper update is suppose to change how Ethereum is mined. The more you have the more chances you have to collecting more coins as an interest for mining them with your wallet open.
However there are a few parts in which I am still trying to figure out such as will there be master nodes or is each account equal depending on amount of coins in them.
With that said here is what we do know so far about the Casper update. 👻
The transition might be a low one, from what I can tell its not going to be a flip of the switch where new code is pushed and POW (Proof of work) is thrown out and replaced with POS.
Instead it will be a hybrid for a while since the network can only handle so many nodes and still rely on POW computing power to chug along.
It does seem so far a node will be at least 1,500 ETH. and the voting system to alter code etc will be done via the POS system where developers put their coins on the line to alter codes and if they end up cheating end up risking losing all of their coins they put in. (This keeps developers honest)
There are still no numbers in terms of blocks to be forked from this so it could still be a few months away. However recently this is the biggest working move we have seen towards casper since last year.
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I've heard Vitalik referring to this penalty mechanism, but I'd love to see the exact details.
Same im curious if those coins get burned, readded as possible minning rewards etc.
There is a fundamental problem with moving such a crucial part of the Crypto ecosystem over to PoS - It is much more vulnerable to a 51% attack by a crypto hostile nation state (of which there are many) and even a company like Facebook or Google that is prepared to spend a couple of billion to destroy future competitors.
See more detail of why PoW is much more secure than PoS.
https://steemit.com/crypto/@apshamilton/analysis-of-51-attack-by-nation-state-vulnerability-of-pow-vs-pos
Wow that will be really a risk, the team should sign some agreement of confidentiality of some sort, binding them to some extreme law violation punishment or something, but really how feasible will that be. Well i look forward to what team will do this, and its success
Great to see the Casper announcement as scaling is definitely the number one constraints Ethereum currently has after the whole Cryptokitties debacle. If that can be successfully implemented and the regulatory FUD get behind us, ETH can probably get close to Bitcoin's market cap in the next 6-12 months. The interest from the government is another reason why the regulatory FUD will soon end. If they limit the innovation and development by regulating the potential expansion of blockchain technology, the projects will leave the US.
Casper update will also combine Proof-of-Work with Proof-of-Stake (PoS) consensus, with the goal of eventually transitioning to PoS
i usually do upvote through steemfllower with no reading, but your post title was attractive, waiting for more about ETH prof of stake, Thanks
wait is over now enjoy the chasper.
really a good way to look at it, really great article and explanation in a simple way of explaining cryptography,and allso thank for shareing..
i think chasper should b e the best one. thank you sir for sharing.
Well so far so good, but we shouldn't get over our head yet. I believe a lot is still yet to be done, all in good time. Thanks for the update friend