Bitcoin, Crypto currency, Blockchain

Ethereum Devcon3 conference: results of the Casper Updates & more

5f4cd885f9d90e3460962b8d2ac3e0e0 - Ethereum Devcon3 conference: results of the Casper Updates & more

Bitcoin knows no stopping, and reached a High after the other.
Meanwhile, took place in the period from 01.11. to 04.11.2017 the Ethereum Devcon3 conference in Cancun, instead, on the the new Casper-Upgrade hot was discussed.

This Update, the Blockchain is supposed to make transactions faster and especially the Mining more efficient.

From the Proof-of-Work to Proof-of-Stake

The Casper Upgrade is slowly taking shape and want to get away from the Proof-of-Work to Proof-of-change Stake.

Casper ensures that Mining (at some point), but rather, the capital. The percentage share of the entire token inventory in the Ethereum network will decide who gets the reward for the validation of the transactions.

The aim is in particular to improve the speed of the Ethereum network. Currently, the Ethereum can handle on-Blockchain of about 10 to 20 transactions per second.

An ICO (Initial Coin Offering) on the Blockchain of Ethereum Networks, then it can as in the past to pass (Bancors ICO in June), that there is a “traffic jam” and many of the transactions that are sent with the Ether, or did not arrive on time. In June, the Ether is like because of this, the course also briefly a bit.

A very important Parameter, the Update with the Casper -, should thus be optimized, it is quite clear, the speed of the network. A Proof-of-Stake approach has the following benefits:

  • The transactions are faster and validated to be processed, because the correct blocks can be much quicker.
  • The required technical performance of the mines should be greatly reduced. As a result, costs and resources can be saved.

A major drawback of the Proof-of-Stake approach is that the Chance of Staker increases, to get the reward (payment for the transaction), hold the most tokens.

In other words: The more Ethereum units, the Staker to keep/have, the more likely it is that those receive the reward. This news pleased certainly, large investors, however, is not a good news for small private Staker/ Ether-owners also participate in the “Dig”.

The transition, however, is not now possible, but a mixture of PoW and PoW as in the paper by Casper Basics on Github described. Also discussed in this Paper, such as Casper can protect the Blockchain against a 51% attack.

Such an attack is an attack in which an attacker more than 50% of the Miner, and the majority of his processing power to use for an advantage out of it by doubling, e.g., transactions, or blocked completely.

Buterin describes that the attacker should be punished in this case, and his “Stake” is turned off.

Last year on the Ethereum Devcon 2 has been speculated about the time frame when Casper is implemented as a complete project done in practice. In order to remain open, when the Upgrade will be fully implemented.

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