Casper: the new buddy of Ethereum
The regular user of the cryptocurrency must have come across the question of long-term scalability which is a major issue that crypto world is facing today. The network congestion that happened in the Ethereum network recently has heated up the question in a big way.
Casper is the potential up gradation of Ethereum network; it is the incremented implementation of proof of work consensus system. Casper is in the alpha testing stage to get implemented in the Ethereum network. Casper has the ambition to provide Ethereum platform with scalability and security. Once Casper gets implemented into the Ethereum network its consensus will shift from proof of work to proof of stake.
The test work on the Friendly Fidelity Gadget, Casper is running since 2014. The test model of Casper is a hybrid of POW and POS consensus. The final model that is going to be implemented is an overlay of POS on POW consensus; it is to give an added layer of protection to the Ethereum network. This design of Casper will replace miners with “validators”. The function of validators will be basically same as miners but it has to pass through the staking system of validator fund. In this process, the validators will have to stake their own ETH as collateral to act honestly in the network.
Casper will have a profound advantage for the Ethereum network. With its implementation, the scalability of the network will largely increase for the long term. The model will lower the energy consumption required to run the network. High energy required for running these Cryptocurrencies like Bitcoin is a major area of concern for the people in the crypto world and people out of it as well.
Casper is also focusing on sharding of Ethereum database, sharding means to segregate large database into small and more manageable parts. This will lower the processing time for the information. Casper will eliminate miners from the network so the problems that the miners are facing in the network will also be eliminated. Casper is the hard fork up gradation of Ethereum.
The developers are hoping with the release of Casper Ethereum network will have a blockbuster change. The change will be for a better Ethereum network than what the users are experiencing at present.
The developers are in the hope that the whole new perspective of Ethereum will attract many new users to the network. Click here to find out more about Casper.