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Ethereum Proof Of Stake Date

Ethereum's Casper Is Almost Here, Here's What You Need To Know - Influencive

Ethereum's Casper Is Almost Here, Here's What You Need To Know - Influencive

For those unfamiliar with blockchain platform Ethereum , it currently runs on Proof of Work (PoW) consensus. The result is a lot of hardware and electricity is needed to confirm a transaction through a process called mining, or searching for the next block on the chain (hence blockchain.) Many are still unaware of the future of Ethereum,Casper, the friendly ghost. No thats not what it is, Casper is the new consensus strategy that Ethereum will run on once it is implemented. Casper uses the Proof of Stake (PoS) algorithm, which requires much less computational power to find the correct block. Proof of Stake differs in a way that nodes place a stake, similar to a security deposit to validate transactions. If they bet with the consensus they are likely to be rewarded, while betting against the consensus can result in a loss. The amount of influence that any given coin holder has is proportional to the amount of coins they hold (stake). Now after all that, you may ask why is Casper so important? Well, currently the Ethereum network can handle 10 to 20 transactions (txns) a second, which means the network can get bogged down quite easily, especially when an Initial Coin Offering (ICO) is going on. Anyone who was trying to send Ether during Bancors ICO back in June noticed that lots of transactions were not getting through due to the sheer volume of people trying to send Ether for the ICO. Vitalik Buterin (Co-founder of Ethereum) has spoken about how the network needs improvement. Here is a quote from him: the applications are thereall are on backburner now precisely because scalability is not there. I personally have cut down evangelism precisely because I see that the main bottleneck is now not interest, but tech. Switching to Casper will allow Ethereum to scale in order t Continue reading >>

Proof Of Stake Is Coming, And Will Be A Game Changer

Proof Of Stake Is Coming, And Will Be A Game Changer

Proof of Stake Is Coming, and Will Be a Game Changer Join our community of 10 000 traders on Hacked.com for just $39 per month. Proof of Work mining (the protocol underpinning Bitcoin and many others) uses as much energy as the nation Denmark. Its a costly and lengthy process, and with the user base growing traditional blockchains are struggling. This is because every single transaction needs to be mined by powerful computers solving complex mathematical problems. Its a process that ensures the security of the network, preventing double spends and other malicious actions. Whilst effective, the energy inefficiency of this process is truly staggering. And thats not all. With each transaction needing a lengthy confirmation process, the blockchain cannot scale easily as more and more users join the network. Bitcoin transactions are now unbearably slow and expensive, with long backlogs of transactions waiting their turn. Ethereum too is suffering from the same issue. Although the network can currently handle around fifteen transactions per second, significantly more than Bitcoin, we need only look at the recent Cryptokitties mania to see the crippling effect of high network load. Backlogs of transactions quickly built up and transaction prices skyrocketed as users fought to get included in the next block.With the severe limitations proof of work seen, it seems impossible for real-world use cases to succeed. VISA and other non-blockchains handle thousands of transactions per second, and if the many projects emerging in the crypto space are to compete, something needs to change. Vitalik Buterin, mastermind of the Ethereum system, aims to introduce what is known as a Proof of Stake this year. The upgrade to the network is known as Casper, and it promises to be a game changer. Continue reading >>

Ethereums Switch To Proof Of Stake Better Than Proof Of Work?

Ethereums Switch To Proof Of Stake Better Than Proof Of Work?

By UseTheBitcoin in Cryptocurrency News Guides Home If youre at least interested in the cryptocurrency space, youve probably heard of Ethereum. Its currently the second largest coin by market cap, primarily because so many other tokens run on Ethereum, and partly because the development team is very talented. Either way, this post is about the switch from POW to POS. Well, POW is currently used by most cryptocurrencies including Bitcoin, Ethereum (for now) and Litecoin. If a coin is minable, that means its utilizing a POW system. Miners use their GPUs or ASICs to solve cryptographic hash functions which verify the blockchain. GPUs primarily designed for gaming like the RX 580 are now being employed by miners. Their GPUs are rapidly guessing and checking different solutions to a next to impossible math problem. When they successfully solve the equation, the ledger (blockchain) is updated and the miner receives a block reward in the form of a token and/or transaction fees. This is called Proof-of-Work because miners are doing lots of work in the form of processing mathematical equations with their mining hardware. Without miners, many networks wouldnt exist. Miners pay for electricity in exchange for tokens. What is Proof of Stake and How its different Proof-of-Stake is a bit different. Previously miners proved how fast they could verify the network; now, ETH holders will show how much they own by running something called a master node . When you create a master node, you have to lock up a certain amount of ETH to prove you own it. Rewards are distributed based on how much you have locked away and how long its locked away for. Instead of 1,000 miners verifying the network for example, there might be around 10,000 wallets holding Ethereum through Proof-of-Stake. With POS, Continue reading >>

First Impressions Of Ethereums Casperproof Of Stake(pos)

First Impressions Of Ethereums Casperproof Of Stake(pos)

Vitalik Buterin and Virgil Griffith have introduced a proof of stake-based finality system capable of overlaying an existing proof of work (PoW) blockchain. In their paper [1], entitled Casper the Friendly Finality Gadget, Buterin and Griffith explain that the first version of Casper (within Ethereum) could take on the form of a hybrid PoW/PoS system. The first available release of the alpha Casper Friendly Finality Gadget (FFG) testnet, built on pyethereum, achieves this. This hybrid PoW/PoS vision, albeit with only 14 listed nodes at the time of writing, can be observed on the following Ethereum Network Status Site [2]. Installing Casper FFG on Ubuntu 16.04LTS Thankfully, the process of installing Casper FFG on Ubuntu as documented here [3] is relatively straight forward. This succinct installation process is thanks to the docker approach provided by Karl Floersch [4]. Participating in the validation PoSprocess At present, my most significant hurdle to running a validating Casper FFG testnet node is not brought about by the installation process or commands. It is brought about by the fact that a validating Casper FFG node, on the testnet, must provide a minimum deposit of 1, 500 Casper FFG testnet ETH in order to participate in the validation process. As we mentioned previously, Casper FFG is a hybrid PoW/PoS system and therefore the Casper FFG node is able to be run in mining mode. The following gist contains a list of commands for mining Casper FFG testnet ETH using Ubuntu 16.04LTS. The following gist contains a list of commands for checking Casper FFG testnet ETH account balance (during/after mining). Of course, whilst mining is an option, it would be ideal if participants willing to try out the alpha Casper FFG testnet could have immediate access to the required Continue reading >>

Ethereum's Big Switch: The New Roadmap To Proof-of-stake - Coindesk

Ethereum's Big Switch: The New Roadmap To Proof-of-stake - Coindesk

Ethereum's Big Switch: The New Roadmap to Proof-of-Stake After years of development, ethereum has a new planto update the algorithm that keeps its entire network in sync. Vitalik Buterin, ethereum's creator , recently released a rough implementation guide that reveals the network's developers will first start with a 'hybrid' system that merges bitcoin-style proof-of-work mining with itsmuch-anticipated and still-experimental proof-of-stake system called Casper, created by Buterin. The planeffectively meansethereum will begin alternating between the two systems, so that some transaction blocks (one out of 100) are secured viaproof-of-stake and the rest remain on proof-of-work. Buterin has notably been working on his implementationin parallel with ethereum developer Vlad Zamfir, "cross-pollinating" their ideas. According toKarl Floersch, blockchain engineer for ethereum startup ConsenSysand a coder working with Buterin on Casper's development, the result is that the network is choosing the more conservative of two potential paths forward. "What Vitalik has come up with is a get-it-out-the-door, working version, that works, but might be less theoretically revolutionary than Vlad's." Because Buterin's implementation of Casper can, he thinks, get to production faster, it will be used in the first stage of ethereum's evolution. If implemented, this would be the first time proof-of-stake would be employed on the live ethereum platform, albeit playing a minor role. It also would a largereal-world test of proof-of-stake, enabling the cryptocurrency community to determine whether the proof algorithm is asuperior one, as proponents have argued. To advocates, the goal of this potentially revolutionary change to proof-of-stake is to reduce the electricityethereum requires to reacha Continue reading >>

When Will Ethereum Mining End?

When Will Ethereum Mining End?

In August of this year (2017), Vitalik Buterin, creator of Ethereum , released the implementation guide for the first version of Casper. As a hybrid proof-of-stake (PoS)/proof-of-work (PoW) algorithm, Casper v1 is going to decrease (and eventually end) the profitability for Ethereum miners . The release date is estimated to be sometime in 2018 as part of the Constantinople hard fork and theres a lot to learn before this happens: Casper is a PoS algorithm thats projected to be released on the Ethereum network sometime in 2018. Beginning as a hybrid with the current PoW algorithm, the first version of Casper will only use a PoS consensus to validate every 100th block, called checkpoints. Once a checkpoint is validated, theres no way to go back and use a chain without it. Even if 99% of miners support a chain that doesnt include a checkpoint block, all clients in the network will still continue to use the one with the checkpoints. This removes a lot of the power that miners currently have. The Ethereum community hypothesizes that the switch to PoS will help with the scaling issues that the network is currently facing. The algorithm should enable new blocks to be created more quickly while allowing the network to scale more efficiently through sharding. Sharding is a horizontal partitioning of a large database into smaller and more easily managed parts. Beyond that, PoS algorithms also use less energy to run the network, reduce centralization, and make 51% attacks more difficult. With the upcoming hard fork, there could potentially be three forks of Ethereum: And, if youre a miner, you may be thinking, No big deal, Ill just continue to mine and give support to the Ethereum PoW fork. The Ethereum developers have stated that theyll be releasing what they call the difficulty Continue reading >>

How Ethereum's Casper Protocol Will Address Problems With Proof Of Stake

How Ethereum's Casper Protocol Will Address Problems With Proof Of Stake

How Ethereum's Casper Protocol Will Address Problems With Proof Of Stake Bitcoin and Ethereum both currently operate under a Proof of Work protocol. Ethereum is moving from Proof of Work towards Proof of Stake under its new Casper protocol. Despite its many benefits, the drawbacks of Proof of Stake have prevented its widespread adoption. Casper aims to solve Proof of Stake's drawbacks, resulting in an improvement over existing Proof of Work and Proof of Stake protocols. The updated protocol improves the long term outlook of Ethereum's valuation. An overarching problem that cryptocurrencies must address is called the Byzantine General's Problem . The Byzantine General's Problem essentially simplifies down to: How do you prevent data from being corrupted or falsified in a network where there are nodes that have economic incentive to lie about the data? In application to cryptocurrency, the problem boils down to preventing attackers from lying about a coin's ledger, given the economic incentive of doing so. We need a way to form consensus on the ledger because anyone can create a block, while we only want a unique chain, so we want a way to decide which block to trust. The two main schools of thought to solving the Byzantine General's Problem are Proof of Work (PoW) and Proof of Stake (PoS). Explicitly, a "proof of work" is a piece of data which is difficult (costly, time-consuming) to produce but easy for others to verify and which satisfies certain requirements. Producing a proof of work can be a random process with low probability so that a lot of trial and error is required on average before a valid proof of work is generated. Currently Bitcoin, Ethereum, and the vast majority of other cryptocurrencies utilize some form of proof of work. PoW (referring to the protocol Continue reading >>

Lightning Network For Ethereum? Eth Surges As Casper Approaches

Lightning Network For Ethereum? Eth Surges As Casper Approaches

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When Is Ethereum Expected To Switch To Pos? : Ethereum

When Is Ethereum Expected To Switch To Pos? : Ethereum

Welcome to r/Ethereum , the front page of the Web 3. No inappropriate behavior. This includes, but is not limited to: personal attacks, threats of violence, gossip, slurs of any kind, posting people's private information. Keep price discussion and market talk, memes & exchanges to subreddits such as /r/ethtrader Keep plain ICO advertisements to subreddits such as r/ethinvestor . Keep mining discussion to subreddits such as /r/EtherMining . No creating multiple accounts to get around Reddit rules. English language only. Please provide accurate translations where appropriate. Posts and comments must be made from an account at least 10 days old with a minimum of 20 comment karma. Exceptions may be made on a discretionary basis. Continue reading >>

Ethereum Switches To Proof Of Stake

Ethereum Switches To Proof Of Stake

Recently, we posted a brief overview of the Ethereum ICO craze . Before that, we had reviewed how blockchains work in general. Today, well delve deeper into the process of mining . In this article, well introduce briefly the concepts of Proof of Work (PoW) and Proof of Stake (PoS). Well talk about why Ethereum, the second largest blockchain, is planning to switch the former for the later and share some forecasts as to the outcomes this decision might lead to. Among his many breakthrough accomplishments, Satoshi, the mysterious founder of Bitcoin, is praised for coming up with a solution to whats known as Byzantine Generals Problem. Suppose theres a war. Theres an army that has a city encircled, but due to exhaustion of resources, the armys generals are undecided whether its smarter to attack or to retreat. Suppose, also, that its the 15th century and the commanders, who are all in camps far apart, have no way of communicating effectively save for sending messengers. How could these generals (lets say there are 20 of them) reach a consensus? Obviously, theyll have to vote. If the majority (at least 51%) decides to move forward with a strategy (of attacking, or of retreating), the whole army will have to get behind their choice. Thats only fair and logical. But then theyll face another problem: how to ensure that no general involved in making a decision votes the wrong way on purpose, just to confuse things? Well, in the world of blockchains, the generals are miners. And choosing a war strategy for them is agreeing on a set of rules, a certain view of the history of digital events that are posted on the network. The way that Bitcoin enables reaching a distributed consensus and punishes, or rather discourages, bad actors for acting dishonestly is by using the Proof of Wor Continue reading >>

When Will Ethereum Switch To Proof Of Stake?

When Will Ethereum Switch To Proof Of Stake?

Leonid Logvinov , Blockchain developer at NeuFund In an update to Roland Kofler and John Whelan s answers, development of Ethereums proof of stake protocol is a year behind schedule due to resources diverted to the The DAO hack of June 2016 [1]. As Roland and John rightly point out, proof-of-work mining is getting harder and harder with block times increasing exponentially as we approach the ice age. This was designed to force a switch to proof-of-stake, but given the delay, the Ethereum foundation has raised the possibility of delaying the ice age as part of the Metropolis fork in late 2017 [2]. This would reduce pressure to switch to proof-of-stake, making a switch in 2017 less likely. As recently as March 18th 2017, Vitalik has provided a conservative estimate of 15 months before launch [3], giving us an expected date of June 2018. Continue reading >>

Ethereum's Proof Of Stake Casper Testnet Nears Launch

Ethereum's Proof Of Stake Casper Testnet Nears Launch

One of the biggest upgrade in ethereum, and perhaps in the entire ecosystem, might be closer to implementation than previously thought, withLane Rettig, a researcher at the Ethereum Foundation, stating : Casper FFG testnet is coming. Weve got a three-node network working with two validators. Still a few bugs to work out. Whitepapers are cool and all but seeing this come to life is amazing. Casper Friendly Finality Gadget (FFG) is a hybrid Proof of Stake (PoS) and Proof of Work (PoW) implementation developed by Vitalik Buterin, ethereums inventor, and others. This implementation is apparently sufficiently advanced to the extent it could even be incorporated in the next ethereum upgrade, Constantinople Metropolis. According to Ethnews, Buterin said : Theoretically, Casper may well be at the stage where we may actually just try doing it for the next fork, even if that sounds ambitious. There is no estimated date for the second Metropolis fork as far as we are aware. Initially, the intention was to have just one Metropolis upgrade, but some aspects were taking far too long, while much else had been finalized. Developers therefore split it into Byzantium and Constantinople, with Byzantium going through just a few weeks ago. Constantinople is now expected next and might potentially incorporate Casper. The Casper testnet is, as the name says, an environment where they can test the first version of PoS. That means the code is not finalized, but has taken form rather than being at the theoretical design stage. The purpose of the testnet is to firstly ensure security and secondly to refine it fully as coders see how it works in a virtual lab environment. It is the last stage of any upgrade, before it goes to main-net, and indicates a live launch might be just months away. When e Continue reading >>

Ethereum Proof Of Stake Implementation Launched By Applicature

Ethereum Proof Of Stake Implementation Launched By Applicature

Ethereum proof of stake implementation launched by Applicature Applicature is working on projects implying the development of smart contracts; research, deployment, and customization of blockchain solutions; technical advisory to blockchain resources; technical consultancy on token sales, initial coin offerings. Applicature , a boutique blockchain agency with a presence in the U.S and Europe has launched its Proof of Stake Consensus protocol on Ethereum in order to secure, stabilize, improve transactions in multiple industries: banking, supply chain, marketing including loyalty systems. It was developed in the fall-winter period of 2017-2018 and is ready to roll out for testing. Due to high demand from the clients, and due to already existing PoW, which wasnt always suitable to use for certain tasks, Applicature has made a decision to develop its own AEPoS (Applicature Ethereun Proof of Stake Consensus Protocol). Proof of Stake (PoS) is the blockchain consensus and reward algorithm that distributes rewards respectively to the declared economical interest in the game for example by holding of the digital assets. Such declared interest is known as stake. Proof of Work (PoW) is all about mining. To get a reward you have to solve a hard block algorithm (puzzle). The process of solving the block is called mining. All blocks must be verified by mining. It means that to validate transactions miners have to use a lot of computational power to solve the puzzle. The amount of reward you get depends on how fast you calculate. To solve the puzzle faster miners have to invest in new hardware and it burns out tons of energy. When the block is solved its added to the public blockchain. More miners mean more security. 1) Process of mining to validate transactions 2) Miners get rewarde Continue reading >>

Proof Of Stake Faq Ethereum/wiki Wiki Github

Proof Of Stake Faq Ethereum/wiki Wiki Github

See A Proof of Stake Design Philosophy for a more long-form argument. No need to consume large quantities of electricity in order to secure a blockchain (eg. it's estimated that both Bitcoin and Ethereum burn over $1 million worth of electricity and hardware costs per day as part of their consensus mechanism). Because of the lack of high electricity consumption, there is not as much need to issue as many new coins in order to motivate participants to keep participating in the network. It may theoretically even be possible to have negative net issuance, where a portion of transaction fees is "burned" and so the supply goes down over time. Proof of stake opens the door to a wider array of techniques that use game-theoretic mechanism design in order to better discourage centralized cartels from forming and, if they do form, from acting in ways that are harmful to the network (eg. like selfish mining in proof of work). Reduced centralization risks, as economies of scale are much less of an issue. $10 million of coins will get you exactly 10 times higher returns than $1 million of coins, without any additional disproportionate gains because at the higher level you can afford better mass-production equipment. Ability to use economic penalties to make various forms of 51% attacks vastly more expensive to carry out than proof of work - to paraphrase Vlad Zamfir, "it's as though your ASIC farm burned down if you participated in a 51% attack". How does proof of stake fit into traditional Byzantine fault tolerance research? There are several fundamental results from Byzantine fault tolerance research that apply to all consensus algorithms, including traditional consensus algorithms like PBFT but also any proof of stake algorithm and, with the appropriate mathematical modeling, pr Continue reading >>

Ethereum To Switch To Proof Of Stake Protocol Despite Skepticism

Ethereum To Switch To Proof Of Stake Protocol Despite Skepticism

Ethereum to switch to proof of stake protocol despite skepticism Open source blockchain network Ethereum is set to scrap proof of work mining in favor of a more efficient proof of stake protocol called Casper. Caspers rollout has been in the works for a number of years however, it has experienced several delays. It is expected to be fully operational by the end of this year according to Bloomberg. Proof of work mining which is also used to operate the bitcoin network has many downsides that have been a constant headache for developers. Proof of work mining requires immense computing power and energy to validate and authenticate transactions, and also leaves smaller networks vulnerable to a 51% attack . Switching to a proof of stake model solves a number of major problems for the Ethereum network. By requiring a proof of ownership or stake rather than a proof of work the need for expensive, power intensive mining equipment is eliminated, as the process of validating and authenticating transactions is much faster and easier. It also forces people to take an ownership position in Ethereum, giving people an incentive to work in the best interest of the network. Additionally, switching to a proof of stake model makes the Ethereum network more usable for average, non-technical people, and more scalable to accommodate larger applications. Despite a number of benefits, the proof of stake model has received mixed reactions from those in the cryptocurrency community. According to Vitalik Buterin, co-founder of Ethereum, proof of stake continues to be one of the most controversial discussions in the cryptocurrency space. Although the idea has many undeniable benefits, including efficiency, a larger security margin and future-proof immunity to hardware centralization concerns, pro Continue reading >>

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