Casper FFG: Ethereum’s New Hybrid PoW/PoS Consensus Model is Here
Casper FFG New Ethereum’s Hybrid PoW/PoS Consensus Model
The Ethereum community received important news regarding a new Ethereum Improvement Proposal (EIP). The new EIP has been created on April the 20th by Danny Ryan and Chih-Cheng Liang. This is one of the first steps to transition Ethereum’s main net from Proof of Work (PoW) to Proof of Stake (PoS).
The new EIP 1011 presents a hybrid PoW/PoS consensus model for Ethereum’s main net. The PoW mechanics will be used for the new block creation, while the PoS mechanism – known as Casper the Friendly Finality Gadget (FFG) – will be used on top with a smart contract.
This is an important step for Ethereum and the entire ecosystem. The new consensus model will drastically change the way in which the data is processed on the blockchain.
Vitalik Buterin, Ethereum’s creator, commented about that:
“Within Ethereum, the proposal mechanism will initially be the existing proof of work chain, making the first version of Casper a hybrid PoW/PoS system. In future versions the PoW proposal mechanism will be replaced with something more efficient. For example, we can imagine converting the block proposal into some kind of PoS round-robin block signing scheme.”
The transition of the Ethereum network from PoW to PoS is a goal that has been proposed in the Yellow Paper since the launch of the protocol. The main reasons of this change are that PoW consumes an important amount of energy – some people say that this is a waste of energy – there is no equal access to mining hardware, there is a centralization of mining pools, and there is an emerging market of ASIC miners.
The EIP reads as follows:
“This EIP proposes layering FFG on top of the existing PoW block proposal mechanism as a conservative step-wise approach in the transition to full PoS. The new FFG staking mechanism requires minimal changes to the protocol, allowing the Ethereum network to fully test and vet Casper FFG on top of PoW before moving to a validator based block proposal mechanism.”
Vitalik presenting on Casper the Friendly Finality Gadget:
— Raman Shalupau (@ksaitor) March 6, 2018
What do you guys think? Do you think Casper FFG for Ethereum will make for a more joyous experience?