ConsenSys’ Joseph Lubin on Ethereum’s Sharding, Casper and Future Scaling Plans
A lot is happening in the digital world of cryptocurrencies. The prices across the board are rising and falling only to climb back up again.
Users are becoming more and more frustrated with the system due to overcrowding now that cryptocurrencies are a household name. Ten years ago, only a select few imagined a world that was decentralized and open sourced. Ever since the rise of the Bitcoin, other digital currencies have come about to try and match the magnitude of what Bitcoin has done. Once such company is Ethereum.
While Ethereum has had its ups and downs just as Bitcoin has, it is not out of the woods just yet. In fact, several issues are holding back the full potential for Ethereum. But the Co-Founder Joseph Lubin isn't going down without a fight. In a recent interview, Mr. Lubin hinted at a new technology that would help push Ethereum out of the rut it is in and make it a real contender against the all mighty Bitcoin. So what does Mr. Lubin have up his sleeve? Well, there are several projects in the works right now that are all going on simultaneously and each of these projects looks to boost Ethereum in unimaginable ways.
Raising the Stakes
During Mr. Lubin's interview, he briefly spoke about implementing Casper and Sharding to help smooth out some of the backup and kinks that Ethereum is having due to overcrowding systems. Mr. Lubin's Capser is designed to help rocket Ethereum and make it more efficient.
According to the recent research, the Casper upgrade will be activated in one of the shards. For those who aren't familiar with sharding, it is the process of splitting the entire state of a network into several different and more manageable partitions known as ‘shards.' Each shard will hold its own piece of the state and the transaction history. When Ethereum does finally split and create the shards needed, it will allow for a higher amount of transactions to be processed in the same amount of time, thus solving the scalability issues that have come up within several cryptocurrencies, not just Ethereum.
While the concept to create a smart contract to implement Casper was dropped by Ethereum core developers. The main focus for Casper now is to help run a smoother protocol. However, it may not come to fruition until the hard fork that is scheduled for Constantinople.
After such an event, Casper will help to reduce the size of the deposit. If that takes place and all runs smoothly, Ethereum is looking at staking which will help solve the scalability issue that Ethereum is having at the moment. While the introduction of Casper throughout the whole network would have expedited the stake protocol, Ethereum may be waiting to see how the sharding system runs and if it is, in fact, a more efficient way of running things.
What Comes Next?
While Mr. Lubin continues on with high hopes stating that Ethereum will replace the proof of work with the more efficient proof-of-stake algorithm, the date for the said shift hasn't been made.
Even though Mr. Lubin may have his plate full working on the different layers of Ethereum's network, he still hasn't lost sight of the bigger picture. During the interview, Mr. Lubin mentioned how what he is doing with Ethereum will be the first step to solving the scalability that is prevalent on blockchain networks. This statement maybe implying that he is still one of the few that sees cryptocurrency as a decentralized financial institution.
With over 40 protocol engineers all working on different aspects of the Ethereum foundation, there is no doubt that all will come full circle by spring 2019. While Mr. Lubin and his team continue to work hard to bring these dreams to fruition, the rest of us will have to keep a close eye on Ethereum in the next several months.