Justin Sun Applauds Vitalik Buterin For The Good Job
The world of cryptocurrencies is shaping how things are done in several dynamics. Considered as one of the most secure and convenient technologies, the achievements made here have been as a result of constant competition and innovation among the various players.
The Ethereum platform has been in the news for outdoing its competitors. It ranks as one the best and secure open source public system used in blockchain technology. Recently, it has hit the headlines for taking technology to a whole new level.
New Development Is Appreciated
The platform has completed Rinkeby Testnet; a secure network which protects attackers from interfering with the mining power inside the system. The achievement caught the eyes of Justin Sun who commended the developers for ushering in a new era of Proof-of-Stake [PoS] technology. Sun and Vitalik Buterin, who is the innovative developer of Ethereum are always in constant competition. Thus, a congratulatory message coming from Sun was a sign that the two great minds are for the best interest of blockchain technology.
Ethereum is expected to launch Casper. It is a PoS protocol. Perhaps this will mark a significant shift in how Ethreum mines and validates its cryptocurrencies. For a long time, it has been using Proof of Work (PoW) algorithm. The two algorithms are entirely different in how they work. PoW is based on the idea of rewarding miners based on how can solve mathematical problems with the aim of validating transactions and creating new blocks.
However, PoS creators are chosen in a deterministic way. As such, they are selected depending on their wealth. Casper is expected to be a very efficient and protocol. First of all, it will have a lot of energy savings. Furthermore, attacks to the system will be challenging and expensive at the same time.