New Ethereum Casper Plan Draft Paper Released By ETH Blockchain Researchers For Scalability

A consortium of four virtual currency researchers decided to unveil a draft paper related to the Casper solution that aims at solving Ethereum’s scalability issues. The main intention is to move towards a Proof of Stake (PoS) consensus algorithm for Ethereum.

The document is not yet finished nor the final version, nevertheless, it provides important information about the upcoming network developments on Ethereum. The white paper follows the idea of creating a scalable decentralized and efficient ‘world computer.’

Ethereum (ETH) is one of the largest and most valuable projects in the virtual currency market. It attracted investors and developers from all over the world and now it became the second largest project in terms of market capitalization after Bitcoin, and even larger than Ripple.

As the network grew to unexpectedly high levels of adoption, the blockchain was not able to support the number of daily transactions that Ethereum was handling. That showed that the PoW consensus mechanism was not pretended to receive such a large influx of users.

This is why Vlad Zamfir and three other recognized developers, decided to launch the technical paper related to Casper. The title of the white paper is “Introducing the ‘Minimal CBC Casper’ Family of Consensus Protocols.”

The paper is written in a highly technical way and it aims at highlighting Casper Correct-By Construction (CBC) decentralized consensus mechanism and protocol. This would allow to create and develop an efficient PoS system to be implemented on the Ethereum Network. It is important to mark that this has been one of the main goals of Ethereum since the very beginning.

As there is yet time to develop this solution, the paper is still in its draft phase. The project could help Ethereum to continue its growth path in the virtual currency market.

Just a few days ago, Vitalik Buterin, Ethereum’s main developer and co-founder, said that Serenity would be implemented first. The new protocol could facilitate PoS consensus, faster times to synchronous confirmation, and 1,000x scalability upside. This is quite important since it will be a solution for the short and midterm scaling issues that the whole Ethereum network is currently facing.

Vitalik Buterin commented about it:

“There’s definitely a place in our heart and the roadmap’s heart for Casper CBC [but only] when it becomes clear that there is a version that makes sense from an overhead view.”

Serenity will clearly help Ethereum to scale while developers have the Casper solution ready for implementation.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,471FansLike
2,795FollowersFollow
4,194FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Kraken Exchange Onboards Swiss Bank InCore to Help Euro Clients Buy Crypto With Fiat

Swiss Bank InCore has just become the first banking institution in the nation to provide banking services to Kraken crypto exchange. The deal, which was...

Bank Of Japan (BoJ) Launches ‘Technical' Study to Experimenting CBDCs

The race to launch a sovereign digital currency is heating up as Japan became the latest country to venture into a central bank digital...

This Top Coin, Being the Worst Performer of 2020, Is A Disappointment to the Crypto Market

The fourth-largest cryptocurrency by market cap is currently trading at $0.176 in green by 1.66%, like the majority of the market. With 8.61% losses In...

Cryptocurrency Payment Processor BitPay Finally Announces Support for SegWit

Bitpay, the crypto payment processing giant, has finally integrated the segregated witness (SegWit) protocol, a second layer scalable solution to make bitcoin processing cheaper....

Crypto Hardware Wallet Ledger: ‘Funds are Safe' After ‘BigSpender' Vulnerability Found

A vulnerability was recently discovered by ZenGo in popular cryptocurrency wallets Ledger, Edge, and BRD. Named BigSpender, the vulnerability could lead to a double-spend...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today