Notable Ethereum Co-Founder: Casper Update Will Make the Network Most Secure, Decentralized
Ethereum (ETH) is the second largest crypto token and has often been in news for its hard-forks and scalability issue. Now the network is going through a major change of consensus where it would be moving from Proof-of-work (PoW) towards Proof-of-Stake (PoS). The upcoming upgrade is also known as Casper PoS, and it is intended to help the network with a number of issues that it has been facing for quite some time now.
New Episode with @ethereumJoseph 🗝️
— Tom Shaughnessy🦉 (@Shaughnessy119) May 6, 2019
Joseph Lubin, Chief Executive Officer of Consensys and one of the Co-founders of Ethereum recently sat down with Tom Shaughnessy for an interview where he discussed and explained various changes that the Ethereum network will go through and how it would lead to a much efficient, scalable and secure blockchain. Lubin said,
“I am not inclined to point to moments in the past and look at mistakes, in my opinion, those roadblocks are a learning curve that builds momentum. One good example is looking at PoS because one of the first things we agreed on back in 2014 was that ETH should be based on the PoS blockchain and later we shifted to a PoW method. The PoS method is still an integral part of Ethereum’s development.”
Lubin went on to claim that the new Casper update which would see the ETH network to change its consensus to Proof of Stake would not just make it the most secure network in the decentralized space, but also lead to making Ethereum the greatest decentralized blockchain in the crypto space. Lubin believes PoS based consensus would eliminate any chances of large scale mining farms manipulating the hash power in their favor. Lubin also said that the barrier entry to verify any transactions on the network would be low, and this would help it to gain much wider adoption.
What Changes Does Project Casper Bring To The Ethereum Network
Project Casper would lead to a complete change in consensus, where the first phase or phase zero of implementing PoS code is already in its trial run, and looking at the progress, it is on the path to be launched by June. The next phase would be block sharding, which would bring in the full validator pool to 1024 shards on Ethereum 2.0, rather than splitting the validator pool into individual units. This would help the network to achieve high scalability and also lower the electricity cost incurred by miners.
However, despite the progress made by the Ethereum developers and the CEO Lubin claiming that all work is on track, there are certain sections in the community who believe that the Project Casper would never be able to deliver on tall promises that it has made. One such critic is Pyrofex’s Nash Foster who said,
“Casper’s problem is that it’s quite easy for the mechanism to get stuck. It’s like a kid who can’t decide between chocolate and vanilla ice cream and goes back and forth perseverating over which one it wants. Now, in the analogy, your mom eventually yells at you to make up your mind, but in the blockchain, there is no ‘mom’ to do that and the Casper mechanism can get stuck.”