A long-term goal of Ethereum’s development has always been to maximize the fabled scalability. Much like other cryptocurrency platforms like the Bitcoin blockchain, scalability would be the most significant technological development in the history of the system. Recent work done by partnerships with the Parity Ethereum network could very well present this solution.
Parity developers recently announced that their work with Hybrid Casper FFG to implement what she calls a “simple validator implementation” for a testnet to function. Getting Casper to function on Parity’s Ethereum client was no small undertaking; developers have been working on the integration process for quite some time before securing the partnership in code.
The lead developer on the project, Wei Tang, emphasized that the code still needs extensive “polishing,” and that other developers on the Parity Ethereum team are going to have to chime in and review the work that has happened thus far. Still, the creation of this functionality on the existing Parity Ethereum network is a significant move.
The Hybrid development is important because it helps to guarantee the temporary layering of PoS, or proof-of-stake, over the traditional PoW (proof-of-work) algorithm. The end goal is to make the network entirely dependent on solely PoS rather than PoW. This development is the first step on this long-term road.
The implications for consumers on the blockchain are extensive. Once Hybrid Casper becomes fully integrated into the network, block rewards for mining PoW blocks will fall from 3 ether per to a minimal .06 ether. This happens because the validation emphasis becomes placed on stakers instead.
While his developers work on the back-end technical concerns to develop the Parity Ethereum network, Ethereum’s co-founder Joseph Lubin is working hand-in-hand with regulatory authorities to determine a long-term plan regarding the ways that they might be able to regulate without disrupting the innovative nature of the industry and the network.
The professional stressed that a “hands-off” approach is likely the best strategy for regulating the quickly-changing cryptocurrency sector of the blockchain market. This is to be expected; this leader has been outspoken in his support of a sandbox like regulation strategy for governments looking to further monitor the progress of the industry without stifling the progress which characterizes it.
Some members of the community have vocalized their skepticism at the possibility of layering Ethereum on top of Bitcoin Cash. Known cryptocurrency professional Vitalik Buterin himself recently added his opinion to a Reddit thread on the topic, remarking that his interest is not in developing the original poster’s proposition to layer Ethereum on Bitcoin cash, instead outlining that his interest is primarily rooted in “base-layer proof of stake and sharding.”
Clearly, many within the cryptocurrency community are deeply interested in the development of proof-of-stake integration into the current Ethereum network. This latest announcement by the developers on the inside of the Parity Ethereum network is the newest in a series of powerful moves on the road to making this dream a reality.