After years of development, ethereum has a new plan to update the algorithm that keeps its entire network in sync.
Vitalik Buterin, ethereum’s creator, recently released an implementation guide that reveals the network’s developers will first start with a ‘hybrid’ system that merges bitcoin-style proof-of-work mining with its much-anticipated and still-experimental proof-of-stake system called Casper, created by Buterin.
The plan effectively means ethereum will begin alternating between the two systems, so that some transaction blocks (one out of 100) are secured via proof-of-stake and the rest remain on proof-of-work.
Buterin has notably been working on his implementation in parallel with ethereum developer Vlad Zamfir, “cross-pollinating” their ideas. According to Karl Floersch, blockchain engineer for ethereum startup ConsenSys and a coder working with Buterin on Casper’s development, the result is that the network is choosing the more conservative of two potential paths forward.
Floersch told CoinDesk:
“What Vitalik has come up with is a get-it-out-the-door, working version, that works, but might be less theoretically revolutionary than Vlad’s.”
Because Buterin’s implementation of Casper can, he thinks, get to production faster, it will be used in the first stage of ethereum’s evolution.
If implemented, this would be the first time proof-of-stake would be employed on the live ethereum platform, albeit
Read more ... source: CoinDesk
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