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.