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richie

Casper draft whitepaper revealed by the Ethereum researchers

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Days after Ethereum's foundation co-founder, Vitalik Buterin talked about the "Serenity Protocol," in the presence of Devcon4's crowd of thousands, unveiled a draft whitepaper pertaining to CBC (Correct -By-Construction) Casper, which is aimed at solving the scalability issues of Ethereum through Proof of Stake (PoS).

Although, this technical document is still in its infant stages, a good number of people see this progress as a great move towards the above mentioned project's ideology, which is to create a scalable, decentralized and efficient "world computer.”

 

Ethereum launched officially in 2015, and initially it was seen as a open-source, decentralized and public platform that will make data processing and on-blockchain computing possible and for this reason, gained a lot of recognition from all areas of the cryptocurrency industry. Testifying to its quick rise to wide recognition, the Ethereum ecosystem's native asset, Ether quickly surpassed a good number of altcoins, situating itself firmly among the top 10 in the crypto market.

But as Ethereum's ecosystem swelled, seeing a rapid increase of active users and daily transactions, it became so obvious that the proof of work (PoW) consensus mechanism of Ethereum wouldn't stand the test of time.

The project's most dedicated contributors foresaw this looming issue which led some researchers and crypto-centric developers to dedicate some time to solve the network's greatest concern, which is scalability

 

As discussions surrounding Ethereum’s blockchain scalability issues becomes more serious, leading researcher at the Ethereum Foundation, Vlad Zamfir, with three of his peers released a technical paper titled Introducing the Minimal CBC Casper Family of Consensus Protocols.

The documents highlights a decentralized consensus mechanism and protocol called Casper Correct-By-Construction (CBC), which will make possible the implementation of efficient PoS system on the Ethereum network, which has been one of the project's main goals from the onset.

NewsBTC reported some days ago that, Vitalik Buterin took to the Devcon4 stage to highlight serenity. According to Buterin, Serenity is a true realization of Casper, and at the end of the day move away from the to-be-implemented PoW/PoS hybrid model to a pure PoS mechanism.

 

The protocol may end up facilitating pure PoS consensus, faster times to synchronous confirmation (8-16 seconds), economic finality (10-20 minutes),” and most importantly, a 1000x scalability upside which will most likely put an end to most short and mid-term scaling shortcomings of Ethereum.

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