Ethereum is leading the way to recreate how blockchain nodes agree. That was their primary message announced at Devcon3, a yearly tech conference for open source projects and programmers.
The much-awaited Casper Code update of proof-of consensus was seen throughout several event panels. There are a lot of moving parts that need to be pulled together to see the project come to completion. It’s a very long-term vision for the future of Ethereum. Casper may be one of the most important advancements in the history of the platform. It’s key to democratizing user’s access-ability to the platform.
Casper is designed to be different than bitcoin’s system for keeping its network in sync. It has pushed the cryptocurrency in a direction in which users can’t participate as previously envisioned. Casper is looking to be entirely different by operating in a more egalitarian way. It’s different from Ethereum in the way that by using the newly developed software, it renders proof-of-stake.
Instead of users buying expensive, highly specialized computers for running software, they can just use funds instead. The money would be locked and validated for a short period to get the correct calculations for new transactions. Through this specific action, users of the system will be able to enter competitions for protocol rewards.
Proof-of-stake will do away with many current processes on the Ethereum network. Creator of the network, Vitalik Buterin, has even stated that the new update must be a priority, far above the rest on the current development timeline. Other members of the panel at the time also agreed that the Casper Code Update needs to happen fast – as fast as possible without compromising security. Many people are also skeptic because the new update will be doing away with many of Ethereum’s current elements. Therefore, security could become a risk while the network is being updated.
Why is Casper Important?
Because as of now, Ethereum can only handle 10-20 transactions per second. There are currently scaling issues. As of now, the system tends to get bogged down from time to time. It gets especially slow when ICOs are happening. If you were around when Bancor’s ICCO happened back in June, you know how hard it was to send Ethereum. Transactions were simply having a hard time being completed because of the high number of users trying to make deals.
After the Casper update, Ethereum will be able to scale faster to handle more transactions per second and improve the user experience on the network. There has been more usage in recent months than ever before, and it’s only likely to increase. Once scaling begins, gas prices will be affected. They tend to rise and fall according to the usage of the network and how much validators can handle. Gas is primarily the tiny amount of Ether paid to Validators for verifying a transaction. Casper is therefore vital to Ethereum, especially if they are looking to become the Microsoft Operating System of blockchains.