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Yes, there might be the setback of the Constantinople hardfork,
but ethereum core developers are looking forward to brighter future for
the ethereum blockchain. One of those areas is the Ethereum 2.0 the next major
upgrade that will solve most of ethereum's scalability problems.
The co-creator of Ethereum, Vitalik Buterin recently talked
up plans towards the "future of ethereum" including the Proof of Stake era
Casper consensus system. During his speech at the recently concluded edition of
the Blockchain Connect Conference which held in San Francisco, Buterin declared
that Casper would launch on a network as early as this year to the excitement
to the teeming community ethereum supporters.
What does Casper Mean?
Ethereum is currently the third largest cryptocurrency by
total market capitalization. It has been plagued by issues of blockchain
scalability – which means the limits on the amount of transactions
the network can process. Part of the solution to this problem
system which is based on a Proof of Stake (PoS) algorithm as against the Proof
of Work (PoW) currently being used. This is known as Casper.
In this PoS consensus, nodes who will participate in the
network verification process stake a percentage of their ethereum holdings as a
safety precaution to prevent the node from acting maliciously. Also, the main blockchains
not by the longest chain rather using the GHOST consensus algorithm;
The Last Message Driven chain rule.
There are, however, two variations of the Casper implementation; first the Casper the Friendly Finality Gadget (FFG) pioneered by Vitalik Buterin and then Casper the Friendly GHOST: Correct-by-Construction (CBC) pioneered by developer Vlad Zamfir. Buterin had earlier explained that the Caper protocol as emphasis on Finality.
Buterin's Casper combines the PoS with PoW and will ease the
transition into the new era. It will be the first to be implemented before the CBC
Casper which Buterin agrees will have more elegance to it.
What will happen to Constantinople hardfork?
Later today (Friday), ethereum core developers will have a
conference call where they will set a new date for the Constantinople hardfork.
After the security bug was found just before launch, the developers agreed to
postpone the launch noting that was not enough time to fix the vulnerability
before the launch time.
Though the delay, a second time for this particular upgrade,
it will be seen as the
right decision to prevent security and loss of funds. Emphasis now is on
client software so as not to the latest version of the client software
be forked out of consensus when the upgrade eventually launches.
Constantinople is expected to begin the transition from the
PoW to the PoS leading the way for ethereum 2.0
Ethereum 2.0: What to
Expect
Buterin, while taking questions at the blockchain
conference, expressed his confidence that the Chain Beacon, the second layer of
the Ethereum 2.0 overall architecture. He noted that the Ethereum 2.0 will be
able to manage the Casper protocol and achieve sharding function-shard chains
advanced layer of the architecture.
Ethereum (ETH) Price
Watch
Ether [ETH] is currently trading at $ 123 to the USD, making very little change in the last 24 hours. It is however down by almost 4 percent week on week. ETH market cap is still around $ 12.8 billion putting it at the third position on the coinmarketcap leaderboard still below Ripple's XRP.
