The developers of Casper have now released the update. The community and the network’s stakeholders now have the opportunity to track the current status and make comments. Casper is to bring about a change in the Ethereum consensus mechanism from PoW to PoS.
The Ethereum community has been expecting the Casper update for some time. The innovation in the network is intended to replace the proof-of-work algorithm inherited from the viewpoint of many users. Instead, the proof-of-stake is intended to establish a new way of reaching a consensus. The proof-of-work mechanism is accused of being too energy-intensive and thus causing sustained damage to the environment.
Now it seems that another step has been taken on the way to Casper. Danny Ryan, developer of Casper FFG, has made a first release of the code on Github available on May 8th. This is version 0.1.0, which is intended to provide a clearer guideline and enable clients and external auditors to track the contract and changes more easily.
How does the update work?
The update is not intended to replace the PoW algorithm completely, but to introduce a hybrid mixture of proof-of-work and proof-of-stake algorithms. In the initial phases, Casper will therefore use the proof of work to carry out most of the transactions. The proof-of-stake should first of all only be used for the regular validation of “checkpoints”. Because the network can only manage a few validating nodes, the minimum deposit will start at 1,500 ethers or $1.1 million.