{"id":51208,"date":"2018-05-10T01:39:43","date_gmt":"2018-05-10T08:39:43","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=51208"},"modified":"2026-04-26T15:04:43","modified_gmt":"2026-04-26T14:04:43","slug":"ethereum-founder-provides-updates-on-the-progress-of-casper-after-community-development-conference","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ethereum-founder-provides-updates-on-the-progress-of-casper-after-community-development-conference\/","title":{"rendered":"Ethereum Founder Provides Updates on the Progress of Casper After Community Development Conference"},"content":{"rendered":"

Last week, the Community Ethereum Development Conference<\/a> wrapped up, and Ethereum co-founder, Vitalik Buterin<\/a>, provided significant updates on the progress of Casper, the Proof of Stake (PoS) consensus protocol that is expected to propel the future of Ethereum.<\/p>\n

\"ICO
Related Story:\u00a0\u00a0ICO Contributions In 2018 Already Surpass the $5.6 Billion Raised in 2017<\/a><\/figcaption><\/figure>\n

Ethereum<\/a> is the most popular platform for launching new tokens through ICOs, and in doing so, has taken a prominent role in the expansion and maturation of the crypto economy.<\/p>\n

Etherscan<\/a> counts more than 81,000 ERC-20 token contracts on Ethereum\u2019s platform, and ICOs, many of which are connected to Ethereum, have raised almost<\/a> $7 billion already this year.<\/p>\n

The Casper initiative has been in the works for years, but Buterin\u2019s comments bring a tangible start to the transition process.<\/p>\n

Proof of Work is Too Much Work<\/h2>\n

Like Bitcoin, Ethereum\u2019s blockchain is powered by a Proof of Work (PoW) consensus protocol that proved to be incredibly effective at securing the network and maintaining its lauded distributed ledger.<\/p>\n

\"Bitcoin\u2019s
Related Story:\u00a0Bitcoin\u2019s Energy Problem Is Getting Out of Control<\/a><\/figcaption><\/figure>\n

Although PoW is a nuanced protocol, it\u2019s primarily known for the mathematical puzzles that miners compete to complete. The first one to finish a puzzle is rewarded with newly minted digital currency.<\/p>\n

This process is becoming increasingly lucrative as the price of digital currencies soar, but it\u2019s also progressively more taxing on the computers that solve these puzzles and on the energy grid that powers<\/a> the miners.<\/p>\n

Buterin and other blockchain developers have long expressed concerns about PoW\u2019s energy consumption and its limitations as a scalable protocol.<\/p>\n

For instance, with enough computer power, a single entity could disproportionately control the blockchain.<\/p>\n

\n

I may implicitly comment indirectly, eg. "PoS is better than PoW", but the goal will be to lay out what I think are the goals that ethereum is\/should be trying to optimize for. It's up to each user to decide their priorities.<\/p>\n

— vitalik.eth (@VitalikButerin) November 14, 2017<\/a><\/p><\/blockquote>\n