Twitter took centre stage in the early hours of Thursday when Ethereum (ETH) co-founder Vitalik Buterin made a long series of tweets detailing the history and current state of Ethereum’s Casper research. While highlighting the recent FFG vs CBC crypto debate, he mentioned some salient points to back up his claim.
Vitalik Buterin is known for his unabashed tendencies and did not hold back on Twitter posting an astonishing 31 tweets stating his point. He also waded into issues of security on the Ethereum platform and the other issues some of the excerpts from this tweets are summarized.
Buterin started by pointing out that the Ethereum proof of stake research started in 2014 bringing up different ideas most especially the use of penalties in resolving stake problems. He, however, acknowledged that the penalties proposed then was trivial until the arrival of developer Vlad Zamfir.
Vlad brought about new stiffer penalties for defaulters requiring them to put deposits far greater than rewards as a collateral for Misbehaviours by Ethereum Users. Ethereum spent most of 2014 directing efforts in dealing with long-range attacks.
He talked about how Ethereum (ETH) developed different responses to long range attacks from hacks
However, long range attacks come in different proportions which made them almost impossible to stop with Buterin and his team accepting this fact and realized this could only be dealt with by putting additional restrictions to the cryptos.
This included adding new rules for users to log on every four months and introduced the POW proponents to the blockchain system. This was difficult at the time but was needed for the company to survive hacks, ‘Buterin talked at length about the consensus by bet system he proposed.
According to him the system was essentially a system whereby Validators would make bets on which the blockchain would be finalized. But this theory was tested and proven to be unproductive to the Ethereum block chain technology.
Although the theory would have brought a new lease to the crypto market the risks far outweighed the rewards. Whereby a wrong bet would lead to users losing the mining cost which could lead to significant loses on the investor’s side.
Correct By Construction System Was Developed By Vlad Zamfir
Vlad started to develop a new novel method to replace the old BFT mechanism in a bid to make the Casper technology robust against central oligopolies and server congestion, this new platform is known as Correct by Construction (CBC).
This allows a different finality, unlike the old BFT the CBC gives a subjective edge to mining. This is seen in this scenario. if a validator signs message that conflicts with an earlier message they would have to tender a justification proving a change in voting stance.
The FFG System In Casper Foundation Research Encompasses All The Block Chain Researches
These various approaches eventually produced the Casper friendly finality Gadget(FFG) which gives added security FFG is essentially an overlay on other blockchain technology such as PoW, PoS and any other blockchain with the aim of guaranteeing extra security.
Ethereum has had to upgrade its security system time again as it conducts the largest transaction worldwide. Many platforms are built based on Ethereum technology and security is a major risk in the cryptocurrency market.
Also, the emergence of TRON with its proposed virtual machine which is the biggest threat to Ethereum dominance has forced the Block Chain giants to proffer novel solutions to the major faults in the Ethereum block chain
Vitalik Explanation has more than quelled all doubts on the Casper research technology and would give the Ethereum users confidence in using the platform. Since security is always one of the major thought before entering cryptocurrency investments.
About Ethereum (ETH)
Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart ledger functionality. Ethereum was first described by Vitalik Buterin who has become one of the most influential stakeholders in the digital currency community.
Ethereum is a second generation coin after Bitcoin and is behind Bitcoin in terms of popularity and also market capitalization. It supports a modified version of Bitcoin technology via transaction-based state transition technology.
Ethereum rose by over 10,000 per cent in the tail end of 2017 during the cryptocurrency boom before the carnage occurred. The digi coin has a market cap size of $28 billion and is 101million ETH in circulation making it a very valuable coin to HODL.
Image Credit: Bitcoin Magazine.