A number of significant events have occurred pertaining to the Ethereum ecosystem in recent days. Last week, the code for the proposed first step of Ethereum’s technical transition toward the adoption of proof-of-stake mining, Vitalik Buterin made disparaging comments regarding 2017’s explosion in the initial coin offering (ICO) industry in an interview with Financial Times, and most recently, an Ethereum Improvement Proposal (EIP) seeking to restore a disabled contract to unfreeze 513,774 ETH held in 587 wallets used by Parity Wallet has been rejected.
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Code for First Step in Casper Transition Unveiled
Ethereum developers recently announced that code expected to comprise the networks first step towards the adoption of a proof-of-stake (PoS) mining model has been available for public review.
The proposed code, described in EIP 1011, states “This EIP specifies a hybrid PoW/PoS consensus model for Ethereum main net. Existing PoW mechanics are used for new block creation, and a novel PoS mechanism called Casper the Friendly Finality Gadget (Casper FFG) is layered on top using a smart contract.”
The transition from Pow to Pos has long been a pervasive issue within the Ethereum community, with discussions of such having been present “on the roadmap and in the Yellow Paper since the launch of the protocol.” How to conduct the transition, the EIP asserts, was “an open area of research” until the first paper detailing Casper FFG was published by Vitalik Buterin and Virgil Griffith in October 2017.
Casper FFG aims to reduce the energy consumed through mining ETH and provide resistance to ASICs. The EIP’s authors assert that “The Casper FFG contract can be layered on top of any block proposal mechanism, providing finality
