Ethereum [ETH], the second largest cryptocurrency on the charts, has been in the news multiple times owing to its forks such as Constantinople and Istanbul, and upcoming upgrades such as Casper.
In a recent interview with Tom Shaughnessy, Joseph Lubin, Chief Executive Officer of Consensys and one of the Co-founders of Ethereum, spoke about the foundation of Ethereum’s Proof of Stake [PoS] route and the future roadmap. Lubin stated,
“I am not inclined to point to moments in the past and look at mistakes, in my opinion, those roadblocks are a learning curve that builds momentum. One good example is looking at PoS because one of the first things we agreed on back in 2014 was that ETH should be based on the PoS blockchain and later we shifted to a PoW method. The PoS method is still an integral part of Ethereum’s development.”
Lubin was of the opinion that the upcoming Casper PoS will not only be the most secure, but will also enable the greatest decentralization as it will not allow large scale installations to benefit unduly. According to the CEO, the barrier entry to validate transactions will be low, which in turn will boost its adoption rate.
He assured users that they will be able to implement Casper on any type of device, with the added advantage of lower electricity consumption. Casper also aims to bring in the full validator pool to 1024 shards on Ethereum 2.0, rather than splitting the validator pool into individual units.
Casper has had its fair share of critics, as evidenced by Pyrofex’s Nash Foster, who had stated that projects trying to use Casper will never deliver. In Foster’s words,
“Casper’s problem is that it’s quite easy for the mechanism to get stuck. It’s like a kid who can’t decide between chocolate and vanilla ice cream and goes back and forth perseverating over which one it wants. Now, in the analogy, your mom eventually yells at you to make up your mind, but in the blockchain, there is no ‘mom’ to do that and the Casper mechanism can get stuck.”