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With Proof-of-Stake (PoS) a blockchain is secured not by spending an external resource such as electricity but by using value internal to the chain itself. The promise of higher security at a lower cost is what also drives Ethereum to plan a move away from Proof-of-Work to PoS in the future.
Ethereum researcher Vlad Zamfir, who leads their effort in the complex search for the optimal PoS consensus system joined us for an in-depth discussion of the challenges of PoS, the approach Casper is taking and what consensus in Ethereum land could look like in the future.
Topics covered included:
– How he became interested in consensus and Proof-of-Stake (PoS)
– Why Ethereum plans to switch to the PoS systems Casper in the future
– What the Long-Range Attack and Nothing-at-Stake problems are and how Casper addresses them
– How a betting mechanism is used to get validators to reach consensus
– What centralization pressures exist for validators and what operating a validator will look like
– The role of security deposits in Casper
– The difference between Tendermint and Casper
– Whether forks create big UI/UX issues for Casper
– Why Casper is very light client friendly
Links mentioned in this episode:
– Introducing Casper – Ethereum Blog
– Review of Casper, Ethereum’s proposed Proof of Stake Algorithm
– Casper Protocol Specification
– Slasher, Ghost and Other Developments in Proof-of-Stake
– Epicenter Bitcoin Episode 58 with Vitalik Buterin on Proof-of-Stake
– Hide.me: Protect your privacy and personal data with a free VPN account at Hide.me/epicenter
Epicenter Bitcoin is hosted by Brian Fabian Crain & Sébastien Couture.
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