Ethereum’s Co-founder, Vitalik Buterin during the Ethereum Core Developers Meeting on June 15, discussed the possibility of Ethereum upgrades related to Casper and Sharding. According to him, the future updates to the Ethereum Blockchain will replace the Casper FFG with Casper v2.
What Features Will The New Ethereum (ETH) Upgrades Offer?
The new Ethereum upgrade will function via a beacon chain connected to the main chain. This new system means the proof-of-stake component will be separated from the main chain ultimately making way for less intrusive development. It will also allow users make their regulations for voting, as well as how blocks are moved and added without any need to worry about the way other transactions are processed.
Ethereum (ETH) Price Today
After some time a Sharding function would be activated on the beacon chain which will function with the proof-of-stake algorithm offered by Casper. Buterin believes this development via the Ethereum Blockchain is going to make the transition to full proof-of-stake and the implementation of Sharding smoother.
The Scoop on Casper v2
The crypto expert also went on to explain how smooth the transition to the new Casper v2 would be. According to him, “there would be just one validator set and a single way to enter the validator (only one validator – from the beginning).” This means that whenever the ETH token is deposited in the system, it would remain there until a hard fork activates the shard transitions allowing the cryptocurrency to be cashed out.
Buterin added that the Casper v2 upgrade is designed to provide better security for Ethereum’s main chain. Each block from the beacon chain will reference the blocks on the main chain. Hence whenever a block finalizes itself, it points directly to a block inside the main chain. This, in turn, is confirmed indirectly by the beacon chain block. This update will reduce the traditional minimum stake of 1,500 ETH to 32 ETH, ultimately opening the way for more users to participate.