According to Bitcoin (BTC) Maximalist, Jameson Lopp, regarding his views on the discussion between Vlad Zamfir and Vitalik Buterin on the implementation of the PoS Casper model on Ethereum blockchain, the transition could be fundamentally flawed. Lopp addressed the present state of ETH and whether or not it’s developers would successfully transition to Proof-of-stake algorithm.
Ethereum (ETH) and most of the top digital assets are typically constructed based on the Proof-of-Work (PoW]) algorithm to validate and include blocks to the blockchain. The only downside here is that PoW is requires plenty of resources. Apart from that disadvantage of the PoW concept, the algorithm can also be corrupted by a 51% malicious attack.
On the other hand the Proof-of-Stake algorithm replaces miners with validators. These validators will stake a few coins to validate future blocks to the blockchain. One major pro of the PoS concept is that when it is compared to PoW, you’ll find that it eliminates the idea of spending enormous amounts of resources.
Ethereum (ETH) Price Today – ETH / USD
The Two Proof-of-Stake Concepts That Ether Will Shift to
Discussions are on regarding the two proposed Proof-of-Stake algorithms that the Ethe blockchain will transition to. The models are Casper (a Friendly Finality Gadget ), and Casper, (a Friendly GHOST: Correct-by-Construction CBC). Note that Casper isn’t a specific project. Rather it is an amalgamation of two projects that was discussed by Ethereum developers.
Referring to it, Lopp said it was difficult to believe that they have discovered an optimal version of what the protocol should be because it is always evolving. Because the work being done is reiterated and changed accordingly always. Lopp also confirmed that there were many people who holding their Ether tokens to stake it when the Proof-of-Stake is implemented. Lopp believes that these people want to earn interests on their tokens and desire to be validators on the blockchain.
Ethereum (ETH) Could Bounce Back To $220 Recent Analysis Shows
Last week, we found a solid bullish pattern above $202 and $210 in ETH’s price against the USD. The ETH/USD pair also gained pace above $220 and settled above the 100 SMA. The pair traded at $223 and later initiated a downside correction. ETH declined below $220 and $210, but buyers appeared toward the $206 support area eventually.
There’s a key bullish pattern in place that found support at $208 via the 4-hour ETH/USD chart. The pattern support area is $206, and the 100 SMA is very important. The price of the digital asset is consolidating above the $206 area and managed to move above the $210 resistance area. There was a break beyond the 23.6% Fibonacci retracement level via the last drop from $223 to $206. There was a push beyond the 23.6% Fibonacci retracement level via the recent drop from $223 to $206. However, buyers are now struggling to gain momentum above $212-214.
The chart indicates that Ethereum’s (ETH) price is trading above the $206 barrier and the 100 Simple moving average. As long as there isn’t any close below the $206 area, the price might bounce back above and move above the $215 and $220 areas.