Vitalik Buterin’s “Mauve Revolution” presentation on Casper Monday is the culmination of months of in-depth research and development work.
Casper is a security deposit based economic consensus protocol that anyone can participate in. His presentation was well received and it was reassuring to know that the preparations for proof-of-stake (PoS) are at an advanced stage. The transition from proof-of-work (PoW) to proof-of-stake (PoS) is important work, not without risk, and crucial to get right. Thankfully, Vitalik Buterin and his highly capable team are in charge of this pioneering work and there is no reason why the implementation won’t succeed in achieving its design goals.
The Ethereum Foundation has a great track record of meeting software development goals and responding correctly and quickly under pressure. Therefore, they will take their time releasing Casper and hold off if necessary. But once done, it will be a major advancement for Ethereum and the blockchain ecosystem.
Moving over to the PoS system is considered necessary because Ethereum currently burns through over $300,000 worth of energy and computer resources every 24 hours. It’s wasteful and constrains scalability at Bitcoin market cap levels and beyond. The Mauve proof-of-stake algorithm learns from the limitations of traditional proof-of-stake algorithms (such as the NXT coin) and will ensure that Ethereum maintains its capacity to be fast, efficient, scalable, clean and private.