Hybrid Casper FFG to be Implemented Soon
The ethereum network would soon be changing the way it reaches consensus. According to the developers, the new code has been written and is now waiting to be reviewed.
Hybrid Casper FFG (Friendly Finality Gadget), the new Ethereum Improvement Proposal (EIP), would now be implementing the first step towards a huge shift from the energy-intensive mining process to a greener minting process.
Ethereum’s consensus protocol, as of now, is the proof-of-work protocol which requires you to expend resources as a proof. For those of you who are new to the term “consensus protocol”, it can be said to be the method the network uses to agree to add new blocks to the chain.
Vitalik Buterin, Ethereum’s creator, and the other developers have been discussing moving out of the proof-of-work model to a proof-of-stake model, wherein users lock their ether in special wallets. These users are at a risk of losing their stakes if they don’t act according to the consensus rules. Casper was the name given to this proof-of-work to proof-of-stake planned transition.
When implemented, EIP 1011 would be the first step towards the planned move to Casper. Since it is a partial step, it would introduce users to a new, hybrid system which would be able to combine proof-of-work and proof-of-stake.
Since there is a lot of energy usage in mining, a lot of organizations have been trying to reduce the amount of energy used in the mining process. Recently, Intel, the tech giant had filed a patent for its Bitcoin mining chip accelerator. The patent was titled “Bitcoin Mining Hardware Accelerator with Optimized Message Digest and Message Scheduler Datapath” and was originally submitted back in the month of September in 2016.