Creator of the Ethereum network, Vitalik Buterin, is set to publish three white papers explaining Casper, the blockchains much-anticipated version of proof-of-stake consensus.
The publications are expected to mark a major milestone for ethereum outlining plans to keep the global network in agreement about the blockchain’s transaction history. As proof-of-stake Casper proposes to subject ethereum developers to peer-review, which could mark a big step forward for the project which is currently getting ready to upgrade to Metropolis before changing the system over to proof-of-stake.
“The proposal mechanism will initially be the existing ethereum proof-of-work chain, making the first version of Casper a hybrid PoW/PoS algorithm that relies on proof of work for liveness but not safety, but in future versions the proposal mechanism can be substituted with something else,” Buterin explains in the first of the three papers
Proof-of-work will be used to validate most ethereum blocks, but proof-of-stake will be used as a “checkpoint” for every 100th block, providing more “finality” to the system, or a guarantee that transactions cannot be spent more than once.