The Latest News
Casper FFG is a much-anticipated software program and although there is no launch date just yet, it won’t be long before the system is ready for the market.
At a recent conference in Canada, further details on the new consensus protocol for Ethereum were announced and it looks like things are going to be costly. 1,500 ether (approximately $1 million) will need to be put down if you would like to take part in testing this new release. Although this is a large amount of money, the money does not have to come from a single source so there is the opportunity to form groups with individuals inputting a certain amount and the group total equates to 1,500 ether. The profits can then be split should they need to be.
Questions have been asked as to why so much is needed to be involved in this program. Simply put, at the moment Casper cannot support many nodes and therefore cannot bring in enough money to finance the development work. Looking forward, the price will be reduced quite dramatically to around 32 ether once the necessary technical updates have been made to allow more nodes to be supported. It is not expected to be long before we are at this stage.
What Will Happen?
This new software will be a lot easier for all to use – developer or user – which is certainly welcomed.
For customers, the simple click of a button will allow you to deposit the necessary ether. Once this initial stage has been completed the next step will be to choose your wallet in which your profits will be delivered. Again a very easy and quick process.
Once Casper is up and running, the software will do all of the work for the customer, including voting. There is very little for the user to do. The rewards will be distributed depending on how large the stake is. All the user will need to focus on is to ensure their particular node is online and then everything else is done for them.
It has been suggested that if a validator is permanently online, the user could earn up to 5% in returns based on a 10 million ether being deposited. It must be noted that the way the system has been set up means that if a user is offline more than they are online, they will start seeing their deposit diminishing. However, there will be returns for anyone online for over half of the time. This new concept of not only rewarding those that are online but also punishing those not will certainly be interesting to follow. Furthermore, other deemed bad behaviors such as setting up big staking pools or double voting will also be punishable. Those users caught will lose a certain percentage of their deposit depending on how bad the act. This may well be the start of a whole new trend and things to come if it is successful with the launch of Casper.