What’s The Latest?
The testing has finally commenced for an eagerly anticipated big change in Ethereum. The move will see the mining for Ethereum effectively finished.
The change is now in test mode with clients already working hard on reviewing the new concept. This is a huge change for the Cryptocurrency but one that is very much a positive with many benefits.
The Transition Over
The developers behind this new proof of stake process have certainly been very clever with the transition and have pretty much anticipated a vast array of issues and prepared for them.
One of the major challenges already identified is the exposure to any attacks that may happen during the move over to the new system. However, a great piece of developing and coding allows both the old and the new algorithms to work simultaneously together. Miners will be able to continue as per normal through the use of smart contracts and new “validators”. This is a major step forward because it enables mining to continue as normal without any interruption during the transition stage. The smart contract sits on top of Ethereum and provides customers with the ability to bet in exchange for the usual rewards.
Now the smart contract highlighted above – which has such a major role – is being tested by Ethereum’s big software clients. With all of the large clients involved in the testing, things really are moving in the right direction for the Cryptocurrency. The testing is already proving invaluable with a massive bug being identified already. The problem – which would allow spam transactions to take place – has already been resolved. But this just goes to show how important this review process really is.
The Final Stages
The upgrade and the coding also incorporates a “difficulty bomb” which is a vital part of the changes for many reasons. It is fundamental in the complete transition over from mining and will effectively see the end of mining in a couple of years when the bomb is activated. The new proof of stake method will completely replace the old mining concept that was very much based on the bitcoin approach. This is to the relief of many.
Several industry insiders are praising the smart contract not only because of the above but also because it allows the code to be as simple as possible. Which makes life so much easier for the clients.
The great relationship between the clients and the Cryptocurrency is proving very valuable indeed in the build-up to this new release. Clients and the industry as a whole are certainly eagerly awaiting the new development being launched and the move away from mining. However, don’t expect a release soon, the Cryptocurrency has already confirmed that there is still a long way to go with testing yet and it will not release the new version until the developers are totally confident that it is market ready. The main focus is to make the software stable and secure and ensure that the clients have the best possible experience as soon as the new version is released, whenever that may be.