At the Taipei Ethereum Meetup, Vitalik Buterin, one of the co-founders and main developers of Ethereum, revealed that the development of a Proof of Stake protocol for the Ethereum network is 75% complete.
Prior to the announcement in a recent interview, Ethereum Foundation member and Ethereum co-founder Hudson Jameson released the official Ethereum Development Foundation script in 2017. The script included the foundation's plans to release the next version Of the Ethereum called Metropolis within three to six months and follow this update with the protocol exchange.
Vitalik Buterin reaffirmed Jameson's Ethereum development roadmap and emphasized that Ethereum will likely shift to a proof of stake protocol by the end of 2017. In the Taipei Ethereum Meetup, a community of more than 500 members that focuses on the discussion of Ethereum and Blockchain innovation, Buterin stated:
"We're working on" something "that really interacts with a [smart] Casper contract and sends transactions to it. This is the first part. The second step is that we are going to write customers who are aware of the Casper contracts. "
In an interview on Jan. 18, Buterin said that once completed, Casper will be tested on all seven Ethereum customers on a testnet. If Casper's testnet experiment succeeds, developers plan to move it to production and release its code by the end of this year.
Currently, several block strings, including NXT, BitShares and Peercoin, operate on the PoS protocol. Some use a hybrid system between PoW and PoS to optimize the efficiency of their networks.
However, despite the success of the above-mentioned block networks, the leading block company and mining company BitFury has noted in its whitepaper that a PoS protocol is vulnerable to a wide range of attacks such as long-range attack "long-range attack "Bribe attack" bribe attack ", coin age accumulation attack" precomputing attack "and precomputing attack" pre-computation attack "which could result in long-term problems for the network.