Future of Ethereum Blockchain
Welcome to this blockchain and cryptocurrency video by The Modern Investor! A great summary video of what to expect from Vitalik Buterin, the Ethereum dev team and contributors in the days, months, and years to come.
Ethereum Proof of Work to Proof of Stake (Casper)
A switch between the current computers used to mine and verify transactions to proof of stake which will allow normal computers and laptops to verify transactions and create the new coins on the Ethereum blockchain. Proof of stake is apparently a very hard formula to get right and more time is needed for the Ethereum contributors to complete. Casper is the name of the Proof of Stake (POS) protocol that Ethereum has decided to focus on implementing. Casper uses a stake of one's ether to use a bet to verify transactions on the network. If a person acts in a malicious manner there bet will get slashed - this is what makes Casper different then other POS protocols.
Ethereum Plasma is a technique for conducting offchain transactions while utilizing the Ethereum blockchain to maintain the high level of security. Ethereum Plasma will allow the blockchain to conduct many more transactions per second that possible today, and with additional upgrades can get Ethereum to scale into the millions of transactions per second. Plasma is just one of the many off chain solutions being worked on to be implemented with Ethereum. Other side chains include 'state channels' and 'truebit'.
Plasma has special functionality that allows it to create sub tier blockchains or 'child blockchains' that operate under the parent blockchain. More so, the child blockchains can also create child blockchains which create and powerful effective leveraging system to take the workload off of the main chain. All while still keeping the integrity and security if the Ethereum blockchain intact.
Sharding is a way that will also speed up the Ethereum network while also adding a layer of privacy. Sharding along with Casper/Proof of Stake, the Raiden network, Plasma and many other projects are working to make the Ethereum world computer fast enough and powerful enough to run a global internet of services and things.
The Raiden network for Ethereum is a off chain scaling solution for performin ERC-20 compliant transfers of tokens on the blockchain. The Raiden network is quite similar to the Lighting network that is being put in motion for Bitcoin. Both act as a leveraging tool to make transactions faster, cheaper, and scalable and privacy preserving payments. The Raiden network, Plasma, and Casper could allow the Ethereum blockchain to reach 100 of thousands of transactions per second if not millions of transactions per second.
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