The Proof of Stake concept has finally arrived. Casper is one of the most densely expected updates to Ethereum which has been in development since 2013.
Casper changes the current Proof of Work system to using both Proof of Work and Proof of Stake. Danny Ryan, the lead developer of Casper, published 0.1.0 version of Casper on Github, marking the first step towards the significant change.
Casper is why the Ethereum community was not concerned when Bitmain declared their new ASIC miners. Ethereum will ultimately be to a different system, representing these machines useless forever. With the first version in place, the team will be building on it in the coming months.
Vitalik Buterin, the creator of Ethereum, said
hopefully one of the more joyous experiences in ethereum in a fairly short time.
Casper FFG (Friendly Finality Gadget, the first version of Casper) will make use of both Proof of Work and Proof of Stake to validate and create new blocks. For now, the system would use Proof of Work most of the time and use proof of Stake regularly to verify the blocks.
Once everything goes well, the end goal is to move to a complete Proof of Stake system.
The least deposit for proof of Stake will start at 1,500 ETH which is $1.125 Million at the time of writing this article.