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Ethereum [ETH]: Projects trying to use Casper will never deliver, says Pyrofex’s Nash Foster

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Ethereum [ETH]: Projects trying to use Casper will never deliver, says Pyrofex's Nash Foster
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Nash Foster, CEO and Co-founder of Pyrofex corporation, recently claimed that Ethereum and RChain’s Casper proof-of -stake [PoS] consensus mechanism failed to address an important aspect of the protocol called ‘liveness.’ He further contended that Pyrofex developed a better consensus protocol than the Ethereum network.

According to Foster, CDelta [leveraging consensus algorithm Casanova], which will initially be dedicated for settling transactional payments, is scalable even without second layer solutions.

In a recent interview with a crypto and blockchain portal Incenti News, Foster explained,

“Casper’s problem is that it’s quite easy for the mechanism to get stuck. It’s like a kid who can’t decide between chocolate and vanilla ice cream and goes back and forth perseverating over which one it wants. Now, in the analogy, your mom eventually yells at you to make up your mind, but in the blockchain, there is no ‘mom’ to do that and the Casper mechanism can get stuck.”

Liveness basically implies that a network is able to come to a consensus regarding an executed transaction, even when the network is broken. The research team of Pyrofex published a paper based on a consensus algorithm called Casanova, calling it superior to Ethereum’s Casper protocol and describing it as ‘scalable, safe, and reliable’ in real-world conditions.



Talking about the consequences if the protocol was not revamped, Foster stated that reliable networks riding on the protocol will become difficult. He also said that the network will work for some time before breaking down.

The CEO further stated,

“I think the result will be that projects trying to use Casper will never deliver. They’ll keep trying and trying and never be able to make something that works well enough to launch it. And of course, that’s what we have seen so far. So, this shouldn’t be very controversial.”





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Ethereum

Ethereum [ETH]: Ernst and Young to launch zero-knowledge proof technology on ETH blockchain

Akash Anand

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Ethereum [ETH]: Ernst and Young to launch zero-knowledge proof technology on ETH blockchain
Source: Pixabay

The mainstream adoption of cryptocurrencies has been a topic of discussion for the longest time. This push by cryptocurrency organizations for integration seems to have paid dividends as many institutions have started adopting cryptocurrencies or at least blockchain technology.

The latest company to tap into the world of digital assets is Ernst and Young [EY], which announced that it would soon release its new zero-knowledge proof technology on the Vitalik Buterin co-founded Ethereum blockchain.

The project, titled Nightfall protocol, uses the inbuilt zero-knowledge proofs to allow organizations to transact privately on the same network without giving up the security and distributed nature of the ETH blockchain. Circle Research, in an official release, commented on the technology:



“ZKPs prevent anyone attempting to analyze their blockchains from making any sense out of what they’re looking at. ZKPs enable all of the benefits of public blockchains like Bitcoin without the downsides of leaving behind digital clues that can be analyzed by third parties. The result is the ability to transact with complete privacy, inscrutable to the outside world.”

Another feature of EY’s public blockchain approach is its integration of privacy through permissions. The feature makes sure that participants on the blockchain who are selected ahead of time would be preferred over the ones who join the blockchain later. Some users, however, have criticized the permissioned network, which was also mentioned in the Circle report. It stated:

“A key criticism against permissioned networks is that they are not censorship resistant – a single entity or group of entities has control over the network. In addition, there are multiple companies and consortiums building their own permissioned blockchains, which creates silos.”

Ernst and Young’s venture into the crypto-verse was also put on show recently when the company unveiled its new blockchain analytics tool, the EY Blockchain Analyzer. The announcement from the company said:

“The latest version of EY Blockchain Analyzer being showcased at the EY Global Blockchain Summit supports analysis of zero-knowledge proof (ZKP) private transactions on the public Ethereum blockchain, as well as the Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin public blockchains.”





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