Casper is one of the most heavily anticipated update 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 big change.
Casper is why the Ethereum community was not worried when Bitmain announced their new ASIC miners. Ethereum will eventually be to a different system, rendering 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 periodically to validate the blocks. Once everything goes well, the end goal is to move to a complete Proof of Stake system.
The minimum deposit for proof of Stake will start at 1,500 ETH which is $1.125 Million at the time of writing this article. Ryan, at a recent event said “As these pieces of the puzzle are getting closer to being completed, I’ll signal that it’s time to start talking about fork block numbers.