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Ethereum (ETH) Foundation, OmiseGO, Stanford Univ. Unveil Blockchain Research Center

Stanford University computer scientists, the Ethereum Foundation, Protocol Labs, the Interchain Foundation, OmiseGO, DFINITY Stiftung and PolyChain Capital, have unveiled the Center for Blockchain Research, an ingenuity fashioned to enhancing blockchain technology research in a bid to fortify the mode of financial dealings over the internet.

A release by Stanford University indicated that the research center is led by Dan Boneh, a Professor of Computer science in the School of Engineering and an expert on cryptography and computer security, and David Mazières, who is also a Professor of Computer science.

In the same line, the pioneer members of the faculty also include Alex Aiken, David Dill, John Mitchell, Tim Roughgarden, and Joe Grundfest from the law school faculty of the university.

Boneh, said blockchain is going to be inexcusable from global business as time goes on. “Blockchains will become increasingly critical to doing business globally,”

“Stanford should be at the forefront of efforts to improve, apply and understand the many ripple effects of this technology,” he said.

When fully functioning, the research initiative is to converge university scientists and industry leaders to design best practices for this “burgeoning and potentially transformative field”.

Also, the scientists involved in the projects are designing courses that will help future students and professionals who are interested in using blockchain to invent financial instruments, protect intellectual property, manage vital records, among others.

“Blockchain massively lowers the barriers to creating tradable, digital assets,” Mazières said.

“It allows individuals who don’t know each other, or even trust one another, to make irreversible transactions in a whole variety of fields in a safe and secure way.”

Several blockchain firms have been supporting research in this area. Recently Ripple partnered close to 20 educational institutions on its newly unveiled University Blockchain Research Initiative (UBRI), which is designed to accelerate academic research, technical development and innovation in blockchain, cryptocurrency and digital payments.

In the same vein, Waltonchain (WTC), not long, announced it is launching the World’s First Blockchain Research Institute and the first to be recognized by the Korean government. The institution, despite being a non-profit foundation is officially certified by the Ministry of Science and ICT of South Korea.

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Ethereum (ETH) To Fight Value Imbalance With Casper Hybrid

With Casper Hybrid adoption, Ethereum’s Inflation Will Be lowered by 80%, hence, value depreciation. In few months, the cryptocoin plans to lower its inflation using the Hybrid Casper upgrade.

Through the means, blocks will be rewarding 0.82 ETH instead of the current 3 ETH thereby reducing the inflation to 2% per year, a report has indicated.

Like Verge’s recent halving, Ethereum Hybrid Casper upgrade will reduce the amount of ETH in the cryptocurrency market once it is fully implemented.

The upgrade gives, Parity and Geth, who are stakeholders of the Ethereum platform, the advantage to also implement the latest development.

The new proposal, dubbed “Ethereum Improvement Proposal (EIP)” details some specification for the future implementation of Casper FFG, which is regarded as the most important update Ethereum has ever unveiled.

EIP 1011 has details of perfect hybrid consensus algorithm which is invented by Ethereum developers, and it combines proof-of-work (PoW) consensus with the proof-of-stake (PoS).

Since it is declared in Ethereum yellow paper, the move from PoW to PoS is taken with importance for the fact that it will have effect on the data affixed on the blockchain.

In October 2017, Buterin talked about the Casper FFG, that “the proposal mechanism will initially be the existing proof of work chain, making the first version of Casper a hybrid PoW/PoS system. In future versions the PoW proposal mechanism will be replaced with something more efficient. For example, we can imagine converting the block proposal into some kind of PoS round-robin block signing scheme.”

The proposal states clearly that “Transitioning the Ethereum network from PoW to PoS has been on the roadmap and in the Yellow Paper since the launch of the protocol. Although effective in coming to a decentralized consensus, PoW consumes an incredible amount of energy, has no economic finality, and has no effective strategy in resisting cartels. Excessive energy consumption, issues with equal access to mining hardware, mining pool centralization, and an emerging market of ASICs each provide a distinct motivation to make the transition as soon as possible.”

Ethereum and Two Big Problem

Ethereum is going through two solid problems. One is the fact EOS and TRON are leaving ERC20 platform for their mainnets and the other is that of the recent secret meeting of the cryptocoin that did not feature Vitalik Buterin. The two problems according to observers may weigh down Ethereum if not managed with care.