Ethereum [ETH] Refuted Its Alleged Plans To Pay $15 Mln's On VDFs.

Ethereum [ETH] Refuted Its Alleged Plans To Pay $15 Mln's On VDFs.

2019-02-10 | Selina Mathew

Ethereum [ETH] Refuted Its Alleged Plans To Pay $15 Mln's On VDFs.

In line with a recent clarification by foundation researcher ‘Justin Drake’, the Ethereum [ETH] foundation has refuted its alleged plans to pay a prospective $15 Mln on the development of VDFs [Verifiable Delay Functions] to be used in its transition to a PoS [Proof-of-Stake] network.

A recent 'report' from renowned cryptocurrency media outlet CoinDesk stated that the foundation was considering an investment of $15 Mln to develop the technology, given its prospective profit for Ethereum’ future transition to a Proof-of-Stake based system. Drake however added that:

“The Ethereum Foundation isn't willing to pay $15 Mln. We are willing to split funds 50/50 with Filecoin or other financial partners.”

VDFs is a technology that functions to secure any system that depends on the generation of [pseudo] random codes from manipulation methods or attack.

In reference to a 'blockchain' that employees a PoS algorithm, a function alike VDF could be necessary so as to thwart the possibility that a network participant might influence or predict randomness so as to control which leaders and validators might be elected via the protocol.

As reported earlier, the shift to PoS is predicted to be completed with the final upgrade of the Ethereum [ETH] network — called Serenity, or Ethereum '2.0' — that would be the last in a very series of 4 stages embarked within the platform’s roadmap. At present, the network is in its 3rd stage [Metropolis], that consists of 2 system-wide hard forks — Byzantium and 'Constantinople' — both designed to pave the path to Ethereum 2.0.

Ultimately, through PoS along with a host of several other tech upgrades, Serenity is predicted to tackle basic queries like scalability, mining centralization, economic finality and security.

Just earlier this month, Ethereum [ETH] launched its 1st pre-release for the phase zero of its network’s evolving transition to Serenity, that co-founder Vitalik Buterin planned was “*baaasically* feature complete for Casper” — a transitional PoS-PoW [Proof-Of-Work] hybrid model presently under development by the Foundation.

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