Ethereum Casper

Casper is the implementation that will eventually convert Ethereum into a Proof of Stake (PoS) blockchain (also known as Ethereum 2.0). Although Ethereum was launched in the summer of 2015 as a Proof of Work (PoW) blockchain, developers were already planning a long-term transition to the staking model. After the transition is complete, mining will no longer be part of the Ethereum network.
To date, there have been two co-developed Casper implementations in the Ethereum ecosystem: Casper CBC (Correct-by-Construction) and Casper FFG (Friendly Finality Gadget). The CBC version was initially proposed by Ethereum Foundation researcher Vlad Zamfir. Although research on CBC was initially focused on PoS protocols for public blockchains, it has since evolved into a wider field of study, comprising a family of PoS models.
Research on Casper FFG is being led by Ethereum co-founder Vitalik Buterin. The initial proposal consisted of a hybrid PoW/PoS system, but the implementation is still under discussion, and new proposals may eventually replace it with a pure PoS model.

Notably, Casper FFG is the one being planned to initiate the Ethereum 2.0 rollout. But, that doesn’t mean Casper CBC won’t be of any use. In fact, it may end up replacing or complementing Casper FFG in the future.

While both versions have been developed for Ethereum, Casper is a PoS model that may also be adopted and implemented in other blockchain networks.

How Casper Works:

The transition from Ethereum 1.0 to 2.0 is dubbed the “Serenity” upgrade. It will consist of three different phases. In its initial phase (Phase 0), a new blockchain called Beacon Chain will be launched. Casper FFG rules will drive the consensus mechanism of this new PoS-based blockchain.
Unlike PoW mining, where miners run expensive and specialized machines to create and validate blocks of transactions, Casper implementation will remove the process of mining from Ethereum. Alternatively, the verification and validation of new blocks of transactions will be done by block validators, which will be selected according to their stake.
In other words, the voting power of each validator will be determined by the amount of ETH they put at stake. For example, someone who has deposited 64 ETH will have double the voting weight of someone who deposited the minimum staking amount. To become a block validator in the first phase of Serenity, users will need a minimum stake of 32 ether (ETH) - deposited into a special smart contract based on the former Ethereum blockchain (1.0).
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