 Okay, I want to make this quick little video talking about the future faith of Ethereum. If you missed my article, Huffington Post, I wrote about it. There's a link below this video. However, I want to keep this video super short. I was only talking about maybe in a short period of time, which is six months of what Ethereum wants to do or they supposedly want to do and how it's going to affect you as a miner, affect you as a business, and affect you as a DAF if you built on top of EVM. So the major thing we're going to be talking about is proof of state. So if you've been following Vitalik and Vlad, they've been working on this big theoretical paper talking about how they want to stretch from a proof of work model, which is kind of similar to Bitcoin, different consensus and cryptographic models into a proof of stake model where you are actually leaving physical mining and going to a virtual mining. So how that works in a nutshell and please correct me if I'm wrong. Remember, I'm not an engineer, developer, you know, I also have to learn this stuff and kind of relay it to you. In fact, by me relaying it to you, I kind of submit my knowledge a bit better and that's why I like to do these videos. So the whole idea of proof of stake is I forget the mining, the physical GPU mining, et cetera, and the hardware such as ASEX when it comes to Bitcoin. And we are doing virtual mining. So how that works out or looks like is you will literally stake your ether. And the whole idea is by staking your ether, if you do anything fraudulent, if you do anything against the network, your ether will be slashed. Now, I don't know what the slashing conditions are. I don't know how much ether will be slashed, but it's beyond that. It's not just you fraudulently not confirming proper blocks. It's also if you don't commit within to the actual proof of stake network. If you're not participating in the proof of stake network, you can't just sit there by staking your ether. You actually must be present and participating within the proof of stake network to be considered a node and to stake your ether. Okay. Like I said, I don't want to get into that. I just want to show you exactly the ideas when it comes to proof of stake. So what is proof of stake promise? Scalability. It promises are scaling 1000 transactions per second. Confirmation time is decreased. So it's much quicker. Ideally most block chains, they want to start scaling to visa level, which is about a hundred transactions per second. That is a plan. Also they're promising sharding. Now sergeant sharding is still for me kind of convoluted. But the idea is so if you have a block, pretend that's a block, they want to shard the block into a bunch of these pieces into these nodes that are staking ether and then bring them back together. That is in a nutshell, obviously I'm simplifying this thing completely. If I got it wrong, please correct me in the comments below. But I do want to kind of talk about how proof of stake will be kind of released out there with testing and main end. So the whole idea right now, and it's going to be running in parallel with proof of work. The whole idea right now is Ethereum is on proof of work and it plans to maybe sometime in Christmas. I don't know exactly. They haven't told me. They don't know yet themselves. But the whole idea is slowly to release proof of stake within the network, both on test and main end in parallel together. So, I mean, scribble one in over here, this will be the 100th block. So right now the whole idea is when they start releasing this, it's going to run in parallel and they're going to be doing testing between main end, sorry, testing between test and main end. So when it runs in parallel, there's going to be the proof of stake system, which is still going to be the regular graphic card mining, and this is a proof of stake. So every 100 blocks within the proof of work model, a proof of stake block will be confirmed and they want to do this for a little bit to test out how it works. And eventually, eventually, once the bugs or issues or technical hurdles they get over, they'll eventually slowly start detaching the proof of work with the proof of stake chains that eventually the proof of work disappears and the proof of stake stays. And now it's completely virtual. Now, how does this affect you? You don't need to understand the technicalities if you're entrepreneur or startup. This affects you in a couple of ways. It affects you and if you are a miner, now your graphics cards are kind of useless and now the mining is done virtually. That means you have to physically stake your ether to join as a node. Number two, it does affect how you will be running on the EVM. Certain protocols will change. Certain API calls will change. Bottom line, though, is this is a good thing. It's needed. If you've been paying attention, EVM was shut down a couple of times in the last month or so. Bancor, ICO, status ICO and imagine if you were a successful startup on top of Ethereum using it and all of a sudden your business was shut down because other companies shut down the EVM. That's not good. So hopefully with proof of stake, we're going to have thousands and thousands of transactions happening every second and the confirmation time is reduced to as minimum as possible with sharding. And also what's really good about this is because of proof of stake system, it's supposedly promising a much more secure model against 51% of tax. So that's why I'm kind of like update you guys on Ethereum is looking to slowly release proof of stake model, which is called Casper, maybe sometime in a Q4 who knows and it's going to be slowly, gradually released out bit by a bit on testnet to mainnet. And it's going to run in parallel with proof of work with proof of stake that every 100 blocks will be added within the proof of work model. And eventually once that is say ironed out and it looks good, they will slowly start dropping off the proof of work and then proof of stake will take over and then we'll go to the next plan. And the next plan will then will be sharding and all these other different upgrades. But proof of, you know, just are some some things taken consideration. They've been working on this for a while and it may be delayed. Who knows, it might not be this Q4 or maybe Q1 or maybe Q2. I really don't know. But the bottom line is Ethereum is going to be going through a lot of growing pains in next year, which is a great thing. And what I recommend for anybody out there is if you are an engineer, if you are a researcher, contact the Ethereum Foundation, work with them. They're always looking for good people and that's what's missing the space. We need more researchers. We need more academic people and we need people to kind of think a little bit outside the box and create new ways of running blockchains and scaling blockchains. So that's it. That's kind of like what's Ethereum is doing the next six months or so. If you have any questions for me, leave a comment below this video and I will talk to you guys soon. Peace.