Building for Ethereum in Go
In this episode, we will talk about building for Blockchain in Go. We are joined by two of the co-founders of Prysmatic Labs (a company behind the upgrades to the Ethereum network). Raul Jordan and Preston Van Loon tell Angelica how they started the company, as well as what it’s like to build technical infrastructure for the Ethereum blockchain using Go.
Matched from the episode's transcript 👇
Raul Jordan: Indeed. So as it stands today, Ethereum actually runs on what we call proof of work. People have probably hear about cryptocurrency mining - bad for the environment, killing trees, all sorts of things. Basically, the way that Ethereum and Bitcoin work today is they require people around the world to basically run these machines that are specialized computation circuits that use an extreme amount of electricity to basically solve this brute force math problem, and participate in the consensus of the blockchain.
The paradigm is that you’re putting in a lot of real-world electrical power into this system such that it becomes almost impossible that anyone can collectively try to revert that. You cannot revert the Bitcoin or the Ethereum blockchain without having more electrical power than all these people combined that put their effort into it.
So Ethereum is actually migrating to what we call proof of stake; so instead of expanding a lot of electricity, what you’re doing is that you’re instead locking up a lot of Ether, you’re locking up a lot of this cryptocurrency called ETH, and to participate in consensus, you need to put that up for stake. If you do anything malicious, you can start losing that stake. It changes the paradigm. You don’t need this crazy computational thing; it’s just basically anyone can run it on a home server. You can run it on a consumer laptop.
[58:49] Since Ethereum was already proof of work, the transition into proof of stake is very solid, because we can leverage all the security that Ethereum has already over the years into this new paradigm. So we are one of the teams that’s building proof of stake for Ethereum. Ethereum proof of work - the mining, basically - is planned to go away in less than a year, so basically no more shortage of GPUs on the market. You’ll be seeing a lot of really cool stuff happening, estimated I believe to be like 99.98% more computationally effective, and better for the environment. That’s something that we’re excited about, and just keep an eye out on that.