in

WHAT IS CASPER (CSPR)?

Blockchain technology is always on the verge of its next breakthrough. However, from the perspective of developers who actually decide if, when and how to use a particular blockchain, certain key features are missing from most layer 1 chains. This has hindered the widespread adoption of blockchain in application and enterprise environments.

Aiming to address this gap in the industry, the CasperLabs team set out to create a new blockchain that has all the features developers expect to see in a traditional technology stack.

This team will also provide projects and businesses of all sizes (both private and public) with a secure, decentralised and scalable blockchain that enables their critical processes to be more secure, efficient and robust on the blockchain.

The Casper Network is a public, decentralised and energy-efficient proof-of-stake (PoS) blockchain. It is the first live implementation of the CBC-Casper consensus protocol, providing the decentralisation, security and scalability needed to drive adoption.

CasperLabs started in late 2018, invested more than a year in research alone to support formal testing for the Highway Protocol, and then wrote its blockchain codebase over an 18-month period. Casper entered the test network in March 2020 and launched its main network in March 2021. CSPR is Casper’s native network token, which is used to power and protect the network, as well as to reward validators.

How does Casper work?
With Casper’s build-by-build correct construction (CBC), consensus-building peer nodes (validators) generate and pass messages to try to reach consensus on newly created blocks. A block proposer selects a set of pending transactions and includes the transaction hashes in a block: this is a proto-block. The consensus is executed and the block is finalised.

Once finalised, the validator nodes execute all transactions in the block and update their internal state. The validators then send a final signature indicating that they have completed the execution of the block, added the block to the linear chain and updated its internal state.

Since the launch of the main Casper network in March 2021, the network has been updated with five releases. The team continues to provide feature updates in response to requests from the community and the Casper Association. Future releases include “fast sync” in version 1.5, which allows new nodes to join the network without replicating Genesis blocks.

In 2022, the Casper ecosystem will be upgraded to support Casper 2.0, an ambitious release that intends to provide several scalability features, including (among others) Highway 3.0, host-side DeFi features, as well as contracts that can bet on the network and pay for the execution of smart contracts.

The Casper ecosystem always prioritises security and robustness above all else, and its roadmap is a reflection of this.

CSPR’s tokenomics can be broken down as follows:

Since the launch of the mainnet on 31 March 2021, Casper has experienced remarkable growth and decentralisation, with its total circulating supply of over 4.1 billion tokens. Despite there being more tokens in circulation than ever before, the number of tokens staked on the network is the highest ever, exceeding 8 billion (including unlocked but uncirculated CSPR), a strong sign that the community is holding CSPR and securing the network through staking.

What makes Casper unique?
Casper is a public, business-focused PoS blockchain with several unique features. Casper Network is specifically designed to connect to existing infrastructure and technology systems. The Casper technology has interfaces and APIs that allow it to work seamlessly with tools commonly used in business today. This has already attracted multiple companies and Web3 teams to develop partnerships with Casper.

Specific network capabilities include:

Specific capabilities of the network include:

Security First: Casper is a scalable, fully decentralised/permissionless blockchain designed for real-world speed and security with very low and sustainable energy usage.
Minimal risk/easy to use: Casper integrates into existing development processes and toolsets, reducing friction and training time.
Flexibility: Casper provides upgradeable contracts and multiple network deployments, allowing companies to respond to changing market and customer needs.
Low cost: Its public software platform is developed with transparency and sustainable pricing.
Future-proof: The modular architecture allows Casper technology to be upgraded to add new features and implement new technologies in the future.
Casper seeks to distinguish itself from the competition through its emphasis on enterprise-level design combined with its provision of professional service solutions for businesses. CasperLabs is the for-profit business that began work on the Casper blockchain codebase in October 2018 and facilitated the Casper testnet throughout 2020-21 until its mainnet launch.

In addition to CasperLabs engineers working on introducing new features into the open source codebase for the Casper blockchain, CasperLabs is running a fully staffed enterprise consulting business that provides support and services for its Casper-based enterprise customers to assist enterprises in adopting blockchain technology on the Casper network.

The CasperLabs team has decades of experience in large enterprises, so it has substantial knowledge about the business needs and processes for implementing new technologies in large ecosystems. The professional services and consulting arm is not separate from the core development arm, so companies have access to the team that built the network. There are already several companies relying on Casper and migrating from other blockchains because of its unique approach to solving integration in application environments, a major business pain point for blockchain adoption.

0 Comments
Inline Feedbacks
View all comments
crypto 8

CRYPTO STAKING GUIDE 2022

crypto 24

REN VS BITCOIN: WHICH CRYPTOCURRENCY SHOULD YOU BUY IN 2022?