Blockchain technology is disruptive, and it has the power to change every field, but most of the popular blockchains have a common problem that has to do with scalability.
Casper network is one of the new blockchains built to solve scalability problems while keeping the cost of transactions as low as possible.
Ethereum, the second-largest Blockchain in the world, is facing the problem of scalability, making the price of transactions on the Blockchain high. In this article, we will explain what is Casper Network and its purpose.
Although it’s just a year old, the project looks promising; we are sharing everything you need to know about Casper Network.
What is Casper Network
The Casper Network is a layer 1 Proof of Stake blockchain that aims to increase how businesses, people, and enterprises adopt blockchain technology. The Blockchain seeks to allow developers to build decentralized applications without the fear of scalability, security, and decentralization. It was launched on March 31, 2021, and it has attracted several enterprises, including web3 teams.
On the other hand, Ethereum only allows the use of Solidity for the development of smart contracts. This makes it easy for developers to build on the Blockchain since they won’t need to learn a new skill.
The Casper Network Blockchain has its Consensus protocol known as Highway, and it has more benefits over the most commonly adopted Byzantine Fault Tolerant protocol.
The Highway protocol allows the network to reach a high threshold of finalizing the blocks to be added. It also helps with flexibility while completing a block that is absent in the Byzantine Fault Tolerant.
The Blockchain is permissionless, and developers can build private or public products and services. CSPR is the official currency that powers the Casper Network
What is the Purpose of the Casper Network?
The primary purpose of the Casper Network is to allow businesses, enterprises, developers, and individuals to enjoy the benefits of blockchain technology.
It gives developers the room to bring their skills to the Blockchain and create smart contracts that can be upgraded directly. In addition, Casper can scale if there is an increasing demand for a particular service or product on the Blockchain.
The Casper network proof of stake architecture adopts sharding to break down transactions into smaller pieces to process them faster. As a result, the network is permissionless and flexible; it is left in the hands of developers to build the type of application they want.
Network fees, generally known as the gas fee, are kept predictable and consistent with promoting active and diverse online behavior; this eliminates volatility and improves user and developer experience.
The current high gas fee of the Ethereum blockchain is one of the reasons why people are moving to alternative blockchains like Elrond and Solana. Casper brings developers and users into perspective; it is termed the first real-time proof of stake blockchain.
Who are the Founders of the Casper Network? (Brief History)
Casper Network has a team of experts that have worked with some top giant tech companies, including Microsoft and Google. They launched their main net in March 2021, but the initial Blockchain plan started in 2017.
Medha Parlikar and Mrinal Manohar are the co-founders of CasperLabs, the parent company of the Casper Network. They also have other dedicated blockchain experts that are part of the Casper Network team.
Mrinal Manohar is the Chief Executive officer of Casper Networks, and he is also an early Ethereum Investor. Before collaborating to build Casper Network, he previously worked with Microsoft, Bain, and ran a $1 billion hedge fund.
Medha Parlikar is the Chief Technology Officer at Casper Network with years of experience delivering production software. She has worked with giant tech companies, including Adobe, DivX, MP3.com, and Omniture.
Who are The Casper Network Investors?
The Casper Network has some notable companies and hedge funds in the crypto space that attended their first private round of CSPR token sales in 2019. During the private token sale, CasperLabs raised $14.5 million, and some of the notable investors include MW Partners, Axiom Capital, Consensus Capital, and others.
In late 2020 and early 2021, CasperLabs organized two more private rounds of token sales and raised $14 and $8 million, respectively. Gate.io, Oasis Capital, and AGE fund were some of the most prominent investors during the second and third sales rounds.
They organized the funding rounds to raise funds for the launch of the Casper mainnet. The CasperLabs have 27 investors in total, and they have managed to raise over 30 million dollars for the deployment and maintenance of their mainnet after launch.
The Casper Network Roadmap
A roadmap on the CasperLabs website highlights their plans from the beginning to the mainnet launch in March 2021. it also marked the first day the CSPR token was traded publicly on CoinList. In addition, the roadmap showcases the Series A funding round organized in July 2019 and their testnet launch in March 2021.
The roadmap shows the success that has been recorded so far, and after the launch, the team has focused on keeping the platform stable for developers to utilize their dApps and smart contracts fully.
CSPR is the Casper Network’s primary token, and the token’s public sale successfully took place from March 23 to March 28, 2021, on CoinList Crypto Exchange. Another public sale was organized on CoinList in April 2021, and an additional 15,000 members bought the CSPR token.
Validators create new blocks by staking their CSPR tokens and participating in the development of the network. They contribute to a stake pool in which tokens are locked for some time. They receive rewards for their contributions to the network.
When writing this, the CSPR token has a total market capitalization of 298 million dollars with a total supply of over 10.6 billion CSPR tokens. 3.7 billion CSPR tokens are in circulation, while investors hold the remaining 6.9 billion CSPR tokens.
The token doesn’t have a maximum number of tokens that will be in supply which might affect the token’s value over time. Therefore, the Casper Network doesn’t have a burn mechanism.
Where to Buy the CSPR Token
The token is not listed on many cryptocurrency exchanges, but it is available for purchase on some exchanges in different trading pairs.
For example, you can buy the CSPR token on Huobi Global, one of the leading crypto exchanges, and it can be traded in two pairs that include CSPR/USDT and SCPR/BTC.
The token is also available on CoinList Pro and can be traded in two pairs: CSPR/USDT and CSPR/USD.
You can also buy the token on Gate.io in CSPR/ETH and CSPR/USDT pairs.
Conclusion – What is Casper Network?
Casper Network is one of the first Blockchain focused on making it easy for businesses and enterprises to adopt blockchain technology for creating products and services. It is solving the problem of scalability and making it easier for developers to deploy smart contracts on a blockchain.
The project is still in its early stages, but it looks promising, especially when you consider the investors and dedicated team of technology experts involved in the project. Please share your thoughts about the Casper Network with me in the comment section below.