Casper is developed to empower enterprises and developers. In this guide, we will explore all the elements of the Casper ecosystem, including its native token, CSPR. Continue reading to learn more.
Casper Network Explored
Casper, a layer-1 network, offers an accessible, secure, and user-friendly platform for developers and businesses seeking to develop blockchain-powered apps. Unlike many blockchains that require developers to undergo rigorous training to build projects, Casper adopts a simple programming language that ensures every developer quickly understands it and can start creating projects as soon as possible.
It is worth mentioning that Casper borrows some elements from the second-largest blockchain, Ethereum.
Casper Network History
Casper was launched to address scalability issues faced on the Ethereum network. Vlad Zamfir, a key Ethereum contributor, began researching the technology to develop Casper in 2017 and was joined by Renee Manohar and Medha Parlikar the following year. The trio settled for the CBC proof-of-stake consensus mechanism as the ideal technology for developing Casper in late 2018.
The development of the project started in March 2019. However, in September that year, Zamfir wanted the team to adopt a new technology, which it rejected. He then left Casper Labs, and in 2021, he filed a suit against Manohar and Parlikar, accusing them of hiding information from investors. He claimed that the duo made investors believe they were investing in Ethereum, not Casper.
However, the court deemed Zamfir’s claim baseless on March 30, 2021, marking a legal win for Casper Labs.
How Casper Works
Casper utilizes the proof-of-stake algorithm like many layer-1 blockchains but also incorporates the CBC Casper consensus mechanism, which Ethereum’s co-creator Vitalik Buterin endorses. CBC Casper boosts the network’s security, making it difficult for exploiters to gain access to decentralized apps built on Casper.
What is Special About Casper?
There are several features on Casper that make the blockchain unique. They include:
Easy-to-use: As mentioned, Casper makes available easy-to-use developer tools, simplifying the development of decentralized applications. The blockchain supports the Rust programming language and WebAssembly to allow developers and businesses to build projects seamlessly.
Energy efficiency: According to data on the Casper website, the network is 136,000% more energy-efficient compared to other blockchains.
Enterprise-grade: As stated, Casper is designed to facilitate the creation of apps for businesses. The blockchain provides enterprises with flexibility in selecting a hybrid, public, or private network.
Upgradable Smart Contracts: With Casper, developers can easily modify the smart contracts of their projects even after deploying them. This is not common in many blockchains.
Scalability: By using a proof-of-stake consensus mechanism, Casper is able to utilize a data scaling solution known as Sharding, which increases the network’s capacity to process multiple transactions, thus improving efficiency.
Collaborations: The Casper network has forged partnerships with prominent organizations like Blockchain Service Network, Hyperledger, BlockV, World Economic Forum, and IBM. Its partnership with IBM seeks to enhance interoperability by facilitating cross-chain transactions between Casper and private permissioned networks.
Predictable, cheap costs: The gas fee charged on Casper is relatively low and predictable. This allows users to transact cost-effectively.
The CSPR Token
CSPR powers the Casper ecosystem. The token is used to reward validators for verifying transactions on the Casper blockchain. Moreover, CSPR is used to pay network fees.
The token was issued through an Initial coin offering a few years ago on CoinList. As of January 2024, there are over 11.67 billion CSPR tokens in circulation, with a total supply of 12.27 billion.
You can stake CSPR on various platforms to earn an annual percentage yield of 8%.
To explore the Casper ecosystem, you need a crypto wallet that supports the storage of CSPR. If you want to store CSPR in a hot wallet, you can pick either Simple Wallet or Casperwallet.io. If you wish to store CSPR offline, go for Trezor or Ledger.
With its primary target being enterprises, Casper continues to play a vital role in promoting the institutional adoption of crypto. For this reason, the project is likely to exist for a long time.
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