What is Casper (CSPR)? How Does Casper Work?
Casper is one of the leading blockchain networks that has stepped forward to overcome the following problems. Let us understand what is casper and how does Casper work.
Blockchain technology has been around for more than a decade. The industry has introduced a number of innovative solutions over the years. Still, it’s failing to get enough attention at the enterprise level because most of the layer 1 blockchain networks have scalability and privacy issues.
The developers also complain about a number of other factors that are potentially preventing the adoption of blockchain technology at the enterprise level. Casper is one of the leading blockchain networks that has stepped forward to overcome these problems.
What is Casper (CSPR)?
Casper is a fully decentralized, Layer 1 blockchain network dedicated to establishing an ecosystem that can accommodate the needs of all types of businesses. The platform is committed to introducing the features that developers expect to have in a decentralized network.
The platform has a goal of connecting businesses through blockchain resources. Casper offers secure and scalable blockchain solutions for enterprises by incorporating WebAssembly (WASM) and Proof-of-Stake consensus mechanism. Casper offers a number of features for businesses to improve their working paradigms.
The best part is that businesses can scale their operations at a low cost using this Layer 1 PoS protocol.
Important Features of Casper
Casper is a developer-friendly and future-focused blockchain network that strives to become the market leader in the web3 space.
Proof-of-Stake Consensus Protocol
Casper introduces a flexible and energy-efficient consensus mechanism to validate transactions faster than traditional blockchain networks. The platform finalizes more blocks in a short span of time because it provides higher thresholds of finality in a non-binary way.
Even if there are a few slow nodes within the network, the platform ensures secure transactions at any cost. Casper offers 47,000% more energy efficiency as compared to Ethereum. Thus, it can complete the validation process with fewer nodes.
Business Friendly
As it’s mentioned, Casper is an enterprise-focused blockchain network. So, it enables enterprises to choose between public, private, and permissioned networks according to their requirements. Enterprises don’t need to worry about security and performance no matter which kind of network they’re using.
Upgradeable Smart Contracts
Most blockchain networks don’t let users upgrade the smart contracts once they’re deployed. But Casper uses a package management model. Thus, it eliminates the need for migrating the smart contracts for upgradation as the users can make certain changes to the smart contracts whenever they want.
Whether there are any vulnerabilities or new features need to be added, it takes only a few steps to update a new version of the smart contract. This feature is quite useful for enterprises as they need to upgrade their contract terms following market trends and business needs.
Predictable Low Gas Fees
Casper strives to maintain a transparent and consistent gas fee through its Highway protocol. Usually, gas fees skyrocket when there is some congestion on the network. But overcomes this problem by quickly validating the transactions. The enterprises feel more confident about using platforms that offer stable gas fees.
Developer Friendly
Casper introduces a developer-friendly infrastructure so that the developers can make the most of the platform rather than worrying about complexities. WebAssembly (Wasm) eliminates the need for relying on proprietary languages like Solidity.
The developers can also convert the Solidity-based apps into Rust programming language with the help of Solidity Transpiler. Thus, Casper is committed to supporting the mass adoption of blockchain on the enterprise level by providing smooth and simple migration tools.
Casper Brief History
Casper was launched by Medha Parlikar and Mrinal Mnohar in 2018. The CasperLabs team wrote the codebase of the network within 18 months and the official testnet was introduced in March 2020. Moreover, the mainnet was launched in March 2021. The platform has gone through five major upgrades since its launch in 2021.
CasperLabs has the support of former executives from popular organizations like Google, Microsoft, and Adobe. That’s why the project gained more attention at the enterprise level right after its launch. CasperLabs is now trying to promote the mass adoption of Web 3.0 across UAE in collaboration with SJM Group.
Over the years, developers have started using this platform to build unique projects ranging from NFTs, KYC solutions, Defi, and decentralized gaming projects.
How Does Casper Work?
Casper network is operated with the help of node operators. The validators need to finalize the transactions with the help of the CBC (Correct-by-Construct) consensus protocol. A portion of the gas fee is transferred to the validators for their contribution.
Casper CBC vs Casper FFG
Ethereum now uses a hybrid consensus protocol known as Casper Friendly Finality Gadget. Ethereum is going to use this hybrid mechanism to move to a full PoS system step-by-step. Therefore, some people believe that Ethereum has contributed to the implementation of the Casper network.
But they’re both separate projects because Casper uses the Correct-by-Construction mechanism to validate transactions. Casper’s consensus protocol was developed by Vlad Zamfir, a former developer of Ethereum. That’s why this confusion is created.
Casper Tokenomics
CSPR is the native token of Casper that is used to pay gas fees. The users need to stake their CSPR tokens if they want to become validators in this network. The platform rewards the validators in the form of CSPR tokens when they validate a transaction.
With a circulating supply of 10.6 billion tokens, CSPR has a market cap of $310 million. It ranks among the 100 best cryptocurrencies in terms of market cap.
Conclusion
Casper is a layer 1 blockchain network dedicated to improving the mass adoption of blockchain technology at the enterprise level. The network uses a PoS consensus mechanism to quickly finalize transactions. Casper is trying to become a market leader in the Web3 space with its developer-friendly and enterprise-friendly infrastructure.
If you need more information about Casper, feel free to get in touch with us.