By James Davis
Over the past few years, Casper has grown in popularity among enterprises and developers looking to build blockchain-powered applications. But what is it? This guide explains everything you need to know about Casper and its impact on the Web3 industry.
Exploring Casper
Casper, a layer-1 blockchain, offers a secure, user-friendly, and accessible platform for developers and businesses seeking to build crypto-powered apps. Contrary to most of its competitors, which require developers to use complicated programming languages, Casper’s developer tools make it easy for anyone to start building projects on the blockchain.
Moreover, while most blockchains focus on facilitating the development of decentralized finance applications and NFTs, Casper is specifically designed for business apps.
History of Casper
Casper was launched to address the scalability problems that Ethereum encountered in 2017. Vlad Zamfir, a well-known contributor to the Ethereum blockchain, led the research on Casper. He was assisted by Casper Labs co-founders Renee Manohar and Medha Parlikar. The trio researched how to develop a Proof-of-Stake blockchain.
The research was going well until October 2019, when differences emerged among the three Casper pioneers. Zamfir wanted the team to adopt a different consensus mechanism, while Parlikar and Manohar wanted to stick with the Proof-of-Stake. Zamfir would later leave Casper Labs and file a suit against his partners, accusing them of misleading investors into believing they were injecting funds into Ethereum rather than Casper. However, the court dismissed Zamfir’s motions in 2020. The Casper blockchain was then launched the following year.
Understanding the Functionality of Casper
Besides using the Proof-of-Stake algorithm, Casper adopts another consensus mechanism called CBC Casper, which has been endorsed by Vitalik Buterin, the Ethereum co-founder. CBC Casper focuses on the liveness and safety of the Casper blockchain. What the term safety means is that Casper won’t make decisions that are inconsistent. On the other hand, liveness defines the ability of the blockchain to stay active and make a decision, achieving finality.
What is Special About the Casper Blockchain?
There are several aspects that make Casper unique. They include:
Easy-to-Use – Casper offers familiar developer tools, expert support, and open architecture, thus simplifying app development. Moreover, the use of the Rust programming language and WebAssembly makes the development path easy for developers and enterprises.
Energy Efficiency – Being a Proof-of-Stake blockchain, Casper is more energy-efficient than most blockchains, especially those that use Proof-of-Work.
Enterprise-Grade – The use of Rust programming language allows any enterprise to develop and launch a blockchain-powered app.
Scalability – Casper employs a scaling solution called sharding, which breaks the chain into smaller parts, enhancing Casper’s transaction processing capacity.
Upgradeable Smart Contract – With Casper, developers can modify smart contracts after deploying them. This flexibility is vital, especially for businesses that want to fix bugs or update features.
Predictable and low costs – Gas fees charged on Casper are predictable and relatively low, making the blockchain cost-effective for developers and users.
Collaborations – Casper has so far collaborated with organizations such as IBM, Blockchain Service Network, Hyperledger, World Economic Forum, and BlockV. Its partnership with IBM seeks to facilitate cross-chain transactions between the Casper network and private permissioned blockchain.
Casper Native Token
Like most layer-1 blockchains, Casper also has its native token, CSPR. It is used to collect network fees and reward validators participating in keeping the network secure. Moreover, holders can stake it to earn yearly yields. Casper sold millions of CSPR via four Initial Coin Offerings in 2021.
According to data from CoinGecko, CSPR has a market cap of $383.8 million and trades at $0.033 as of this writing. The token’s circulating supply stands at 11.51 billion, and its total supply is 12.18 billion.
Where Can You Store CSPR?
Storing your CSPR tokens in non-custodial wallets is important as they give you complete control. Some of the CSRP-compatible wallets to consider include Simple Wallet, Casperwallet.io, Ledger, and Trezor.
Final Thoughts
Being an Enterprise-focused blockchain, Casper promotes institutional crypto adoption by making it simple for traditional businesses to develop blockchain-powered apps. Finally, make sure you research CSRP before buying it.