CSPR is a cryptocurrency that the Casper Network established by CasperLabs released. Another legal entity standing behind the platform is the Casper Association, which is a non-profit facility based in Switzerland that oversees the evolution and decentralization of the system. It maintains and supports the open-source resources around the core of the Casper Network to strengthen its growth.
Casper Network is a corporate proof-of-stake blockchain, which was built to help companies to introduce blockchain-based services and products for their further efficient use. The network is equipped with multiple tools such as upgradeable smart contracts, convenient functions for development, and lower transaction costs in comparison with expenses incurred by most blockchains.
As the platform focuses on the needs of companies, it offers exceptional possibilities to create blockchain applications choosing between public and private blockchains. It is up to the companies to decide how to manage the privacy of applications and set permissions without compromising security and performance.
The platform uses a PoS protocol known as Casper CBC. One of the core features of the facility is the original CBC-Casper (Casper Correct-by-Construction) specification. This specification provides the flexibility of the Casper consensus protocols as it allows users to adjust the block time of tokens depending on network conditions and guarantees the irreversibility of processes.
Thanks to the infrastructure created on the basis of Casper’s unique architecture and the sharding technology, in particular, users can take advantage of such features as speed, scalability, and high productivity of the system. All-in-all, the platform is considered to be quite convenient thanks to developer-friendly, familiar languages such as Rust and WebAssembly. The system also uses a reliable Solidity transpiler that facilitates the migration processes and enables upgradeable contracts.
The platform provides a set of tools for developers to enable them to create even more user-friendly solutions and improve custody and security features. Diving into documentation, specialists can easily understand how to use the platform’s technology to their advantage. Those who want to run a validator node on the Casper network get access to all the necessary tools to deliver a standalone private network or use the infrastructure as a part of the public network. To use the platform, it is essential to be proficient in Unix-based operating systems, bash, and system service scripting. As for the technical pre-requisites, the system requires 32 GB Ram, 4 cores, 2 TB SSD or network SSD backed disk, and a Linux machine running Ubuntu.
The products of the platform also include the Casper Network block explorer which helps to assess the performance of the network and gives users the opportunity to see the validator uptime and transaction throughput. A friendly community of developers can also help to boost the performance as specialists can learn about updates, consult other experts and collaborate on their projects together.
The Casper platform
The in-house team had worked hard before the testnet was released in 2020. On March 30, 2021, the platform released the mainnet of the CSPR blockchain, which became one of the first Live Bet Proof (PoS) projects built off the Casper CBC specification. The platform targeted primarily businesses and tried to facilitate their adaptation to blockchain-based technologies, therefore, the product offered in the facility is enterprise-optimized.
The Casper association tries to execute a unified communications strategy, employing all its channels, for all parties to discover the most relevant resources and data. It refers to such participants of the process as developers, validators, node operators, and all users to make sure that the whole ecosystem is capable of easy upgrades in the future. In addition, the platform adopted Ferrum Cross-Chain Bridge in January 2022 thus extending its presence on such popular ecosystems as Polygon and BSC (Binance Smart Chain).
CSPR security and financial details
The in-house team makes its best to provide robustness and security performance of the system. For instance, the technical release that took place in April 2022, included fixes to remove the severe vulnerability of third-party libraries that had been previously unreachable but could halt the network and be exploited during diverse phishing attacks. The security updates were successfully implemented to prevent the potential problem.
It is also worth mentioning the security patch that was released in February 2022, to introduce an exciting “fast-sync” feature depending on a “trie-leaf chunking” mechanism, as the platform’s developers call it. It is needed for downloading the global state database from numerous peers when a node requests different elements of the trie, which are called trie leaves. The trie leaves shouldn’t exceed 8MB so as not to impede fast-sync performance.
Earlier in September 2019, CasperLabs held a private round of CSPR token sales, which was attended by well-known companies and hedge funds in the crypto industry such as Consensus Capital, Axiom Capital, MW Partners, and many more. During a private token sale, CasperLabs raised $14.5 million.
In late 2020 and early 2021, CasperLabs held two more private sales rounds raising $14 million and $8 million respectively. The list of investors included such companies as Gate.io, ZB.com, Cluster Capital, AU21 Capital, AGE Fund, and Oasis Capital.
The project is backed by a team of versatile specialists, from researchers to entrepreneurs, who do their best to create a blockchain-based flexible and functional solution on the basis of Web 3.0 principles with the goal of its fast adaptation to ever-changing market conditions. The concept was highly evaluated by most reputable participants in the cryptocurrency industry. At this, Casper has concluded partnerships with well-known blockchain projects such as BitGo, Chainlink, Huobi Global, Metis, and others.
Mrinal Manohar is the CEO of the company with his precious experience obtained during his work at such companies as Microsoft, Bain, and Bain Capital. He also ran a $1 billion hedge fund and was an early investor in Ethereum. Medha Parlikar, CTO, who is also responsible for product development, worked previously at Adobe, Omniture, MP3.com, etc. Cliff Sarkin, COO, holds two bachelor's degrees from the University of California and a J.D. from Harvard Law School. Previously, he was in charge of Business Development at DNA.Fund, a leading crypto fund.