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CSPR is the native token of the Casper Network, a pioneering smart-contracts platform rooted in speed, flexibility and the same “Casper CBC” protocols underpinning Ethereum’s transformation to Proof-of-Stake (PoS) consensus, only slightly different.
At its core, Casper could be described as a public, enterprise-focused PoS blockchain but with several unique characteristics.
Complexly designed (by startup CasperLabs, co-founded in 2018 by Medha Parlikar, a veteran software engineer), the network's framework is purposely generic – like Ethereum, it is primary, "layer-1" underlying blockchain architecture. So while abstract enough to be super-versatile, it is also forward-mindedly flexible i.e. Casper caters to enterprise developers with their eye on building/solving for a "Web3.0" future, one in which the internet evolves into something way more decentralized, intuitive, and inter-connected.
*In blockchain-speak, Casper is actually a specific term of art, referring to the main components of multi-year, open-source research and development projects.
*CasperLabs' Casper Network is considered the first blockchain built using the Correct-by-Construction (CBC) consensus mechanism, that CasperLabs has tweaked and dubbed Highway; it’s said to be inspired by the Casper CBC research, led by Ethereum developer Vlad Zamfir, aimed at enabling that larger, better-known blockchain to change to more-energy-efficient PoS consensus, from Proof-of-Work (PoW), associated with high energy consumption. Thus, there's no shortage of confusion surrounding these protocols (Ethereum’s Casper and Casper’s Casper, which is Highway but branded Casper).
*The Casper Network project is targeting corporate clients who need help adopting blockchain technology.
How it works: With Casper's CBC construct, consensus-forming peer nodes ("validators") generate and pass around messages in pursuit of trying to reach consensus on newly created blocks, which is to put it very simply; an even more oversimplified explanation of the CBC premise comes courtesy of Casper researcher Aditya Asgaonkar: “only if there are a sufficiently high number of faults will something go wrong." The validators participating in the PoS consensus mechanism, upholding the network, are rewarded with CSPR tokens. These can also be used to pay network fees for activity on the Casper blockchain network.
After beginning life as a development team working on proof-of-stake scaling for Ethereum 2.0, CasperLabs pivoted to building its own blockchain in April 2020.
In February 2021, the team announced it had partnered with China’s Blockchain Service Network.
Casper’s mainnet launch was on March 31. The protocol has since announced multiple collaborations including partnerships with Terra Virtua, BIGtoken, WISeKey, and Lead Ventures. The team also initiated the launch of the DEVvDAO, a platform that issues grants for open source development on the Casper network, Cointelegraph reported.
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