An update in the crypto industry is from Casperlabs. This startup has been launched primarily focussing on constructing a new form of blockchain technology based on a version of recently suggested consensus protocol of Ethereum, Proof-of-stake(POS). We all are aware that POS is going to replace its counterpart very soon and has been appreciated by most of the related organization and traders.
The aim of this startup is to launch a scalable and fully centralized next generation blockchain technology. For this goal, the researcher of Ethereum Foundation, Vlad Zamfir has been appointed as the lead architect of this project. The company broadly focusses on POS. In a recent interview, Vlad stated that his main role in this project would be to assist the team to understand the created technology. He also stated that his role wouldn’t be dedicated to the coding part of the technology rather in the research part of the project.
POS i.e. proof-of-stake has been proving as a better and easy alternative for the consensus algorithm in blockchain technology as compared to its counterpart POW i.e. proof of work. However, the testing and use of POS at a significantly large scale are yet to be done. The main advantage of POS is that it allows different designs to be implemented within itself. In the mentioned startup, Casperlabs, it has been expected that the design would be mostly oriented to similar to the one designed by Vlad. This design is known as Casper Correct by Construction (CBC).
Casperlabs building POS Blockchain
There was a press release today regarding the same topic by Casperlabs. In this press release, it was stated that Casperlabs CBC provides an efficient way to increase the scalability of blockchain without serving as a limitation for decentralization. It was also mentioned that since it removes the complex mining which is essential in the usual POW consensus protocols, this idea of POS would more economical and secure.
It must be noted that the founder of Ethereum Vitalik Buterin and one of the researchers of the Ethereum Foundation, Virgil Griffith created two forms of the design of the Casper family. While one was called Casper CBC, the other one was called Casper the Friendly Finality Gadget (FFG). These two design of the proof of stake consensus algorithm are almost based on the same research. However, when compared to each other in 2017, CBC was declared as a less production-ready version and was put on hold until FFG was completely implemented as POS on Ethereum technology.
In today’s’ press conference, Zamfir seemed to be excited to be a part of this project. He added that it is good that the company has taken such a broad interest in Casper CBC. He stated that being a scalable and decentralized PoS Blockchain protocol, Casper CBC has some promising future and it is very good to see that people are taking interest in it. Further, Zamfir added that he hopes that the combined efforts would be successful for both the company as well as the Ethereum to accept the proposed technology.
Adaptive Holdings, whose CEO is Mrinal Manohal is the parent company of this startup and all the funds for Casperlabs comes from the mentioned company itself. There has been news that Casperlabs have already received funds from some big companies such as BlockTower, Galaxy etc and that too around $20 million, but no official statement has been made on this news on behalf of the company.
Let us hope that the company under the knowledge and guidance of Vlad could achieve the desired milestone. If it could, it would be like a catalyst for the Ethereum Blockchain as well as the crypto space.