February 4, 2022 by Commodum
Portfolio Update - Casper
As of yesterday, we’re excited to have joined the Casper blockchain as a validator on the mainnet. We’ve been following as well as taking an active in the community in Casper since pre-mainnet launch and believe that it has got some of the key characteristics to be successful especially when it comes to PoS networks and its focus on enterprise adoption.
CasperLabs was founded in Oct 2018 and develops and maintains Casper, an open source blockchain optimised for enterprise and developer adoption. The Casper blockchain launched in March 2021 as a layer 1 protocol and was the first Proof-of-Stake (PoS) blockchain built off Casper CBC specifications to go live. CBC Casper is a family of PoS consensus protocols, originally proposed by Vlad Zamfir (here). What makes CBC Casper different from other protocols is its block-based consensus and its chain based consensus. This will be explained in a more technical detail in a later post.
In a block-based consensus, a consensus protocol is executed for each block. The block only gets added if the participants agree on the block, otherwise it’s skipped and the next block is proposed. This is famously found in blockchains like Tendermint and Algorand and are impossible or rare to fork.
In a chain-based consensus, participants extend chains before the block is finalised, used in Bitcoin and current Ethereum. The block prospers are chosen by a mining game and use the longest-chain rule as the fork-choice rule.
Caspers goal is to usher in a new age for Web3, as the need for intuitive integrated services continue to rise. This is done by addressing the adoption trilemma by combining enterprise-grade security, scalability and decentralisation, all into one single blockchain protocol. As per the official whitepaper, the blockchain is optimised to suit both enterprise and developer needs
Caspers unique selling points are:
- Developer and user friendly
- Permissionless but flexible
The blockchain uses WebAssembly, making it easy for developers to start building applications with tools and languages already familiar to them. The gas model allows developers and users to predict network usage costs by stabilising gas fees even during high peaks. Businesses can choose to build private or permissioned applications on the network, providing a business application with both confidentiality of a private network and the security of a public one. Last but not least, Casper enables on-chain smart contracts to be directly upgraded, removing the complex ecosystem communication and migration processes. Compared to other on-chain applications where upgrades are cumbersome from a technical and governance point of view.
To find out more:
CasperHodlers (unofficial group):