Blockchain by John Stewart February 25, 2019
CasperLabs is a new startup works as blockchain protocol research and development company. The firm has appointed Vlad Zamfir who was Ethereum Foundation researcher, as a lead consensus protocol architect. The aim of the startup is developing a new blockchain based on a version of correct-by-construction Casper proof-of-stake (PoS) which is a consensus protocol associated with ethereum. The company revealed the same through a Medium post on Friday. The block creators are randomly chosen, considering the user’s wealth in the network and the age of his assets referred to as the “coinage” , in a PoS cryptocurrency.
The startup is planning to finance Zamfir’s research on PoS in order to deploy a “fully decentralized, sharded and scalable next-generation blockchain.” In March 2017, Vlad Zamfir stated that Ethereum is an immature technology which is not safe and scalable while completing community, not to depend on ETH for critical applications when there is room to avoid it.
In an interview, Zamfir further told a crypto media:
“producing protocol specifications” in his new role that would “support the [CasperLabs] team” in understanding the eventual technology created. He will not code the blockchain, rather will help the team as a researcher.
Vitalik Buterin, Ethereum co-founder said that the future blockchains with sharding based on PoS will be “thousands of times more efficient” in December 2018. According to him, the higher efficiency can make most of the new decentralized applications because the fees would extremely less than that of their current prices. Zamfir stated in the Medium post by CasperLabs that PoS consensus protocols which are more secure than the existing blockchain are possible. He further added:
“However, I am not sure if the Bitcoin and Ethereum blockchain communities are going to be able to upgrade their protocols.”
One of the wide range of cryptocurrency consensus models designed to validate the transactions without relying on proof-of-work mining but it is yet to see significant large-scale testing. Zamfir stated in a press release:
“[Casper CBC] promises to scale the blockchain without sacrificing decentralization … By removing the mining required by traditional proof-of-work protocols, it will be more ecologically and economically efficient and secure than pre-existing [blockchain] systems.”
In addition to it, he said:
“I’m excited that CasperLabs has taken an interest in implementing a scalable blockchain protocol from the CBC Casper family of protocols, and hope that their efforts are both independently successful and put pressure on other projects – like ethereum – to adopt the technology.”
CasperLabs is funded by parent company Adaptive Holdings with CEO Mrinal Manohar.
Last year, it was analyzed that the startup “Casper is expected to help solve excessive energy consumption and “issues with equal access to mining hardware, mining pool centralization, and an emerging market of ASICs.”