In anticipation of its mainnet launch and token sale to be conducted via CoinList during March 2021, Casper has emerged as one of the “most talked-about” projects in the blockchain industry.
As mentioned in a blog post by CoinList, when you “dig” into the technology, it’s “no surprise” why: Casper has “the potential to usher in a new era of blockchain adoption and innovation.”
Only a few years back, distributed ledger technology (DLT) was mainly the domain of a relatively small group of privacy-driven developers and enthusiasts, carrying “little mainstream appeal.”
But now, there are several established and renowned global brands across industries that are integrating blockchain or DLT solutions in order to update their business models: Walmart is leveraging blockchain to promote food supply chain transparency, and JP Morgan implemented a private blockchain network that facilitates cross-border transactions with a network of more than 300 banks.
Meanwhile, Nike patented a system for tokenizing shoes on the Ethereum blockchain and Jaguar teamed up with IOTA to incentivize drivers with cryptocurrency in exchange for their personal data.
As noted in a blog post by CoinList, there are many benefits of applying DLT or blockchain tech to an enterprise company and the most important advantages are greater transparency, efficiency, and overall security.
Better Transparency — Most blockchains are implemented in a manner where all computing nodes hold a copy of the complete ledger. In an enterprise environment, where all consortium members operate independent nodes, this means that all parties are able to check or verify that other network participants are good actors. Instead of having to simply “trust” data from a single “source of truth,” all parties may verify the validity of the distributed ledger in a transparent, “decentralized” manner. This approach is touted for increasing accountability to shared business deals.
Better Efficiency — Blockchain tech aims to cut out or eliminate intermediaries by supporting native payments and via smart contracts (or automated business logic). Most blockchain or DLT networks have their own digital tokens that aim to serve as the native currency which cuts out middlemen who usually charge really high fees. Additionally, smart contracts allow agreements to be conducted and finalized automatically whenever certain conditions are satisfied; thereby eliminating yet another intermediary in the process and lowering overall operational costs.
Better Security — As blockchain or DLT networks are distributed, all concerned parties hold a copy of the ledger itself. This means that in order to “take over the network” and tamper with the data, more than 50% of the blockchain network has to be compromised – which is arguably a much more challenging task than trying to corrupt a single ledger or “source of truth.”
This added level security is quite useful for enterprise businesses where partnerships can be worth millions, if not billions of dollars in value. Recently, advancements around the “proof of stake” model have led to the launch of even more secure blockchain architectures than the “proof of work” model on which early DLT protocols, such as Bitcoin and Ethereum, relied, according to CoinList’s blog post.
As mentioned in the blog:
“Companies evaluating the integration of blockchain into their tech stack face many decisions when selecting which protocol to build upon. This is a really tough decision for many companies as it forces projects to examine things through a short term and a long term lens as to what is best for their organization, what is best for their stakeholders, as well as the long term viability of the network.”
To make things even more challenging, blockchain protocols used in enterprise business settings are “rarely upgradable, and maturing systems fail to adapt to changes in the evolving business landscape,” the blog post explained. It also mentioned that generally, this “boils down to the ‘Adoption Trilemma:’ traditionally, you could choose any two of decentralization, performance and security — but not all three.”
As explained by ConList:
“Casper is a proof of stake (PoS) blockchain designed for enterprises and developers. Initially designed by early Ethereum developers, the network uses the Correct-by-Construction (CBC) Casper specification and aims to resolve early layer one blockchains’ weaknesses. The main benefit of the CBC Casper implementation is that it is future proof. It is designed to be upgradeable over time, have predictable fees, and allow for easy developer adoption, including for Web2 developers building in blockchain environments for the first time.”
Unlike the Ethereum blockchain, Casper has “upgradeable” contracts which ensure software engineers and enterprises are able to improve their apps over time instead of having to deal with old source-code and legacy designs. Stable and “predictable” gas fees ensure that software apps stay performant even while network activity increases dramatically and is important for enterprises that have to “budget precisely ahead of time,” CoinList explained in their blog post.
They added:
“WebAssembly support and the ability to compile Solidity code ensures both non-crypto and crypto devs can onboard quickly, reducing hiring costs. These are just a few of Casper’s many advantages, and doesn’t even include scalability features like concurrent execution and sharding, and accessibility features like weighted keys and permissioned chains. Casper is built to withstand changing business and developer preferences over long periods of time.”
Casper’s mainnet is expected to go live at some point this month (March 2021) and its token sale will be the first CoinList sale of this year.
The sale has three different options with their own terms and conditions.
CoinList says it’s proud to share that beginning on March 23, 2021, eligible CoinList users may take part in the Casper sale via CoinList.
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