Cryptocurrency as many of us are already familiar with by now is nothing but a form of online money or digital currency. This digital asset is highly secured with the help of cryptography and be used for multiple purposes including buying and selling goods and services over the internet. Not just that, the cryptocurrencies are based on a technology known as blockchains. Now, some of you might be wondering as to what exactly is a blockchain? For you to understand better, let me explain it to you in simpler terms. Blockchain is nothing but a technology that is responsible for keeping records of transactions made by users on multiple computer-based networks.
The word “cryptocurrency” has been taken from an old encryption method used to secure computer networks. Talking of network security, the virtual currency being so secure, it takes double-spending completely out of question. Other than this, it is important for you to know that one of the key features of digital currency is that it has a decentralized layout due to which it is out of the jurisdiction of the central authorities or government. Therefore, the virtual asset is immune to government interference in its operations and manipulation as well. Like there are two sides to every coin, cryptocurrency is no different. While having its pros, it also has some downsides as well. For instance, the virtual asset is judged on some concerns including the rapidly changing rates, the concern that it can be used for some shady unlawful activities and lastly its vulnerability. On the other hand, crypto has been praised for its portability and its rebellious nature in regards to inflation of rates in the marketplace.
Maybe this is the reason why the currencies have managed to seek quite a lot of attention lately and have caught the eye of many global investors. For the past few years, crypto has been something that most of us are no longer unfamiliar with. There has been a lot of budding currencies that achieved fame but soon after, it all just vanished, which thus proves my point that the cryptocurrency market is extremely uncertain and can be very risky at times. Today, we have a lot of virtual currencies available in the industry to go for including Polygon, Ethereum, Bitcoin, Binance Coin, Baby Doge, Dogecoin and many more.
Everything to know about Casper(CSPR)
As talked about previously, there are a lot of cryptocurrencies available today in the industry but, we have the latest addition to the lot, Casper. Casper is nothing but a blockchain network based on Proof-of-Stake(PoS) mechanism, which is optimized for developer and enterprise adoption. The Casper network is known to be the first live blockchain that has been built using the Correct-by-Construction (CBC) specifications. This allows the Casper network to create new and sustainable markets and make use of value by tokenizing any asset without having to compromise with its security or even performance. Not to mention that the activities in the Casper network are governed with the help of CSPR which is the Casper network’s very own token. Talking about CSPR, it is the governance token for the Casper network. Furthermore, this token is used as a reward for validators along with being a medium of exchange amongst network participants.
So, for some of you wondering what exactly is Casper network? Let me explain it to you in simpler terms. Similar to Ether, Casper is also a general-purpose L1 blockchain. Casper usually works with enterprise and institutional clients, helping them to adopt blockchain technology. Casper network has an objective of placing itself away from the other existing networks in the crypto marketplace by being flexible, developer-friendly, upgradable and lastly, user-friendly to say the least.
In addition to this, with the network future-focused architecture, Casper aims that the platform is developed continuously seeing the changing requirements of its users and in order for them to fully serve developers of all backgrounds. According to the network’s whitepaper, Casper has been mainly optimized for the needs and requirements of developers and businesses. The company’s mission is to lead the way in a recently developed era for Web3, seeing the rising demand for connected and intuitive services continues to grow. Casper manages to do all of this by solving the trilemma adoption, hence providing scalability, enterprise-level security along with decentralization on the very same blockchain protocol.
Casper can be termed as a Turing-complete smart-contracts network. This is supported by a Proof-of-Stake(PoS) consensus algorithm along with a WebAssembly(WASM). Casper as we know is a blockchain network that is publicly accessible and has a permission-less mechanism. Furthermore, there is a specific consensus protocol in the Casper network known as the Highway. Over the classic Byzantine Fault Tolerant (BFT) consensus protocol, Highway indeed has various benefits such as it often helps the validators to agree along with adding blocks on the Casper network by permitting the network to achieve a higher approach on deciding the blocks to be added.
In addition to this, it is vital for you to know that the project was introduced in order to solve what already existing enterprise blockchain solutions face in their attempt to keep up the global enterprise acquisition without making any notable sacrifices in scalability, security or perhaps speed. In order for an organization to achieve these goals, the Casper blockchain provides the users with a few features including upgradeable smart contracts which help in reducing the need for costly and complex migration processes and speedy patching of any vulnerabilities in the system.
Along with this, Casper also offers some Developer friendly features and tools which lowers the barriers to enterprise acquisition by just simplifying how exactly they develop their Decentralized application on the Casper network from Ethereum. Other features offered are lower gas costs as well as weighted keys which allows an enterprise to form a multi-level access permission that can be further used to ensuring the quality and safety of the company’s assets.
As discussed previously, the entire ecosystem of Casper is underpinned by its very own virtual currency CSPR, which is used in order to provide rewards to network validators for preparing on-chain transactions with the help of initial public token sale on CoinList. However, it is now available on various other popular crypto exchanges. Not just that, the supply at the very beginning of the CSPR tokens was nearly eight hundred million. The currency also supports and acts as fuel for all of the network activities and local transactions on the platform
Casper also helps in resolving the scalability issue on the blockchain platform. The network as discussed is specifically optimized for decentralization, security and high throughput. All of these factors are thus achieved with the continuous evolution of Casper while also providing the best solution for several open-source projects and enterprises. With such an impressive mechanism of the network, there are various good enough reasons for choosing Casper when picking out a blockchain network. Not to mention the fact that it has several worthy benefits such as Account management, Developer friendly language and predictable network fees.
For those of you wondering how Casper really works? Let me tell you how. Casper networks are dependent on a group of validators to validate each transaction and move on with the network. It is a lot different from the Proof-of-Work network technology as in PoW, they demand to centralize validators for just the economies of sale. Whereas, Casper allows a permit for decentralization of validators which is dependent geographically. Casper is also known to make it smooth for verification of transactions using its validators on the basis of tokens stacked. They also get CSPR rewards in regards to their participation in the Proof-of-Stake consensus mechanism.
Reading so far, you must be thinking as to what is it that makes Casper different from other networks? Allow me a chance to explain. As discussed, Casper is an unordinary utilization of Proof-of-Stake consensus and blockchain technology. It is said that the network is highly versatile in terms of its uses, mainly because of its decentralized layout. Not just that, along with its future proof design, Casper is developing a new standard for the blockchain in terms of energy consumption and Casper is 136000 percent more energy efficient if compared to Bitcoin. Along with this, another remarkable feature of the network is its Correct-by-Construction(CBC) specification. By using PoS consensus, Casper controls database management and scalability solutions. Not to mention, CSPR token and Casper, both are results of years of research done by CasperLabs.
Investing in Casper(CSPR)
Launched on the mainnet in March this year, Casper is a relatively new process that has benefited from the IOU process, while CSPR made significant gains since its initial coin offering held on April 7, when investors at that time were able to buy altcoin for just 0.03 dollars. As noted in a report from CoinMarketCap, the value of CSPR has vaulted nearly 2300 percent more since May 6, going up from a low of just 1.15 dollars to a record high of twenty-eight dollars on May 10 as the trading volume and excitement went up!
Trading volume on the cryptocurrency exchange that list CSPR increased by near six times after the announcement which took the token price around 933 times higher than it already was during the ICO, just a month before.
Casper network or as often known as CSPR is valued at 196,461,095 dollars, making it the worlds 266th largest virtual currency by market cap. You will be interested to know that the current value of the Casper network is nearly 0.14911 dollars which is almost 9.958 percent higher than what it was yesterday. The currency has a circulating supply of nearly 1,158,365,771 CSPR coins.
In conclusion, As of today, CSPR is available on a number of crypto exchanges and platforms including Huobi Global, ZBG, BiONE to name a few. Again it is important for you to understand the fact that investing in any virtual currency is extremely risky and uncertain. It is advised that you should invest only if you are willing to take certain risks and bear losses if necessary. Also, remember that, you should not invest more than what you can afford to lose.
What are your thoughts on Casper? Do let us know in the comments below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!
Also read: Dash: Everything you need to know