Backed by billionaire Tim Draper's company, explains Coinlist's latest project, Casper Network

Source: Chain Catcher

By Loners Liu

原文标题：《Coinlist 最新项目 CasperLabs：它的扩容方案与经济模型是怎样的？ 》

Blockchain-Based Service Network (BSN), which is owned by Casper Labs&NBSP, teamed up with Blockchain-Based Service Network (BSN) in February. Casper Network, which the team developed, is a bit low-key. To date, the project has raised $28.5 million from investors including NBSP; Consensus Capital, Hashkey Capital, AU21 Capital, Blockchange Ventures, GSR, Chain Capital, Sora Capital& NBSP; And so on. Recently, while the official news has not been disclosed, some media have noticed that Casper Network will sell tokens in March. Given the current hot crypto investment sentiment, coupled with the investment effect of Coinlist, Casper Network is worth watching.   

February 20, & NBSP; CasperLabs  Announced a token sale on Coinlist on March 22, which will offer 3 different ways to participate and is currently accepting registrations. According to public information, CasperLabs is a public chain focusing on Layer 1 expansion solutions. Its mainnet will be available in the first quarter of this year, and it completed a $14 million private placement of tokens in October last year. Below, Chain Catcher takes a closer look at CasperLabs' expansion solution, token, and Staking economic model.

Public Chain Capacity Expansion with CasperLabs Solutions

Public chain has always faced the problem of capacity expansion. The traditional solution is either to centralize the verifier collection, but this often sacrifices decentralization and security. Or sharding, but with multiple shards, it's hard to tell if the first transaction has been completed, so you can't continue with the next transaction, which is a security issue. It is the uncertainty of transaction fees that makes it difficult for enterprises to use blockchain in their daily business.

Therefore, enterprises tend to choose the design of alliance chain. In the field of cloud computing, the average cost of Amazon Cloud AWS decreased with the continuous increase of its adoption rate. Within eight years, the price of AWS decreased by 97%, taking advantage of the benefits of economies of scale. But in schemes such as Ethereum's Gas fee, the price of ETH rises as storage and volume rise, meaning transaction costs rise too.

So for Ethereum to truly scale up, it has to solve the problem of scaling up, which means that more computing resources can be added to the system, otherwise there is no way to benefit from economies of scale. The Ethereum Foundation has found this problem from the very beginning and has been exploring this direction for many years, so the so-called scalability, security, and decentralization have become impossible triangles on the public chain.

On this basis, CasperLabs aims to address some of the issues that have prevented the large-scale adoption of public chain technology, the most important of which is "sacrificing security for capacity". Under the POW algorithm, the whole network needs to reach a consensus on the past state before the next batch of status updates can be carried out. There is indeed a strict restriction operation, which limits the throughput and capacity expansion of the whole network. But CasperLabs has a concept of virtual machine states "Past cones" and "Future cones."

Past cones represent states that have been observed by most nodes in the network but have not yet been finalized, while Future cones represent status updates that are being processed and broadcast to the entire network. This means that multiple status updates can be broadcast across the network at the same time, providing greater throughput and scale.

Because the CBC Casper used by CasperLabs differs from Ethereum's POS protocol in that it reaches consensus based on the "heaviest block" rather than the order of transactions, which allows for sharding and synchronization.

The launch of the Ethereum Beacon Chain in December last year also marked Ethereum's official transition from 1.0 to 2.0, but even Ethereum 2.0 is actually a hybrid of PoW and PoS, not a pure PoS system. However, the Highway protocol designed by CasperLabs is different from the Casper FFG used in ETH 2.0 (it took several years to gradually shift from PoW to PoS). It completely excludes PoW.

Because 90-95% of the computing power in PoW is used to generate hashes (random numbers), the hardware and energy requirements are very high. In POS, most of the processing power can be redirected to perform actual work to improve the efficiency and speed of the underlying network.

If a public chain adopts the method of proof of work, the block reward depends on the proportion of computing power of the user in the whole network, and it is relatively random, so many users will choose to rely on their computing power in a pool to obtain a more stable income. In the proof of equity, because the rewards are divided according to the rights and interests, users can know exactly the benefits they can get, which is more conducive to the participation of small verifiers in network verification.

Highway lines to support the fast and slow, and the corresponding fast verification and slow verification, validation, can according to their own performance of the system and the network connection speed, according to the different time interval proposed block, activity is by supporting leader nodes, dynamic rounds and time window, if a node for two wheels can't send messages, then the node will be considered the attack.

Staking  Economic modeling and governance

CasperLabs has 21 nodes involved in the number of verifiers, including some staking pool, such as: HashQuark, SNZ Pool, Stakefish, Acheron, RU Validators Club, The Arcadia Group, UABWebas.It, Morrestyn, LedgerLeap, DelightLabs, Stratx, BlockBlox, and several other independent Validators from The CasperLabs community.

All validators must pass a KYC/AML (identity/anti-money laundering) check by a third party service provider. The verifier needs to run the software and bind to the DevNet test network and provide the infrastructure for the TestNet test network. Certifiers can also delegate to Staking Pool/ exchange/wallet, or run their own hardware, which suggests an 8 core server, 32-64GB of RAM, and plenty of storage space.

And the network must be bound for 90 days (specified binding period), and each stake certificate in stake can be partially unbound according to the protocol's verifier rotation and unbinding waiting time (roughly equivalent to 1/13 per week, within 90 days after the specified binding period). 4. The benefit from Staking is three things:

The initial reward is 15% of the previous year's revenue for the main online line, and for the STKAING reward, the agreement will target a total return of more than 15% after the first year of the main network launch. Transaction fees will be distributed to verifiers on the network after the main network is started, and the rewards earned for pledge and transfer fees will be fully mobile.

In the Highway protocol fault is easily detected, the penalty mechanism is that if a verifier proposes two different blocks at a time, or uses multiple parent blocks as the reason for the block, the verifier pledge will be reduced, its impact will be reduced, so that the nodes that are running properly will get a greater return.

In terms of specific token allocation, the team holds 8% of the tokens and unlocks them in batches three years after the mainnet is launched. Casperlabs owns 10% of the tokens, developers and DAO ecology accounts for 16%, and the rest is given to verifiers. The initial circulation of the mainnet is about 20% in the first year of its launch.

The original link

CasperLabs website

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