Why is Casper (CSPR) crypto gaining attention?

Highlights

• Casper is a decentralized proof-of-stake (PoS) blockchain.
• CSPR announced an upgrade to its test-net.
• Casper’s Ready Player Casper Hackathon kicked off on March 16. Developers can win prize money of US$100,000 by creating fun games.

The Casper (CSPR) crypto rallied over 8% on Thursday morning after announcing an upgrade to its test net that aims to provide participants with a permissionless test environment to develop and fine-tune their applications for the Casper Mainnet.

Casper kicked off its month-long Ready Player Casper Hackathon on Wednesday, offering US$100,000 in prize money to developers creating fun games on the platform.

CSPR has partnered with Gitcoin to reward the game developers. The hackathon is open to people of different nationalities and skill levels. The company said it aims to challenge them to create fun and interactive games on the Casper platform using smart contracts.

Casper’s (CSPR) price rose 8.45% to US$0.06436 at 9:37 am ET on the developments.

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What Is Casper (CSPR)?

The Casper Network, launched on mainnet on March 30, 2021, is a public energy-efficient decentralized proof-of-stake (PoS) blockchain.

It is the first live proof-of-stake (PoS) blockchain built off the Casper CBC specification. 

The platform seeks to improve smart contracts and widen DApp adoption and the overall blockchain technology. Casper said it is aiming at Web3 products with the increasing demand for intuitive, interconnected services.

Its platform is built to suit both enterprises and developers’ needs.

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Compared to Bitcoin, Casper uses the proof-of-stake (PoS) consensus method for scalability and database management while using less energy for operations.

It is designed to continually upgrade itself to meet users’ demands, including easy access to developers from different backgrounds. 

CasperLabs co-founder and CEO Mrinal Manohar has vast experience in the technology space. He had been a consultant at Bain & Company and associate at private equity firm Bain Capital.   

His associate, co-founder and CTO, Medha Parlikar has more than two decades of work experience in technology majors like Adobe, Omniture, and Avalara. 

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Casper’s innovative Correct-by-Construction (CBC) specification allows rapid adoption of blockchain services on all enterprise levels. Its uniqueness lies in proof designs with upgradable smart contracts and predictable gas fees for transaction. Its decentralized approach helps its application in various use cases.

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                                                      Data Source: coinmarketcap.com

CSPR token details:

The CSPR coin, the native cryptocurrency, powers its blockchain. It is used to reward network validators for the transaction processing with Casper's PoS consensus mechanism. 

Its market capitalization is US$267.8 million. The volume increased by 14.92% to US$9.12 million in the last 24 hours to Thursday morning. The circulating supply is 4.16 billion, and the total supply is 10.73 billion. Casper can be traded on OKX, Huobi Global, MEXC, ZBG, and Gate.io. 

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Bottom line 

The Cryptocurrency market is highly volatile. Hence, the investors must exercise due diligence before investing in the digital asset market. 

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