X
Ethereum ETH News

CasperLabs to launch its own PoS blockchain

CasperLabs, a blockchain development company that was part of the transformation of Ethereum to a Proof-of-Stake network announced the release of their own blockchain and a token sale.

CLX Token Sale

The token sale, going under the form of an Exchange Validator Offering (EVO) hosted on the BitMax platform. The 10 billion CLX tokens will be sold in batches and the allocation is as follows:

  • 60% of total token supply will be sold to the public via validator sales and future ongoing public sales.
  • 16% reserved for developer & entrepreneur incentives, advisors and community managers via a DAO structure coupled with an AWS credits style system deployed over 5 years.
  • 10% will be held by the CasperLabs network; any and all distributions will be commensurate with public release.
  • 8% reserved for the team, vesting on a schedule similar to equity incentive programs over 3 years.
  • 6% for advisors and strategic partners, distributed in a manner similar to the developer and community incentives

Funding

To this day, CasperLabs has only been funded through usual routes such as the Series A round they held and were able to raise $14.5 million through it. According to one of the announcements “CasperLabs has made no token offerings to date and all funding has been conducted via a standard Series A equity financing. The decision not to sell tokens was based on ensuring open access to the underlying system”, to which they added “CasperLabs, together with BitMax.io, is taking a novel approach to challenge the status quo of staking power consolidation amongst institutions by conducting the industry’s first EVO”.

Opinion

The new blockchain offered will bring forward a platform “purpose-built to scale blockchains without sacrificing decentralization and security”. This on its own is the same sentence, in one form or another, given by thousands of cryptocurrency projects.

The firm’s comments on the funding section alone bring suspicions that CasperLabs are using their involvement with Ethereum in order to bring in funds required for the further growth or survival of the company. Thus far, there is very little seen that is “special” about this particular blockchain.

Post a Comment

GET YOUR FREE WEEKLY CRYPTO BRIEF

Delivered to your inbox, every Sunday evening.







Select your currency
GBP Pound sterling