BitMart Participates as a Founding Validator on the CasperLabs Network to Promote Greater Network Decentralization by Facilitating Staking Support for its Users.
CasperLabs, a Switzerland-based blockchain company constructing a high-performance layer-one network powered by the first implementation of the CBC Casper proof-of-stake (PoS) protocol, has announced a partnership with BitMart, a premier global digital asset platform. BitMart will be part of the founding stake on the Genesis Block of the CasperLabs network and will in turn also provide staking and technology support for CasperLabs on behalf of its users.
The collaboration between CasperLabs and BitMart represents a unique go-to-market approach to create an environmentally friendly blockchain network that promotes greater network security and decentralization by permitting a new demographic of token holders to stake assets, participate in the validation process, and earn block rewards.
Many PoS blockchain networks have historically seen staking dominated by institutions and large token holders. Such concentration of staking power can consolidate control of the blockchain network to a small handful of validators, which can harm the project in a variety of ways including network instability and any concentration of voting power.
Together with CasperLabs, BitMart is taking an innovative approach to challenging the status quo of staking power consolidation. BitMart will provide all its users the opportunity to purchase and stake CLX tokens, the native cryptographic token of the CasperLabs blockchain, at the “Genesis Block” to provide greater network decentralization at the project’s future Main Network (“Main Net”) launch. All participants will be an integral part of the initial security of the blockchain.
Mrinal Manohar, CEO of CasperLabs, notes:
“Our goal is to encourage a new demographic of stakeholders to take part in the creation and initial validation of the underlying blockchain. Partnering with a top-tier platform like BitMart will be fundamental in facilitating availability to its global user base.”
To date, CasperLabs has released 13 on-time development releases in addition to the successful launch of the first public incentivized test network (“Testnet”) fully subscribed with over 20 participating validators including HashQuark, Stake.Fish, SNZ Pool, and more. Participating validator Wesley Pryor, CEO of AcheronTrading notes:
“CasperLabs distinguishes itself from the pack with its clarity of technical vision and competency to build technology to support a powerful user experience at scale. That is why, as early supporters of the protocol, we are energized to participate as a validator in the incentivized testnet.”
CasperLabs’ Lead Consensus Researcher Dr. Andreas Fackler notes:
“Working closely with renowned mathematician Dr. Daniel Kane, the CasperLabs team has built a provably safe and live CBC Casper variant that dynamically auto-adjusts to changing network conditions. It can be configured to minimize latency, maximize throughput, or choose an intermediate tradeoff. Its core structure, the block-DAG, gives an intuitive picture of the progress towards consensus. And the era system allows running a permissionless proof-of-stake network, where the set of validators is frequently updated according to token deposits. The algorithm includes effective defenses against long-range and resource-exhaustion attacks.”
Decentralization is a central tenet of CasperLabs’ ethos and the collaboration with BitMart represents a unique approach to building a network that is more versatile, durable, and harder to suppress than centralized counterparts. The team at CasperLabs is excited to work with BitMart to provide a novel approach to decentralizing staking power.
About BitMart
BitMart is a premier global digital asset trading platform in the cryptocurrency market with over 2,000,000 users worldwide and ranks among the top 10 crypto exchanges on CoinMarketCap. BitMart currently offers 376 trading pairs with relatively low trading fees in the market. As of today, BitMart has offices in the United States, South Korea, Mainland China, and Hong Kong with employees in 15 different countries and regions. To learn more about BitMart, visit their Website, Twitter, or join their Telegram.
About CasperLabs
CasperLabs is the blockchain platform purpose-built to scale opportunities for everyone. Building toward blockchain’s next frontier, CasperLabs is designed for real-world applications without sacrificing usability, cost, decentralization, or security. CasperLabs removes the barriers that prevent mainstream blockchain adoption by making blockchain-friendly to use, open to the world, and future-proof to support innovations today and tomorrow. Guided by open-source principles and built from the ground up to empower individuals, the team seeks to provide an equitable foundation made for long-lasting impact.
- Website: https://casperlabs.io/
- Technical Specification: https://techspec.casperlabs.io/
- Consensus Proofs: https://github.com/CasperLabs/highway/releases/download/v1.0/highway.pdf
- Explorer: https://explorer.casperlabs.io/#/
- Github: https://github.com/CasperLabs
- Medium: https://medium.com/casperlabs
- Twitter: https://twitter.com/meetCasperLabs
- YouTube: https://www.youtube.com/c/CasperLabs
