Home Ethereum On delivering “the vision of Ethereum 3.0” today

On delivering “the vision of Ethereum 3.0” today

0
On delivering “the vision of Ethereum 3.0” today

Casper Labs believes its blockchain has solved Vitalik Buterin’s infamous trilemma and already delivers “the vision of Ethereum 3.0”.

The Block caught up with the CTO and co-founder of Casper Labs Medha Parlikarand Senior Director of Business Development Niamh O’Connellto learn more about the blockchain which claims to be years ahead of Ethereum in technical advancements.

The Block: Vitalik Buterin’s “Blockchain Trilemma” suggests that any blockchain can really only offer two of three key benefits: scalability, decentralization, or security. What two perks is Casper focusing on, or have you overcome the trilemma?

Medha: Casper is the first blockchain to solve the blockchain trilemma.

With Casper, you don’t have to choose between scalability, security and decentralization – you can achieve all three at once. Casper was designed specifically for companies looking to build in blockchain environments, and solving the trilemma is central to Casper’s value proposition. If you want to provide a viable solution for businesses, you can’t force them to choose between equally critical features.

Unlike many of the early adopters that helped propel the industry forward, businesses and government organizations are often subject to much more rigorous compliance mandates and public scrutiny. This means having a scalable/reliable platform with state of the art security features and all the benefits that decentralization offers is a requirement, not a benefit.

The CasperLabs team is one of the main reasons we were able to overcome the trilemma: we are a dedicated software and professional services organization with nearly 100 developers worldwide who are fully dedicated to maintaining and evolution of the Casper protocol. And the protocol itself was developed by industry veterans, myself included, who have a deep understanding of the needs of this massive – and hugely underserved – market.

TB: Ethereum is still transitioning to proof of stake and will likely continue to have layer 1 scaling issues for some time after – how far ahead do you think Casper Network is in terms of technology?

Niamh: Casper represents the vision for Ethereum 3.0 today, at a time when the project is still navigating the transition to Ethereum 2.0. All eyes are on “the merger”, currently scheduled for mid-September.

The shift to a more energy-efficient proof-of-stake model will mark a major milestone for Ethereum which has taken years to prepare. Conversely, Casper was always designed as a proof-of-stake blockchain and has successfully supported production workloads in this environment for over 18 months now.

Keep in mind that this is still the 2.0 iteration of Ethereum. If you look further down the roadmap (keep in mind that Ethereum 3.0 is probably 5+ years away, at best), you’ll see scalability plans and an improved consensus mechanism, among other topics. Casper supports these features today!

Beyond the technology factor, it’s also worth noting that organizations that rely on Casper receive native support from CasperLabs. This is akin to the role Red Hat played in popularizing the Linux operating system for companies that were intrigued by emerging open source technology, but also required dedicated services and support.

TB: There remains widespread skepticism around Web3, what would you say to people who are not yet convinced?

Medha: In many cases, I would say that people are right to be skeptical! Blockchain is still an industry in its infancy. Buzzwords dominate the day; for one thing, I’m not convinced that “Web3” has any real meaning. The real downside to this phenomenon is that it obscures the more substantial work that is going on below the surface.

It’s a mistake to assume that blockchain is a panacea for all your organization’s ills, as some Web3 proponents might suggest. But it’s an even bigger mistake to overlook the potential of this technology to solve meaningful problems and generate new efficiencies and/or open up new revenue streams for businesses.

We need to focus less on the Web3 “brand”, and more on education, value creation and incentives. This comes from giving organizations real and valuable solutions that plug into their existing technology stack.

This is already happening in the Casper ecosystem. CasperLabs supports paying customers who build blockchain-based applications that, among other functions, more effectively track asset ownership and status, improve customer engagement, and promote greater interoperability between systems.

We believe these new utilities will drive the industry forward. We’re not exaggerating when we say that we believe this is how the next million users will be integrated into this world – and that Casper will play a major role in the process.

TB: What is CasperLabs current primary focus?

Niamh: We work with companies to build apps that deliver real value, and to meet them where they are, not the other way around. We need to be able to integrate seamlessly into their technology stacks to be a viable solution, and we need to provide them with the flexibility to evolve their software as their business needs evolve over time.

That’s exactly what we do, and we’re currently working with dozens of organizations, including Fortune 500 companies, government entities, and more. We have a rapidly growing team of nearly 100 full-time employees dedicated to making blockchain technology more accessible not only to developers but also to professional users!

Medha talked about it above, but some of our current use cases include supply chain and asset ownership tracking, gaming advertising, and driving new rewards-based customer engagement methods.

At the heart of our philosophy is the notion that blockchain is only a piece of the pie – not the ultimate solution. Success depends on our ability to create interoperable solutions that work well with existing technology. We recently recorded an exciting milestone on this front when we performed the first-ever atomic swap with Hyperledger Fabric, enabling the secure transfer of assets from a private chain to a public chain.

TB: What’s next for Casper’s blockchain network?

Medha: We are preparing the Casper 1.5 update which will mark a major milestone in the development of the project. Among other features, it will introduce fast login nodes and role-based security. It also marks an important milestone on the road to Casper 2.0, which we plan to introduce early next year. We will have many more details to share on this in the months to come. We’re excited to continue building more real-world Casper use cases with our CasperLabs customers.

Schedule time with us by clicking here before Blockchain Expo North America (September 6-30, 2022) and let’s talk about your business priorities and relevant enterprise applications that deliver value today!

Blockchain Expo World Series

Want to learn more about blockchain from industry leaders? Check Blockchain Fair. Be sure to pass by Meda and by Niamh sessions at this year’s North American event and visit CasperLab’s stand at stand no. 86.

Check out other upcoming enterprise technology events and webinars powered by TechForge here.

Key words: , , , , , , ,

LEAVE A REPLY

Please enter your comment!
Please enter your name here