CasperLabs, a startup that develops an open-source blockchain platform, whose architect is Romanian researcher Vlad Zamfir, has received a USD 14.5 million financing in a Series A funding round, according to CoinDesk.com.
CasperLabs said it would use the new funds to speed up product development and bring more engineers on board.
The startup was launched in February with Romanian researcher Vlad Zamfir, who worked on the Ethereum cryptocurrency project, serving as lead consensus protocol architect.
CasperLabs’ project aims to build a new blockchain-based on an improved version of the proof-of-stake (PoS) consensus protocol, associated with Ethereum. The goal is to deploy a “fully decentralized, sharded and scalable next-generation blockchain.
Co-founder and CEO of ADAPtive Holdings Mrinal Manohar said: “The goal of CasperLabs is to create a high-performance multi-threaded execution environment that can enable thousands of transactions per second, solving the enormous scaling issues common with existing protocols. Unlike other “gen 2.0 blockchains” this is delivered without sacrificing decentralization. This project can serve as a foundation for the birth of millions of decentralized businesses and applications and we believe it could provide the impetus that many large enterprises need to move towards distributed ledger technology.”
Vlad Zamfir said “Blockchain technology has created an opportunity for protocol to solve problems that previously required more reliance on corporations and more trust in authority. The tech is still nascent, and it’s possible that protocols deployed today will not fulfill the promise of blockchain technology. I believe that decentralized, scalable, and secure public “proof-of-stake” consensus protocols that are much more usable and secure than existing blockchains are possible, and will eventually make mining and Nakamoto consensus obsolete. However, I am not sure if the Bitcoin and Ethereum blockchain communities are going to be able to upgrade their protocols.
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