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CasperLabs Raises $14.5 million For Scalable Ethereum Hard-Fork

Open source blockchain platform CasperLabs just announced that it has successfully raised $14.5 million in Series A funding from a number of investors.

Principle of these investors was Terren Scott Piezer AKA “Zelig of Wall Street”, a veteran international financier and CEO of a portfolio of companies (including Acuitas Group Holdings) worth a total of $100 billion.

Piezer had the following to say on the CasperLabs investment:

“I’ve been following and studying the crypto and blockchain space since its earliest days [and] I’ve been waiting for a company that can build the strength and decentralized aspects of a public chain with the speed, security, and scalability of a next-gen platform…

“Scalability of a product and company is the leading driver of value creation. Consistently, the most proficiently scalable company becomes the industry leader.”

Vlad Zamfir, Ethereum researcher and CasperLabs lead consensus protocol architect

The company has promised that this new investment will be used “to accelerate product development” in addition to supporting the onboarding of new “world-class engineers” to its team.

Other major investors in CasperLabs include: Arrington XRP Capital, Consensus Capital, Axiom Holdings Group, Digital Strategies, MW Partners, Blockchange Ventures, Hashkey Capital, and Distributed Global.

CasperLabs is research entity and subsidiary of ADAPtive Holdings Ltd and the project launched back in March 2019. Its flagship product is an as-yet-unnamed “fully decentralized” blockchain that is based on the research of Vlad Zamfir, who has taken on the role of ‘Lead Consensus Protocol Architect’ on the project.

Zamfir is best known for his work as a researcher on Ethereum and whilst his involvement is notable, he had made it clear back in January via Twitter that work on the ethereum network would remain his top priority.

‘Correct-by-Construction’ (CBC) Casper’ is a proof-of-stake consensus protocol and acts as the core foundation upon which the CaperLabs blockchain is being built or is “powered” by). This protocol utilises sharding based solutions to help overcome scaling issues.

Scaling has been a huge issue facing Ethereum for a while now, the network is getting “full” and the company is constantly working on solutions to help ease the strain (ETH 2, Istanbul).

Whilst the Ethereum Foundation invested $2 million into ETH 2.0 oriented projects last month, there is a clear lack of direction from the team it appears with regards to which solution(s) they will implement to solve their problems.

As such, the forthcoming “fully decentralized” open source blockchain project from CasperLabs has been hailed by some as a potential competitor to Ethereum.