Genfinity recently welcomed Medha Parlikar, CTO and Co-Founder of Casper Labs, to our podcast. We were excited to talk to her about Casper Labs real-world solutions, made possible by the Casper chain. Along the way, we will highlight how the Casper cryptocurrency comes into play and their progress with the Condor update. You also may be interested in a recent company collaboration between Casper Labs and IBM. Do you want to find out how Casper is helping shape the future of auditing AI? You can keep reading below for recent developments!
Casper Labs facilitates blockchain adoption by offering businesses professional support and services tailored to their needs on the Casper platform. Through their offerings, Casper Labs empowers companies and governments to enhance revenue generation and operational efficiency. They achieve this feat by exploring client initiatives and tailoring blockchain solutions that vary from data security, automation, smart contracts, and more.
Additionally, Casper Labs provides solutions across multiple industries, spanning from financial services to governments, and more. Behind the scenes, Casper Labs is likely developing solutions today that streamline and enhance various aspects of your daily life. They are certainly aiming to make daily tasks easier and more efficient for enterprises as well as people like you!
What makes Casper unique?
The beauty about Casper network is that it is set up for individual companies with multiple enterprise use cases. Each company can create their private chain, or a separate blockchain, tailored for their company. Their private chain is connected to the Casper mainnet. Casper Labs real-world solutions allow companies to harness the benefits of blockchain technology while maintaining control over their own private chain.
This setup offers scalability, security, and flexibility, making it ideal for enterprises seeking to deploy blockchain solutions tailored to their unique business requirements.
The well-known CTO was proud of some of how many milestones the protocol has already reached. You may not be aware that significant milestones include: decentralized exchanges, DeFi, liquid staking, and bridges to various ecosystems like Ethereum and Polkadot. Additionally, a robust wallet infrastructure and developer tools support decentralized, secure ecosystem growth as you further invest in CSPR.
“I suspect the (future) user experience will be with wallet technology — the ability to have a very streamlined, frictionless user experience. Which is what the gasless transactions try to do in Casper. That user experience component is what is going to be critical to spike adoption. Making it so that you can work with a contract without needing a token I think is fundamentally critical. And this notion of ‘gasless’ transactions and contracts that pay for their own computation is going to play a huge role.” - Medha Parlikar, CTO, Co-Founder Casper Labs
Several Case studies that highlight Casper’s Labs’ real-world solutions:
WISeKey
WISeKey, a prominent cybersecurity company, faced challenges in establishing itself as a trusted consumer-facing enterprise for fine art and luxury transactions. They also needed to accelerate their growth in a competitive market while providing a secure and elevated customer experience. Casper Labs partnered with WISeKey to leverage the Metaverse’s potential, implementing WISeKey’s Digital Identification NFT platform on the Casper Network. This collaboration enabled the creation of authentic digital twins of valuable objects, enhancing security and transparency through NFTs with smart contracts governing their use. This helped revolutionize their fine art and luxury transactions.
When asked about this project, Medha noted: “We did the first satellite mint out of space out of an NFT on the Casper protocol.”
Eventually, all data may be tokenized on the blockchain. If you can imagine, there are many companies that will need this type of technology to prove authenticity to their clients like you.
WISeSat.Space constellation
WISeKey’s WISeSat.Space constellation, deployed in collaboration with SpaceX, is poised to deploy a substantial number of satellites into orbit, enabling the storage and protection of data from IoT devices worldwide on the blockchain. Significantly, this advancement heralds a new era where IoT devices integrated into various objects facilitate real-time monitoring of items throughout the supply chain, enhancing transparency and traceability.
Can you imagine being able to trace something you may need urgently within the supply chain via satellite technology? It also sounds like this is where some organizations are headed concerning supply chains.
Casper has gone way beyond the prototyping and speculation that we see with many cryptocurrencies — these real-world solutions are driving activity within the Casper chain and also providing value on a worldwide scale to people like you!
The Casper network and CSPR token
The Casper Network
At the core of Casper Labs’ vision lies the Casper Protocol, a proof-of-stake (PoS) consensus mechanism designed to enhance the scalability and security of blockchain networks. Unlike traditional proof-of-work (PoW) protocols, Casper leverages a more energy-efficient and sustainable approach for you. You can rest assured that you are using one of the most energy-efficient technologies in Web3.
By staking your cryptocurrency holdings, you can also actively contribute to the validation process. Moreover, this staking thus also helps ensure the integrity and reliability of the blockchain.
The Casper Cryptocurrency
Validator nodes within the Casper Network Protocol are selected through an auction process that occurs at the end of each era. The last block in the era, known as a switch block, contains additional data. The chosen validators from this auction process will serve as validators for the upcoming era. Moreover, the exact activation timing is determined by the internally set auction delay, which is typically one full era in Casper’s Mainnet.
If you want to participate as a validator node, your nodes must bid a certain amount of CSPR. This CSPR is then held by the system auction contract as their staked interest. Additionally, individual users can delegate their CSPR to a validator. This delegation further increases the available stake of CSPR. Delegators receive a portion of the consensus rewards relative to the tokens they delegate. Within the validators, a lead validator is selected for each round. This lead validator is responsible for proposing new blocks to be added to the chain. Once a block is proposed and reaches a critical mass majority, it is considered finalized, along with any transactions included within it.
Recent Developments
The Condor Upgrade
Transitioning from its previous identity as 2.0, the Condor release emerges as a transformative upgrade. It introduces pivotal improvements, enhancing the Casper Network’s resilience, security, and user-friendliness.
One significant aspect of Condor is the adoption of the Zug consensus mechanism. This mechanism optimizes block times, reducing overheads, and streamlining validator payments. Gas refunds and the potential elimination of gas transactions aim to enhance transaction efficiency, while wallet enhancements prioritize native token management, enhancing the overall user experience. Additionally, enhancements to URefs and the unification of accounts and contracts mark pivotal strides towards intuitive functionality and enhanced governance within the network.
Medha gave her thoughts on the upgrade. She stated that now, and typically in most blockchains, tokens are transmitted to validators, centralizing token ownership. However, Condor proposes a novel approach: locking tokens temporarily to facilitate transactions. With Condor, wallets become dynamic, able to hold locked and available balances. This innovation enables contracts to fund their operations securely, enhancing network efficiency and security. She noted,
“In theory, contracts will be able to pay for their own execution. And contracts will be able to securely hold some CSPR to fund their own operations.”
She emphasized that understanding the model’s complexity is crucial. Educational content is coming from the organization, and it will clarify implications for contract authors and token requirements for transactions.
Casper Labs and IBM
Casper Labs and IBM Consulting have announced a collaboration aimed at empowering clients to utilize blockchain technology for enhanced transparency and auditability in their AI systems. This partnership will see the development of a new Casper Labs solution by leveraging IBM’s Watsonx.governance. The main goal is to establish an additional analytics and a policy enforcement layer for governing AI training data across organizations. The solution is built on Casper’s tamper-resistant ledger and IBM’s technology. It will enable organizations to monitor and measure highly serialized input and output data for training generative AI systems.
Mehda went more in-depth on one of their Casper Labs real-world solutions, stating:
“The Watsonx.governance will be integrated with the public Casper blockchain. There will be contracts that enterprises will use to checkpoint their AIs in terms of the training sets and data sets that they are using to train their AI. And, they will get guarantees around the data sets that were used to train the AI and the results of that data set. They will be able to use the Casper protocol as an auditing tool to verify and validate that a specific AI has been trained on a specific dataset.”
She noted the collaboration is currently in the active development stage. There are 30-35 interested Beta participants, and a public Beta program will involve a consortium of enterprises for co-development.
Essentially, the solution is expected to help companies across various industries deploy AI responsibly at scale. This initiative reflects a joint commitment to addressing the challenges of understanding, governing, and reacting to increasingly massive AI training datasets.
Casper Labs is heading in the right direction
The Casper network stands as a versatile solution for individual companies grappling with various real-world challenges. They offer a tailored approach through private chains connected to the Casper mainnet.
Foremost, they prioritize fostering secure blockchain development, are pioneering IoT devices in space, and spearheading enterprise-wide AI training.
As more enterprises find solutions to their specific problems through the Casper blockchain, there’s also potential for an increase in staked tokens within the network. The network’s infrastructure empowers companies to leverage blockchain benefits while retaining control over their private chains, ensuring scalability, security, and flexibility.
Are you currently invested in Casper Labs? Feel free to leave a comment below.
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