CASPER PROJECT

cryptopal2 (29)in #casper • 8 years ago (edited)

Casper is a platform that is based on the blockchain technology for the distributed storage of data. It is a utility for DApp which is secure and reliable and is based on the Ethereum platform. The storage of various types of data such as video, photo, audio, text etc can be stored in the fastest way by the DApp by using this. Its implementation has been made possible due to the collective effort of various providers who have contributed their hard-drives and internet channels for the transfer and storage of various files. Such facilities are rented in exchange for the rewards on monthly basis in the form of tokens. If the providers opt to serve as local data centers. the users get a privilege of a higher access rate and a low response time for the individual users a well as the companies.

The Casper project mainly deals with the optimization of Content Delivery Network, backup, storage as well as the transfer of the files.

CASPER API:

It is an infrastructure that consists of the storage of information in a decentralized manner. The problem of incurring higher costs of data storage on the blockchain is tackled by the creation of a true DApp storage

The transactions and calculations are done by the network participants, who provide resources to the P2P network based blockchain platform. This platform is complemented by Casper that provides an HDD file storage service to users through a storage unit network that also looks after the proper functioning of the network.

Currently, the Ethereum platform and the storage unit network are connected.

Any person can connect the storage unit to the network through the proper equipment at their home or data center. Payments will be given to each of the participants of the network for providing the storage devices.

The stability of the P2P network is ensured due to the verification and rating system of Casper provider that motivates the participants for functioning independently as per their own interest. A huge number of participants who can't be controlled by a single person or company forms a decentralized network

CASPER TOKEN(CST):

Casper token or CST is the monetary unit of Casper that is used for the settlement of payments on the blockchain platforms as well as for the purchase of the franchise by the service providers. The tokens are issued at the ICO after which they are traded freely at the exchange.

The owners of CST can avail certain opportunities available to them, which are stated below:

a. In order to cater the data storage needs of the service and get rewarded for it, they can become a resource provider.

1 CST is equivalent to up to 25.6 GB.

b. The token can be leased to the supplier and the part of the reward for using the token can be received by him.

c. It is possible for the CST owner to sell the token at market value freely on the stock exchange.

Sale of Tokens at the Exchange and their Renting:

The ERC20 standard is followed while writing Casper’s smart-contract. This standard allows the free trading of the smart-contract tokens in the Exchanges. Under flexible conditions, certain exchanges also enable the renting of tokens.

A high market price for the purchase of CST tokens is possible due to leasing that significantly enhances its financial attractiveness. This will enable the early start of the return of investments for the person who had invested in CST. Besides this, he can also provide clear economics to the service provider who has rented the tokens.

The issue of Tokens:

1.Purchase of Tokens during pre ICO:

In this case, the tokens will not be issued as per the ERC20 standard but as per a separate smart contract within the limits of preI CO. They are not tradable on the exchange and will be converted to CST tokens by the use of exchange(), after the completion of the purchase.

2.Purchase of Tokens during the ICO:

In this case, the CST is issued within the ICO limits as per the ERC20 standard. They are tradable

Prospects of Casper use:

The users of conventional cloud storage services find the Casper network of data storage beneficial. There is no common fault point in Casper, such as a DNS service which makes it different from others. The sustainable use of the Casper DAppsare enabled without degrading their characteristics through its compliance with the blockchain principles which involves the implementation of user requests in an automated manner, regulation by the participants of the network, non-existence of a common decision-making point and functioning autonomously without depending on the individual and the organizations.

The expansion of its DApp audience is currently carried out through the development of a decentralized application that will enable the creation of GUIs with advanced graphics and storage of the content in Casper. The user-friendliness and popularity of the DApp can be ensured through the use of a good UI. It will be easier to access the music shops, photo news, and mail services as well as video stores through the use of Casper. The advanced services such as network games, cloud democracy platforms, and social media, that make use of their own blockchain can opt for using the UI files of Casper as well as the storage of unstructured data. Even the government may support the idea of migrating their services to the blockchain platforms for cost reduction, operational transparency, and prevention of corruption. Enhancement of transparency and public credibility of the services can drive the businesses to opt for migrating to the blockchain.

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