Ethereum’s PoS Developer CasperLabs Announces Own blockchain

Ethereum’s PoS Developer CasperLabs Announces Own blockchain

According to a recent announcement, CasperLabs has decided to launch its own blockchain in collaboration with Singapore-based crypto exchange BitMax. CasperLabs is also the firm that is responsible for developing Ethereum’s Proof of Stake mechanism. 

Through CasperLabs’ Exchange Validator Offering (EVO), retail investors will get access to CLX tokens. As a part of the collaboration, BitMax will also offer a full node of the network to enable staking for retail sale participants. 

The total supply of CLX tokens will be 10 billion and investors will have access to 10% of those. After the mainnet launch, CasperLabs will roll out 20% of the total supply for circulation in the first year. 

The mainnet is scheduled to be launched in the third quarter of 2020, and all purchased tokens will have a 90 day lockout period after the launch. During this period, these tokens will participate in validator staking and earn staking rewards. Once the lockout period is over, the tokens will be rolled out gradually over the next nine months at a rate of 1/38th per week. Furthermore, BitMax announced that the sale will have a target of 3,000,000 USDT. You can know more about CasperLabs blockchain here

During the EVO, CLX tokens will be sold at $0.01 each, and the public sale later will be set at a minimum price of $0.02 per token.

The announcement further explains the sale mechanics, “CasperLabs has made no token offerings to date and all funding has been conducted via a standard Series A equity financing. The decision not to sell tokens was based on ensuring open access to the underlying system. […] CasperLabs, together with BitMax.io, is taking a novel approach to challenging the status quo of staking power consolidation amongst institutions by conducting the industry’s first EVO.”

CasperLabs CEO Mrinal Manohar clarified that the platform is specifically built to scale blockchains without losing decentralization and security.

Last year, CasperLabs nabbed in $14.5 million for its blockchain scalability solutions. 

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