ETH 2.0 Development Firm CasperLabs to Work on Its Own Blockchain

CasperLabs, the firm tasked with developing Ethereum’s implementation of Proof-of-Stake (PoS), has decided to launch its own blockchain.

According to a recent announcement, CasperLabs plans to launch its own PoS blockchain in collaboration with Singapore-based crypto exchange BitMax.

BitMax will host CasperLabs’ Exchange Validator Offering (EVO) and allow retail investors to get hold of the network’s CLX tokens. The exchange will also operate a full node of the network at its launch to facilitate staking for retail sale participants.

The sale mechanics

According to the offering’s website, the founding target is 3,000,000 USDT and will sell investors 10% of the total supply of 10 billion CLX. CasperLabs plans to put about 20% of the supply in circulation during the first year after the mainnet launch.

The EVO is part of the validator round and all the purchased tokens will be locked for 90 days after the mainnet launch, which is expected to take place in Q3 2020. During the lock period, the tokens will participate in validator staking and earn staking rewards. After the lock period ends, the token release will take place progressively over the next nine months at a rate of 1/38th per week.

The CLX price during the EVO is $0.01 per token, while an eventual public sale would sell them at a minimum bid price of $0.02 each. The announcement explains the reasoning behind the sale setup:

“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, is taking a novel approach to challenge the status quo of staking power consolidation amongst institutions by conducting the industry’s first EVO.”

CasperLabs’ blockchain value proposition

CasperLabs CEO Mrinal Manohar told Cointelegraph that the firm will primarily be a publisher of open-source software and does not plan…

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