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Bitmax And Casperlabs Collaborate To Unveil New Coin

Switzerland based development company CasperLabs that created the correct-by-construction Casper proof of chain blockchain protocol. The protocol uses a high performance blockchain network and they announced that it has collaborated with Singapore based digital assets trading platform Bitmax.io to create a exchange validator offering known as EVO. Bitmax announced that it’s users will benefit from CasperLabs private validator token offering because the platform uses it’s technology for support a different platform other than the ones bitcoin and other coins use

The collaboration between the two trading outfits encourages top notch crypto projects with it’s unique go-to market operation. The technology promises to provide restricted access to seed and private token to selected institutional investors.

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Bitmax.io will use their platform to facilitate the signing of a non transferrable validator future token agreement(VFTA) to purchase CLX tokens. CLX token being the native token of the CasperLabs block chain would be available to traders on the bitmax platform because it uses their “Genesis block” for mining. The CLX token is set to be available to a wide variety of untapped demographic population as well as decentralization at the project future network launch.

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Registrations for participation for the EVO is currently available on the Bitmax.io platform and it’s first three round would be made available by 10am on the 30th of March.

Proof of stake was used instead of the proof of work for the projects blockchain network. It addressed two key issues which were

  1. Significant energy consumption via allocation of computation power – Whereas PoW networks require allocation of computational power (draining energy in the process) to determine new block commits, PoS networks allow token holders to participate in consensus simply by “staking” tokens.
  2. Prohibitive barriers to entry for prospective miners due to increasing hashrate difficulty – Maintaining top-of-line equipment to keep pace with increasing hashrate difficulty makes PoW mining costly and resource-intensive – whereas, PoS is accessible to both large and small token holders.

CasperLabs and bitmax have both promised to provide thousands of small token buyers with the EVO at the earliest opportunity and at a reasonable relatively cheaper price. The CEO of CasperLabs Marinal Manohar was quoted as saying “Our goal in democratizing the distribution and holding of CasperLabs’ native token, CLX, is to encourage a new demographic of stakeholders to take part in the creation and initial validation of the underlying blockchain.”

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Even though till date, CasperLabs have not conducted any token sales, they have been funded via an oversubscribed financing of $14.5m which was accumulated in July 2019. The budget was accumulated via the contribution of high profile investors such as Blockchange ventures etc. Dr Andreas Fackler, lead consensus researcher was quoted as saying “Working closely with renowned mathematician Dr. Daniel Kane, the CasperLabs team has built a provably safe and live CBC Casper variant that dynamically auto-adjusts to changing network conditions.

It can be configured to minimize latency, maximize throughput or choose an intermediate tradeoff. Its core structure, the block-DAG, gives an intuitive picture of the progress towards consensus. And the era system allows running a permissionless proof-of-stake network, where the set of validators is frequently updated according to token deposits. The algorithm includes effective defenses against long-range and resource-exhaustion attacks.”

Registration is ongoing on bitmax.io platform for aquiring the CLX with over $3m worth available for purchase. The purchase would be shared in three rounds with a bonus round and a first and second round for the acquisition. An exchange with other cryptocurrencies might be imminent sometime in the future even at this time of global pandemic

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