CasperLabs Teams up with BitMax for Launching PoS Blockchain

CasperLabs Teams up with BitMax for Launching PoS Blockchain

CasperLabs, a Proof-of-Stake (PoS)-based smart contract platform, has announced collaborating with crypto exchange BitMax to launch its PoS blockchain, according to Cointelegraph website.

BitMax will allow retail investors to own the network’s CLX tokens. The exchange will also host the CasperLabs’s Exchange Validator Offering (EVO) and run a full node on debut to make staking easy for investors.

CasperLabs mulls selling 10 percent of total supply

CasperLabs plans to sell 10 percent of the total supply reaching 10 billion CLX tokens. In addition, it considers putting nearly 20 percent of the supply in circulation within the first year of launching mainnet.

It is worth mentioning that all tokens purchased by investors will be locked for almost 90 days after launching the mainnet. This is expected to take place in the third quarter of this year.

During the lock period, the tokens will earn rewards as a result of participating in the validator staking. After the end of this period, the tokens will be released progressively over nine months at 1/38th per week.

Token Price

The token price during the offering period is $0.01 each or $0.02 minimum at an eventual public sale.

The company has explained the reasons behind the sale:

“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 challenge the status quo of staking power consolidation amongst institutions by conducting the industry’s first EVO.”

Ethereum 2.0 Phase 0 to be launched in April

Ethereum 2.0 developers would go ahead with the multiclient testnets the next month, said Ethereum co-founder Vitalik Buterin.

Ethereum 2.0 is a Proof-of-Stake (PoS) version of the Ethereum network, and it has recently undergone a revision by Least Authority Company, according to the Block Crypto website.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.