Casper API: Protected Blockchain Storage with Incentives

Casper API: Protected Blockchain Storage with Incentives

Although Blockchain technology is being rapidly developed, there are still some concerns over data storage. As decentralized apps, or DApps, continue to spring up, one company is addressing the problem of they can conveniently store all of their data. Casper, with their API, wants to give freedom to DApp developers to store their own data right on a given blockchain. They believe that conventional storage techniques are not suited for the ever-expanding amount DApps and their technological edge.

Through decentralized data storage, they hope to further expedite the process of developing decentralized apps, free from the usual constraints of blockchain technology. The team at Casper hopes to foster an environment where developers can form a community for the development of DApps that uses a new kind of standardized decentralized platform.

We’ll look at what Casper is and how their API works, what makes them unique in the market today, and how their CST token will power the platform.

What is Casper API?

Russian-based Casper was originally conceived in May 2017. The team behind the platform saw an opportunity in the digital storage market, as outlined in their whitepaper. Their goal is to provide storage for decentralized applications. Their decentralized storage will be much cheaper than conventional storage techniques—a very attractive feature for willing corporations and businesses.

A popular part of decentralized and blockchain technologies is smart contracts. This is where two parties agree on a contract, which itself is backed by a digital protocol. They negate the need for a third party in agreeing a contract.

Casper’s API acts as a storage system for DApps based on any blockchain, wherever smart contracts are used. Casper recognized the need for such storage, as the internet and internet of things (IoT) continues to grow rapidly. In the future, massive amounts of data will be generated by devices, rather than individuals. To reduce the costs of current cloud storage methods, Casper hopes to leverage the storage of both private individuals and data centers.


How Does Casper API Work?

Casper intends for their distributed network of data storage to save their users’ costs. Current cloud storage options are costly. They estimate that 66% of today’s storage costs could be saved by using their platform. This is thanks to the fact that both the platform’s private users and large data farms can rent out their decentralized storage space. In doing so, they will receive rewards as agreed by a smart contract. Much of Casper’s focus is on security; files uploaded via their platform will be encoded and stored in different parts. This means that only the account holder will be able to access them.

Because the network is decentralized and split up across a wide range of users, there’s no central point of failure. The system will remain online and active regardless of outages to one node in the network. Part of the project is to bring an API standard across the vast swathes of blockchain projects and digital assets. Although open-source and decentralized projects will still remain that way for the most part, Casper API aims to unify these many different projects to one standard. This will raise the transfer speed, reliability, and security of DApps that use Casper’s technology. Not only this, it will make developing DApps an easier and more standardized process.

Casper - Competitor Comparison

What is the CST Token?

As with many companies founded on similar principles of decentralization, Casper will use their CST token as a means of raising funds and powering their ecosystem. Users who rent out their data storage space will be rewarded in the CST token, based on the amount of storage and service they provide. It is essentially the currency that account holders use to carry out transactions. The digital coin will also be freely traded on the market.

The ICO for Casper’s CST token will start on July 23rd 2018. A total of 440 million CST will be in circulation, with 256,600,000 available for sale to investors. A pre-ICO saw 2.9% of the tokens being sold, and a pre-sale will see 54.2% being available at $0.12. 4.5% will go to a crowd sale ICO at $0.16. A system fund will take 8.1% of the tokens, whilst the core team will receive 15%, and the advisory board receiving 1.6%. The token itself is based on the Ethereum blockchain (ERC20) and can be traded on a variety of exchanges.

CASPER TOKEN

The Future of Storage

Casper are one of a very few companies addressing the future of data storage in relation to DApp development. Much of their philosophy is backed with real-world data, so it seems like they have a bright future ahead of them. It remains to be seen whether their ICO will attract enough attention to make the project viable, however.

Casper’s focus on bringing a standard platform for DApp developers is an intriguing prospect. In some respects it goes against the very philosophy of DApps, but their reasoning is sound. It’s clear that there is a lot of progress to be made, both in terms of DApps and data storage, and it will be interesting to see whether Casper can help drive this.

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