CasperLabs, the company behind the “Casper Network” project (which aims to develop a blockchain that works on a “staking” mechanism) announced that it has raised $14 million in a private sale of cryptocurrencies.

Crypto fund Digital Strategy led the sale, and Consensus Capital, Hashkey Capital and RockTree Capital were among dozens of participants in acquiring the coins for sale.

Mrinal Manohar, Co-Founder and CEO of CasperLabs, said in a statement after the successful fundraising:

We are grateful and humbled for the tremendous support we have received from so many leaders in the blockchain industry.

Casper Network is a Proof of Stake blockchain that aims and wants other companies to build blockchain applications on the platform using the project’s official digital currency, the CSPR token.

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The Casper project has a highly interactive and secure protocol, which means that it is fast without sacrificing security.

In a simplified explanation of the Casper blockchain currency mechanism, it was previously presented to source It stated that transactions in the Casper blockchain can be likened to a highway that has four parallel lanes in which four cars travel. The driver of the first car opens and presents a message to the second car traveling at the same speed so that this message is exchanged and transmitted quickly between all cars.

And the cars here are the transactions, meaning that they are verified and the transmission of information between them is very fast.

Casper changes the speed at which drivers of those cars send messages to each other depending on the direction of the message.

If the message travels from left to right, the rate at which these messages are sent from one vehicle to another is halved.

But if it goes from right to left, the frequency is doubled.

The benefit is to speed up the time it takes to confirm messages.

CasperLabs aims to release its protocol, which is currently in beta mode, to start operating in the first quarter of 2021.

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It plans to conduct a public sale of its cryptocurrency at the earliest opportunity.

CasperLabs completed a $14.5 million Series A funding round in September 2019.

Earlier this year, venture capital firm Draper Goren Holm invested in Casper after launching the pilot network for the project.

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