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October 22, 2022

Under-the-Radar Ethereum Competitor Surges 30% in One Week As Bitcoin and Crypto Markets Move in Tight Range

By Conor Devitt

An Ethereum (ETH) competitor is surging more than 33% this week while most of the crypto market remains stagnant.

The Casper Network (CSPR) is a proof-of-stake layer one blockchain that aims to bring smart contracts and decentralized apps (DApps) to a global scale.

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The project’s native token, CSPR, is trading at $0.047958 at time of writing, up from $0.035885 one week ago. The low-cap altcoin is also up more than 4% in the past 24 hours.

Earlier this month, CasperLabs, the blockchain software and services company behind the network, released CEP-78, an enterprise-grade non-fungible (NFT) standard for the Casper Blockchain.

The new NFT standard is designed to enable organizations to maintain upgradability over their tokens after they’ve been deployed, according to a press release announcing the launch.

CasperLabs officials have also laid out a plan to upgrade Casper’s consensus protocol to “Casper 2.0” in the first quarter of 2023.

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Says Medha Parlikar, the chief technology officer at CasperLabs,

“Casper is already the only blockchain that enables upgradable smart contracts. Casper 2.0 introduces a more powerful feature set in which everything on Casper is a contract – and contracts have all the properties of accounts (including the ability to pay for transactions and to stake on the network). This will enable a more user-friendly user experience, making onboarding the next million users onto blockchain that much easier.”

CSPR is the 85th largest crypto by market cap. It remains down over 96% from its all-time high of $1.33 reached on May 12th, 2021.

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