• The lead developer of Ethereum partners with blockchain startup to work on Casper solution.
  • ETH/USD may lose o=more ground once $120.00 is taken out.

The lead developer of Casper Vlad Zamfir signed a letter of intentions with the research startup  Casper Labs. The company plans to launch a scalable blockchain based on this protocol before it is implemented on the Ethereum network.

Casper solution shall change the Ethereum consensus algorithm; thus, once it is implemented, the network will switch to  Proof-Of-Stake (PoS).

Casper Labs raised venture financing and now can pay for Zamfir’s services for many years ahead. Zamfir won’t be officially employed with the company, though it will become his primary source of financing.

“Ethereum is a project that is already up and running. It’s always harder to upgrade like that; it’s like changing a car engine when it’s running, it’s a lot more complicated. Vlad just wants the world to switch to proof of stake. He’s still very supportive of Ethereum because they’re working on Casper [the protocol]. But we have a dev team that’s solely focused on accelerating it,”  Casper Labs’ CEO, Mrinal Manohar, commented in the interview with The Block.

Also, all Zamfir’s work will be open source, while the startup will have a public repository on GitHub.

However, Vlad Zamfir has no intention to leave the Ethereum dev team, which is his priority, despite some clickbait headlines in crypto media outlets.

"My number one priority is obviously my work on Ethereum... lol at crypto journalism," he wrote in his Twitter account.

Meanwhile, Ethereum recovered from significant support at $120.00. The coin has lost about 1% of its value since the beginning of Friday amid bearish sentiments on the cryptocurrency market. Once $120.00 is broken, the sell-off may continue towards the next target at $114.61 (currently, the lowest level of 2019).

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