Kaspa (KAS) blockchain is a decentralized, open source, scalable layer 1 solution often referred to as “Bitcoin 2.0” or “the next Bitcoin.” However, despite having very similar features to Bitcoin, Kaspa is unique in its own way.Just like Bitcoin, Kaspa Proof of work (PoW) Although it is a cryptocurrency, unlike other traditional blockchains, Kaspa is GHOSTDAG protocol.
This protocol is unique in that there are no orphan blocks created in parallel. Rather, it allows them to coexist and commands them by consensus. With this, Kaspa is the first of its kind. Block DAG (Block Directed Acyclic Graph) protocol is a generalization of Nakamoto’s consensus.
Kaspa (KAS) Network Founders and Team
The founder of Kaspa is Dr. Jonathan Sompolinski. He received his PhD in Computer Science from Harvard University and is a member of the Maximum Extractable Value (MEV) research team. He has also appeared in the Ethereum white paper and is rumored to appear in the Ripple white paper as well.
Mr. Sompolinski provided direct input in its creation. ethereum Technical design previously designed the GHOSTDAG protocol. Interestingly, the founder’s 2013 paper on the GHOSTDAG protocol is cited in the Ethereum whitepaper.
The development team is made up of some very talented people, including cryptographer Elichai Turkel, PhD student Shai Wyborski, developer Ori Newman, computer science master Michael Sutton, and developer Mike Zak. It has been. All of these contribute to the implementation and continued development of the Kaspa blockchain network.
Differences and similarities between Kaspa (KAS) and Bitcoin (BTC)
The core of Kaspa’s technology is very similar in its structure to the Bitcoin network. Some of these similarities are outlined below.
- utility: Bitcoin is a layer 1 blockchain solution that acts as a store of value, often referred to as digital gold, and acts as a peer-to-peer cryptocurrency. Similarly, Kaspa is a layer 1 solution aimed at store of value and acts as peer-to-peer cash.
- Limited total supply: Bitcoin has a maximum total supply of 21 million BTC to ever be mined, and no new coins can be created after all these coins are mined. Similarly, Kaspa’s maximum total supply is 28.7 billion coins, with just over 22.5 billion coins in circulation.
- Halving event: Kaspa and Bitcoin are both undergoing halvings, which will cut miners’ block rewards in half. However, while Bitcoin changes, halving event Kaspa employs a Chromatic Halving Schedule every four years, which, according to the company’s website, “means that compensation decreases smoothly each month in a quantitative manner, resulting in a % of emissions reduction.”
- Decentralization/Proof of Work: Both blockchains employ a decentralized proof-of-work mechanism. This means the network is secured by miners who solve complex mathematical formulas to mine blocks and confirm transactions. Unfortunately, this also means that both networks are energy intensive and require a lot of power to run.
One of the key differences between both networks is that Kaspa solves the scalability problem that continues to plague Bitcoin. This means that while both networks use proof-of-work mechanisms, Kaspa can perform transactions at faster rates and has lower fees.
How does Kaspa The Blockchain solve the trilemma problem?
of Blockchain trilemma This refers to three important aspects of blockchain technology: security, scalability, and decentralization. This trilemma continues to plague major blockchains such as Bitcoin and Ethereum, which continue to struggle with these issues. This is because something has to give to ensure security and decentralization, and in both cases that is scalability.
But on the other hand, Kaspa is decentralized, scalable, and secure, making it one of the few blockchains that can solve the blockchain trilemma.Proof of work (PoW) and Block DAG structure.
How does Kaspa GhostDAG protocol work?
largely blockchain The digital processing of transactions is carried out in the form of blocks and is therefore called a blockchain. However, Kaspa deviates from this as it does not store digital transactions in blocks. Instead, it does this using a complex mathematical structure called a DAG (directed acyclic graph).
in DAG (directed acyclic graph), there are vertices instead of blocks. Therefore, instead of calling different units forming blocks, different vertices form edges when connected to each other. The blockchain then relies on the current transaction to validate and confirm subsequent transactions.
Kaspa does not discard previous blocks of information. Therefore, it is more secure and scalable. Its mining relies on kHeavyHash, a form of optical mining algorithm that is energy efficient and works well with mining equipment such as FPGAs and GPUs.
Main features of Kaspa (KAS)
Wook’s efficient proof: Kaspa is a unique blockchain that manages to solve the blockchain trilemma while preserving the Proof of Work mechanism. To put this in perspective, blockchains such as Ethereum had to move from Proof of Work (PoW) to Proof of Stake (PoS) to solve scalability issues and become faster.
However, Kaspa has already solved the blockchain trilemma, allowing it to be highly scalable while remaining a truly decentralized system. Utilizing the kHeavyHash algorithm, which supports optical mining, also helps ensure network consensus and security.
Instant transaction confirmation: Kaspa is designed to be cheaper and faster than Bitcoin, where a complete transaction takes an average of 10 seconds to confirm and each transaction appears on the network in 1 second. This is significant compared to Bitcoin, which takes an average of 10 minutes to confirm a transaction.
safety: When it comes to security, Kaspa not only employs the same security principles and techniques as Bitcoin, but also takes it a step further by replacing SHA-256 PoW encryption with kHeavyHash, while inheriting all the security properties of SHA-256. Ta. Therefore, its network is kept secure by a robust network of decentralized volunteers (miners) who verify and sign transactions, similar to Bitcoin.
Cheaper rates: The Kaspa blockchain network not only confirms transactions quickly, but it is also significantly cheaper than Bitcoin. This is because the blockDAG network generates multiple blocks every second to post transactions to the ledger, whereas Bitcoin generates one block every 10 minutes. Kaspa’s transaction fees are less than 1 cent, while Bitcoin transaction fees cost an average of $4 at the time of this writing.
Scalability: Kaspa solves the scalability problem with the blockDAG network’s ability to generate and confirm multiple blocks per second, as mentioned above. But perhaps the most interesting aspect of Kaspa’s capabilities is its ability to see a huge number of blocks (vertices) per second without changing or abandoning its decentralized nature.
What is KAS coin and what is its use?
KAS Coin is the native token of the Kaspa blockchain and its main purpose is to power the entire network. This is used to pay transaction fees and other forms of developer fees, and is also used as an incentive to reward miners. Its block rate is fast, promising quick rewards as well as offering profitable mining with lower hashrate requirements compared to Bitcoin.
Tokenomics of Kaspa (KAS)
Kaspa’s native cryptocurrency, KAS, has a maximum or total unmined supply of 28.7 billion coins. This means that all tokens in circulation have been free mined by miners on the blockchain. The circulating supply at the time of publication was 22.5 billion, and with the current halving model, it is estimated that the last KAS coin will be mined in 2037.
Kaspa Network utilizes an open crowdfunding and voting governance model. This means that KAS holders can contribute to the network for development, marketing efforts, education, etc.
This sense of shared responsibility and ownership motivates communities to come together and work toward collective goals.
History and progress of KAS prices
Kaspa launched its mainnet and tokens two years ago on November 7, 2021. Initially, the price of the native token KAS was stagnant until July 2022, when the price skyrocketed from $0.0001840 to $0.0005890. After that, it remained flat for several months before starting to rise again, increasing the price by 694%.
Following this, the KAS price rose to nearly $0.01 per coin in just one year after its launch in November 2022. The price fell a bit and 2023 started trading at $0.005278 per coin. KAS would then reach a new all-time high of $0.154 in November 2023, exactly two years after its launch.
According to , Kaspa (KAS) is up 61,331% from its all-time low of $0.00017105 on May 26, 2022. coin gecko. This is significant because the surge to all-time highs came during a severe bear market, causing the coin to outperform other crypto markets.
This incredible growth in a short period of time has led some Kaspa investors to refer to it as “Bitcoin 2.0” or “the next Bitcoin.” Similarities to Bitcoin also strengthen the belief that Bitcoin is the next Bitcoin. With a market capitalization of $2.38 billion, Kaspa is currently the 38th largest cryptocurrency in the space and the 7th largest Proof of Work (PoW) blockchain.
Kaspa (KAS) solves the blockchain trilemma with its ability to be both scalable and decentralized, giving it an advantage over blockchains such as Bitcoin. Its native KAS coin also has important use cases, including powering the entire Kaspa blockchain protocol and being used for transaction fees. This ensures that your coins will always be in demand, even as usage on the Kaspa network increases.
Plus, with features like fast transactions, top-notch security with encryption with kHeavyHash, and a robust network of decentralized volunteers (miners) who verify and sign transactions, investors looking for an alternative to Bitcoin can enjoy the security they deserve. making it an attractive option for homes. and the decentralization of Bitcoin.
Featured image from IQ.wiki