Kaspa (KAS) Blockchain is a decentralized, open source, and scalable layer 1 solution often referred to as “Bitcoin 2.0” or “the next Bitcoin.” However, despite operating very similarly to Bitcoin, Kaspa is unique in its own right. Like Bitcoin, Kaspa Proof of Work (PoW) Although it is a cryptocurrency, unlike other traditional blockchains, Kaspa GHOSTDAG Protocol.
This protocol is unique in that there are no orphan blocks created in parallel. Rather, it enables coexistence and provides order through agreement. This makes Kaspa the first company to do this. BlockDAG The (block-directed acyclic graph) protocol is a generalization of Nakamoto’s consensus.
Founder and team of Kaspa (KAS) network
Kaspa’s founder is Yonatan Sompolinsky, Ph.D. He holds a PhD in Computer Science from Harvard University, where he is a member of the Maximal Extractable Value (MEV) research team. He was in the Ethereum whitepaper, and there were rumors that he was also in the Ripple whitepaper.
Sompolinsky took direct part in its creation. Ethereum’s Technical Design,We previously designed the GHOSTDAG protocol. Interestingly, the founder’s 2013 paper on the GHOSTDAG protocol is cited in the Ethereum white paper.
The development team is made up of very talented individuals, including cryptography researcher Elichai Turkel, PhD student Shai Wyborski, developer Ori Newman, computer science master Michael Sutton, and developer Mike Zak. They have all contributed to the implementation and ongoing development of the Kaspa blockchain network.
Differences and Similarities Between Kaspa (KAS) and Bitcoin (BTC)
Kaspa’s technology is fundamentally very similar to the structure of the Bitcoin network. Some of these similarities are:
- Public Works: Bitcoin is a layer 1 blockchain solution that acts as a store of value, also known as digital gold, functioning as a peer-to-peer cryptocurrency. Similarly, Kaspa is a layer 1 solution known to function as a store of value and peer-to-peer cash.
- Limited total supply: The maximum total mineable supply of Bitcoin is 21 million BTC. This means that after all of these coins have been mined, new coins cannot be created. Similarly, Kaspa’s maximum total supply is 28.7 billion units, with just over 22.5 billion units in circulation.
- Half-Life Event: Both Kaspa and Bitcoin undergo halvings, which result in block rewards for miners being cut in half. But Bitcoin half life event Kaspa uses a Chromatic Halving Schedule every four years. This means, according to the website, “each month the reward will be reduced smoothly in a quantitative manner, resulting in a 50% reduction in emissions per year.”
- Decentralization/Proof of Work: Both blockchains use a decentralized proof-of-work mechanism. This means that the network is secured by miners who solve complex mathematical equations to mine blocks and verify transactions. Unfortunately, this means that both networks are energy-intensive and require a lot of power to run.
One of the key differences between the two networks is that Kaspa solves the scalability issues that continue to plague Bitcoin. This means that both networks use a proof-of-work mechanism, but Kaspa can perform transactions at faster speeds and with lower fees.
How does Kaspa Blockchain solve the trilemma problem?
that much Blockchain Trilemma It 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. Something had to give to ensure security and decentralization, and in both cases it was scalability.
However, Kaspa is one of the few blockchains that solves the blockchain trilemma because it is decentralized, scalable, and highly secure. Solve the blockchain trilemma problem through integration with proof-of-work (PoW). BlockDAG structure.
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How does Kaspa GhostDAG protocol work?
maximum blockchain Transactions are processed digitally in the form of blocks, hence the name blockchain. However, Kaspa deviates from this because it does not store digital transactions in blocks. Instead, it does this using a complex mathematical structure called a directed acyclic graph (DAG).
in afternoon (Directed acyclic graph) There are vertices instead of blocks. Therefore, rather than saying that different units form blocks, different vertices form edges when connected to each other. The blockchain then uses the current transaction to verify and confirm future transactions.
Kaspa does not discard old blocks of information. This makes it more secure and scalable. Mining uses kHeavyHash, a form of optical mining algorithm that is energy efficient and works well with mining equipment such as FPGAs and GPUs.
Key features of Kaspa (KAS)
Wook’s efficient proof: Kaspa is a unique blockchain that solves the blockchain trilemma while maintaining a proof-of-work mechanism. To put this in perspective, blockchains like Ethereum have had to transition from Proof of Work (PoW) to Proof of Stake (PoS) to solve scalability issues and increase speed.
However, Kaspa has already solved the blockchain trilemma, making it highly scalable while maintaining a truly decentralized system. Utilizing the kHeavyHash algorithm, which enables optical mining, also helps ensure consensus and security of the network.
Instant Transaction Confirmation: Kaspa is designed to be cheaper and faster than Bitcoin, where full confirmation of a transaction takes an average of 10 seconds and each transaction appears on the network in just one second. This is important when compared to Bitcoin, where transactions take an average of 10 minutes to be confirmed.
security: When it comes to security, Kaspa not only adopts the same security principles and methodologies as Bitcoin, but also goes one step further by replacing SHA-256 PoW encryption with kHeavyHash while inheriting all the security properties of SHA-256. Therefore, the network is still secured by a powerful network of distributed volunteers (miners) who verify and sign transactions, just like Bitcoin.
Low fees: The Kaspa blockchain network not only confirms transactions quickly, but it is also much cheaper than Bitcoin. This is because the blockDAG network generates multiple blocks every second to post transactions to the ledger, while Bitcoin generates one block every 10 minutes. Kaspa’s transaction fees are less than 1 cent, while Bitcoin’s transaction fees average $4 at the time of this publication.
Scalability: Kaspa addresses scalability issues through its blockDAG network feature, which generates and verifies multiple blocks per second, as mentioned above. But perhaps the most interesting part of what Kaspa does is that it can verify numerous blocks (vertices) per second without changing or giving up its distributed nature.
What is KAS Coin and what is it for?
KAS Coin is the native token of the Kaspa blockchain, whose main goal is to power the entire network. It is used to pay transaction fees and other developer fees, and is also used as an incentive to reward miners. Not only does it have fast block rates and promise quick rewards, it also offers profitable mining with lower hash rate requirements compared to Bitcoin.
Token economics of Kaspa (KAS)
Kaspa’s native cryptocurrency, KAS, has a maximum or total supply of 28.7 billion coins that are not pre-mined. This means that all tokens in circulation have been mined for free by miners on the blockchain. The circulating supply at the time of issuance was 22.5 billion, and applying the current half-life model, it is estimated that the last KAS coin will be mined in 2037.
The Kaspa Network utilizes an open crowdfunding and voting governance model. This means that KAS holders can contribute to the network for development, marketing initiatives, training, and more.
This shared responsibility and ownership motivates communities to come together and work toward common goals.
KAS price history and progress
Kaspa launched its mainnet with its token two years ago, on November 7, 2021. Initially, the price of the native token KAS remained stagnant until July 2022, when it rose from $0.0001840 to $0.0005890. Then, after several months of sideways trading, the price staged another rally, rising 694%.
Accordingly, the price of KAS rose to almost $0.01 per coin just one year after its launch in November 2022. The price fell slightly and began 2023 trading at $0.005278 per coin. KAS will then hit a new all-time high of $0.154 in November 2023, exactly two years after its launch.
Kaspa (KAS) is said to be up 61,331% since its all-time low of $0.00017105 on May 26, 2022. CoinGecko. This is important because the extreme bear market led to a surge to new all-time highs, allowing the coin to outperform the rest of the cryptocurrency market.
This massive growth in such a short period of time has led some Kaspa investors to call it ‘Bitcoin 2.0’ or ‘the next Bitcoin’. The similarities to Bitcoin have fueled the belief that this is the next Bitcoin. With a market capitalization of $2.38 billion, Kaspa is currently the 38th largest cryptocurrency and 7th largest proof-of-work (PoW) blockchain in the industry.
conclusion
Kaspa (KAS) has an edge over blockchains like Bitcoin by solving the blockchain trilemma with its ability to be scalable yet decentralized. The native KAS coin supports the entire Kaspa blockchain protocol and also has important use cases such as being used for transaction fees. This ensures that demand for coins will always be high as Kaspa network usage increases.
Additionally, features such as fast transactions, highest level of security due to encryption using kHeavyHash, and a strong network of decentralized volunteers (miners) that verify and sign transactions make it attractive to investors looking for an alternative to Bitcoin while enjoying security. It is a choice. And the decentralization of Bitcoin.
Featured image from IQ.wiki
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Source: NewsBTC.com