The proof-of-work layer 1 altcoin has overcome the cryptocurrency market downturn and surged 25% this week ahead of the upcoming protocol launch.
Kaspa (KAS), which advertises itself as “the world’s fastest, open source, decentralized and fully scalable Layer 1,” is trading at $0.18 at the time of writing, up from $0.144 seven days ago.
The 27th largest cryptocurrency asset by market capitalization also rose more than 6.5% in the past 24 hours.
As Kasplex, the protocol for the Kaspa ecosystem, moves closer to open beta, which begins on June 30, KAS’ gains are taking shape.
The Kasplex protocol plans to introduce the new KRC-20 token standard and support the creation and management of non-fungible tokens (NFTs) on the Kaspa network.
To explain Kasplex’s white paper,
“The key principle guiding the protocol design is to ensure that Kaspa does not negatively impact the ‘UTXO bloat’ problem that certain protocols have contributed to in Bitcoin. Kasplex provides a simple approach to data insertion, complemented by an open source indexer and a set of APIs to enable seamless interaction with the protocol.
By adopting Kasplex, developers, artists, and influencers will be able to leverage the Kaspa Network to efficiently and securely create, manage, and transfer digital assets, while fostering innovation and growth within the Kaspa Network.”
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