Kaspa, a proof-of-work (PoW) cryptocurrency, distinguishes itself through the implementation of the GHOSTDAG protocol. Unlike conventional blockchains, GHOSTDAG embraces parallel block creation, allowing them to coexist and be ordered in consensus. This innovative approach results in high block rates, reaching up to one block per second, with ambitious plans for further acceleration.
- GHOSTDAG Protocol: The GHOSTDAG protocol facilitates concurrent block creation, avoiding the orphaning of blocks. This allows for high block rates and minimal confirmation times, primarily influenced by internet latency.
- BlockDAG Structure: Kaspa’s blockchain is structured as a blockDAG (Directed Acyclic Graph), broadening Nakamoto consensus to ensure secure operations. This flexibility aligns with the vision of achieving extremely fast block rates.
- Special Features: Kaspa integrates various features such as Reachability for querying the DAG’s topology, Block data pruning, SPV proofs, and future plans for subnetwork support. This paves the way for the implementation of layer 2 solutions.
Founders and Development Team:
- Founder: Yonatan Sompolinsky, a Postdoc in Computer Science at Harvard University, led the conceptualization of Kaspa. His contributions to the Ghost protocol were cited in the Ethereum Whitepaper.
- Core Developers and Contributors: The dedicated team includes Shai Wyborski (Cryptography Doctoral student), Michael Sutton (CS Master), Mike Zak (CS Undergrad Studies), Elichai Turkel (Cryptography researcher), and Ori Newman (Developer). Their collective efforts have been pivotal in implementing and stabilizing the Kaspa network.
Uniqueness and Monetary Policy: Kaspa’s uniqueness lies in its ability to sustain high block rates while upholding security standards. The current main net operates at one block per second, with future aspirations to reach 10 or even 100 blocks per second.
The monetary policy of Kaspa introduces a distinctive concept known as the “chromatic phase.” Emissions decrease geometrically over time, following the 12-note scale of music. The block reward, activated on May 7th, 2022, smoothly halves every month. This approach aligns with the frequencies of consecutive semitones in a tempered chromatic scale.
Circulation and Emission: As of June 2022, approximately 8.5 billion KAS coins are in circulation. The emission rate is governed by the chromatic phase, ensuring a consistent rate regardless of potential changes in block rates.
Security Measures: The Kaspa network relies on miners utilizing Proof of Work, implementing an algorithm known as k-Heavyhash. The selection of Heavyhash ensures compatibility with future developments, including the introduction of Photonic miners.
Availability: Kaspa (KAS) can be acquired on various exchanges, including CoinEx, MEXC, TxBit, and TradeOgre, providing users with multiple options for engagement.
Conclusion: Kaspa emerges as a pioneering force in the cryptocurrency landscape, showcasing the potential of GHOSTDAG and blockDAG structures. With its unique monetary policy, commitment to forward compatibility, and a team dedicated to innovation, Kaspa aims to redefine the parameters of decentralized blockchain networks.