Faster, cheaper, Kaspa on the DAG chain
Cryptocurrencies are evolving rapidly, with new technologies emerging to address the limitations of earlier models. Kaspa Coin is one such innovative cryptocurrency that promises fast, secure, and scalable transactions through its unique BlockDAG technology.
Kaspa is the fastest and most scalable instant confirmation transaction layer ever built on a proof-of-work engine. Transactions sent to miners can be included immediately in the ledger, which is structured as a revolutionary blockDAG. Kaspa is based on the GhostDAG/PHANTOM protocol, a scalable generalization of the Nakamoto Consensus (Bitcoin consensus). Its design is faithful to the principles Satoshi embedded into Bitcoin — proof-of-work mining, UTXO-formed isolated state, deflationary monetary policy, no premine, and no central governance. Kaspa is unique in its ability to support high block rates while maintaining the level of security offered by the most secure proof-of-work environments. Kaspa’s current mainnet operates with one block per second. After the ongoing rust language rewrite, the core developers goal is to increase the number of blocks per second substantially, attracting the development of smart contracts and DeFi
Kaspa is the world’s first blockDAG- a ledger architecture enabling parallel blocks & instant transaction finality. Propagated by a robust proof-of-work engine with rapid single-second block intervals, Kaspa is an open-source, decentralized, & fully scalable Layer-1.
Built by industry pioneers, led by the people.
Key features of Kaspa Coin:
Fastest Transactions
The ability for cryptocurrency to be utilized for everyday transactions has been limited by a lack of speed in the most popular networks, such as Bitcoin and Ethereum. This has prevented their mass adoption. Limitations in speed are due to an inherently poor design of linear blockchains which do not have the capability to process transactions quickly enough. Kaspa solves this problem through a novel approach “blockDAG” which creates multiple blocks every single second. This approach means transactions get entered into the network and ready for confirmation almost instantly.
Instant Confirmation
After transactions have been entered into a specific block on a blockchain, these transactions must be fully validated and confirmed by a network of nodes. Confirmation is required to ensure that each spender and receiver’s ledger has been correctly calculated, that funds are available, and that each transaction is in fact, a true one, and not an attack from a possible hacker. Slow confirmation times have plagued cryptocurrencies for years. Kaspa solves this confirmation bottleneck by publishing each transaction on the blockDAG in one second and getting full validator confirmation in 10 seconds on average. After the rust upgrade, we expect these times to decrease even further.
Scalable
Having a fast block ledger with instant confirmations is very important for users, but how many people and transactions can the ledger handle at a single time? Could thousands of people transact at the same time with no impact on speed or confirmation? What about hundreds of thousands of people? How about millions to billions of people? These questions highlight the scalability problems inherent with most blockchains, meaning that they get clogged or don’t function as designed when a large number of users and transactions occur within a short period of time. Thanks to the blockDAG design of Kaspa, we are better able to handle large amounts of transactions within very short periods of time, with multiple numbers of blocks being created simultaneously and at an average rate of one block every second (wow, that’s a lot of blocks!). This allows us to pack in a large number of transactions in very short durations of time. This is singularly unique for a true and purely decentralized proof-of-work network.
Efficient Proof-of-Work
Kaspa is a “pure” proof-of-work, and decentralized digital asset. While many projects are moving away from decentralization in order to scale and operate faster, Kaspa has persevered to solve these scalability and speed issues within a truly decentralized system. Decentralization is the heart of all cryptocurrencies, free from the manipulation of central entities and large stakeholders. In order to keep decentralization intact while addressing any possible environmental negatives associated with mining, Kaspa has strategically chosen kHeavyHash. This algorithm is a very efficient ‘core heavy’ algorithm that allows very high hashing power per watt (as compared to most PoW algorithms such as ETHash, SHA-256, KawPow). kHeavyHash is also amenable to future optical mining systems, which have the potential to utilize even less energy. In addition to utilizing an efficient algorithm, Kaspa’s BlockDAG does not waste any blocks (thus conserving energy). Each Kaspa block and chain contributes to the network security and none are discarded as opposed to Bitcoin and many other POW blockchains that regularly dispose of significant amounts of computational power when duplicate blocks are encountered.
Security
Kaspa employs the same security principles and methodology as bitcoin, besides replacing SHA-256 PoW encryption with kHeavyHash. kHeavyHash, which inherits all the security properties of SHA-256, is a modification of the SHA-256 hashing algorithm which also includes a weighting function. Thus, the blockDAG is secured by a robust network of decentralized volunteers (miners) who validate and sign transactions. Like Bitcoin, Kaspa is also fully decentralized and permissionless. Anyone can participate and anyone can help secure the network.
BlockDAG
Kaspa is the first blockDAG cryptocurrency (no blockchain). A blockchain is a linear system, where transactions are recorded in blocks, which are ordered by time and sealed. A blockDAG is a directed acyclic graph- a mathematical structure where the vertices represent blocks & edges reference child/parent blocks. This novel implementation of distributed ledgers is the first of its kind – permitting next-generation scalability, high throughput transactional bandwidth, and instantaneous confirmations while remaining decentralized. Please read below for more detailed technical information on blockDAGs.
How Kaspa Coin Works
Kaspa Coin's unique approach revolves around the BlockDAG consensus mechanism. Here’s a simplified explanation of how it works:
Block Creation: In a typical blockchain, blocks are created one after the other in a single chain. In Kaspa Coin’s BlockDAG, multiple blocks can be created at the same time. These blocks are then linked together in a web-like structure.
Transaction Processing: Transactions are included in these blocks and confirmed by the network quickly due to the parallel processing capability of BlockDAG.
Consensus: The network reaches consensus on the order and validity of transactions through a process that integrates all the parallel blocks into a coherent ledger.
Advantages of Kaspa Coin
Speed: Faster transaction times compared to many traditional cryptocurrencies.
Scalability: Ability to handle more transactions as the network grows.
Community Support: A growing community of developers and users.
Innovation: Utilizes cutting-edge BlockDAG technology.
Kaspa Coin offers an exciting opportunity for those interested in the potential of fast, secure, and scalable cryptocurrencies. Its innovative BlockDAG technology sets it apart from traditional blockchain-based coins, providing unique advantages in transaction speed and network scalability. By understanding the basics, securing your investments, and staying informed, you can confidently explore the world of Kaspa Coin.
Kaspa (KAS) can be purchased at these big exchanges:
1. Coinspot- you can purchase Kaspa on Coinspot. You only need to follow the steps and if you sign up using this link above you will get $10 worth of Bitcoin.
2. Kraken Trade PYTH and other cryptos and get 10% discount on trading fees.
3. Get free crypto by browsing the internet: use Brave Browser instead of Edge or Chrome, block ads, and earn free crypto by browsing. Click here to start.
4. Get free crypto by paying your bills! Use the prepaid CRO Visa debit card to pay for purchases and receive 3% cash back on purchases, up to 100% rebate for streaming services. No account fees, no interest charges, no credit checks. Use this link to get a free US$25 when you open an account.
5. OKX, you can purchase cryptocurrencies using this link to sign up and get a 10% discount on trading fees.
6. For the Aussies: Coinstash is an Australian crypto exchange based in Brisbane. New users can get $10 free on signup using this link
7. After you purchase any cryptocurrencies, if you would like to store the coins in offline devices for safety, you can use Ledger
8. Independent Reserve -- one of Australia's oldest and best value crypto exchanges, since 2013
9. If you have a business and would like to accept payments in Bitcoin or crypto, click here -- fees from 1% (less than credit card or PayPal)
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