June 26, 2023 – Kaspa, a pioneering proof-of-work platform offering fast and scalable solutions, announces a historic milestone: achieving an unprecedented 10 Blocks Per Second (BPS) on its testnet. This breakthrough sets a new standard in the world of cryptography and cryptocurrency, ready to overturn the existing constraints of transaction and block speeds within proof-of-work consensus protocols.
Kaspa, a proof-of-work network known for its pioneering efforts, has made a significant announcement today. The company has achieved a remarkable milestone on its testnet by successfully reaching a rate of 10 Blocks Per Second (BPS). This accomplishment sets a new benchmark in the field of cryptocurrency.
To attain this unprecedented block rate, Kaspa launched Testnet 11, a public experimental network. This achievement is highly significant as it opens up exciting opportunities for future innovation. Developers, crypto-enthusiasts, and visionaries from around the world are now invited to put various approaches and ideas to the test.
Yonatan Sompolinsky, the Founder of Kaspa and co-author of the GHOSTDAG protocol, expressed his enthusiasm, saying, “A 10 blocks/sec system is highly sensitive to minor errors or even suboptimal engineering; it requires a deep understanding of p2p consensus modules interplay and top-notch execution capabilities. I hope more devs will join the project, if anything, merely to enjoy the beauty manufactured.”
The successful Testnet 11 has demonstrated the capability to process thousands of transactions per second across multiple network nodes, all using everyday hardware. This accomplishment showcases that a proof-of-work protocol can scale without compromising decentralization or security. This achievement promises significant advancements for those seeking to explore and expand the possibilities of cryptocurrency.
Michael Sutton, a distributed systems researcher and core developer at Kaspa, shared his thoughts on this achievement. He said, “With the advent of GHOSTDAG as a scalable consensus protocol, we have reached a pivotal point where performance becomes paramount. The scalability of a cryptocurrency is no longer limited by the protocol itself; it now relies upon computation limits. Furthermore, the combination of widely available multi-core computers and the inherent parallelism opportunities of DAGs has pushed the boundaries to their limits. This convergence of consensus and high-performance computing (HPC) unlocks untapped potential, propelling us towards new horizons of research and innovation.”
Shai Deshe, a Kaspa quantum and cryptography researcher and co-author of GHOSTDAG, added, “This is the first time a permissionless, public, proof-of-work network has achieved four-digit transaction rates directly on the consensus layer while running on affordable hardware. Remarkably, some participants reported running the network on nine-year-old laptops! We are on track to demonstrate that proof-of-work can scale as effectively as proof-of-stake, without sacrificing centralization or security. Surpassing 3000 TPS has been surprisingly effortless, and as we continue pushing the limits, we might even outperform VISA.”
Kaspa’s achievement represents a significant step forward in realizing Satoshi Nakamoto’s vision of an efficient, secure, and widely adopted cryptocurrency. The utilization of blockDAG technology to handle high transaction volumes not only pushes the boundaries of current capabilities but also paves the way for future innovations. This transformative moment ushers in a new era in the realm of digital currencies, offering broader adoption and unprecedented application opportunities.
Witness this monumental milestone live on the Kaspa Twitch channel: https://twitch.tv/kaspacurrency
Kaspa is the fastest and most scalable instant confirmation transaction Layer-1 built on proof-of-work. Using the GHOSTDAG(Greedy Heaviest Observed SubTree Directed Acyclic Graph) protocol, a scalable generalization of the Nakamoto Consensus, Kaspa circumvents the traditional security-scalability-decentralization tradeoff, enabling high block rates while maintaining the level of security offered by the most secure proof-of-work environments.