🎙️For today’s AMA, we’ve invited Khris, the co-founder and project manager of Kasplex, to answer everyone’s questions.

👦Hello everyone, great to be part of this AMA. I’m Khris. I am the project manager and co-founder of Kasplex.  I’m sure many of you have been hearing a lot about Kasplex through various channels in recent months. Especially the Twitter topic about KRC20. Some of the guesses were indeed accurate, but others are not quite spot on.

So, I will first introduce what we are working on.

For our team, we are a non-profit organization funded by Kaspa Ecosystem Foundation. and Kasplex is our project that aims to act as an infrastructure on Kaspa, to allow developers, artists and influencers to launch their own project easily on Kaspa. Some people may confuse KRC20 with Kasplex. KRC20 is the first protocol based on Kasplex, allowing for the minting, deployment, and transfer of fungible tokens. We will also create more protocols based on Kasplex in the future, such as KRC721 for non-fungible tokens. Similarly, other developers can also build more applications based on Kasplex because all of our protocols and tools are open source and free to use. Therefore, Kasplex is not equal to KRC20. There are so many more things you can do with Kasplex, beyond just issuing tokens.

Just like what was shown on the roadmap we released last week, we will kick off the Open Beta this month, but we will have a one or two weeks Closed Beta before the Open Beta. Also, the whitepaper will be released this month.

So if you are interested in Kasplex or want to build a project on it, You can follow our twitter and check out the latest updates. Thank you.

MC Questions

🎙️For the public beta in May, will support from RUST nodes be needed?

👦Since Kasplex uses regular P2SH transactions, there is no need for Rusty Kaspa support for the deployment, minting, and transfer of KRC20 Tokens. Actually we have already created some KRC20 Tokens with the Go node for testing purposes, this data will not be carried over to the Open Beta phase. We will eventually define a block height, after which the deployment of KRC20 Tokens will be considered valid.

But for Token trading, it depends on a feature called partial signed transaction, which is only supported in Rusty Kaspa. Therefore, If you want to build a marketplace or dex, the prerequisite is that you have a Rusty Kaspa node.

🎙️Will the Kasplex marketplace be launched at the same time?

👦We have our official website where you can check the status and transaction history of KRC20, but we will not provide trading service on our site. In fact, we have verified at the code level that KRC20 token trading can be achieved through partial signed transactions, and implementing a DEX is also technically feasible. However, our team wants to focus on expanding the use cases of Kasplex. There is still a lot of work waiting for us to complete. So we won’t be involved in application-level development. But we will provide certain useful APIs. We have contacted some wallet and Kaspa browser developers who will soon support checking KRC20 assets and trading. and we welcome more people to join our community to create marketplaces and more applications on Kasplex.

🎙️What advantages does KRC20 have compared to other token protocols?

👦Bitcoin has many asset issuance protocols like Atomicals, Ordinals, RUNE, STAMP, color coin. Each has its own advantages and disadvantages. However, if we truly delve into it, the data is actually written through OP_Return, bare-multisig, redeem script, or witness script. There isn’t really anything new. And because of the need to track the flow of UTXOs, it has caused a serious increase in the size of the mempool.

The primary principle guiding the protocol’s design is to avoid imposing negative effects on Kaspa, unlike certain protocols that contribute to the “UTXO bloat” issue in Bitcoin.

Our goal is to let Kasplex become an infrastructure module for Kaspa. When designing, we focus more on how to deeply and long-term integrate with the Kaspa ecosystem. For example, the additional Gas Fee mechanism for KRC20 can enhance miner stability; and the design of eliminating UTXO tracking can solve the UTXO bloat issue, also users don’t have to worry about accidentally spending their assets. Our goal is to ensure that assets issued based on Kasplex will have long-term value and will not depreciate due to the possible emergence of new protocols in the future.

🎙️What is the Extra Gas Fee Mechanism?

👦The Extra Gas Fee Mechanism is, when you deploy a krc20 token you will need to pay a higher gas fee, we set this fee to 1000kas but we may modify this value when official launch. For minting tokens, the extra gas fee is set to 1$KAS. While token transfers and trading do not require any additional fees.  All gas fees are paid to miners. This mechanism can bring a lot of benefits, like preventing malicious deployment of a large number of tokens, reducing the generation of redundant data, and improving the stability of miners.

Most Possible Questions(From Audience)

🎙️How to participate in the Closed Beta?

👦The Closed Beta is aimed at users with technical backgrounds to discover potential bugs. We will invite some wallet and browser developers to participate in the Closed Beta. You should know how to submit transactions through code to mint KRC20 Tokens on the testnet. You can also get more information by joining our upcoming Discord channel. It’s important to note that test data will not be retained for the mainnet, and participants in the Closed Beta will not receive any airdrops in the future. However, for users without technical backgrounds, you can still visit our official website to view the status of KRC20 tokens on the testnet.

🎙️How can I contribute to Kasplex Community?

👦We will set up a Discord channel recently, where you can join it and discuss the future direction of the protocol. If you are an influencer, you can launch your own Token or NFT collections. I believe that every little action counts in our community—whether it’s launching a project or just posting a tweet. The fire burns high when everyone brings wood to it.

🎙️Does it rely on a centralized indexer?

👦That’s a good question. Currently, we’re still in the early stages. Similar to other token issuance protocols on Bitcoin, we rely on an indexer. It’s not accurate to call it centralized because you can easily review the code and set up your own indexer. if you run your own marketplace, you will definitely make sure the data’s validity. Also, we’ll generate checkpoints after processing certain blocks to maintain consistency between indexers. This step is part of our preparation for establishing a more decentralized indexer. This will be the focus of our work in the next phase.

🎙️What benefit can $KAS holder gets from Kasplex

👦It’s hard to make people to aware the technical advantages of Kaspa. I think the biggest benefit is that, with Kasplex, more users can directly try out apps instead of obscure technical jargon, thereby they can experience the cutting-edge technology of Kaspa. This will bring more users to Kaspa. Additionally, to use these dApps, users need to have some $KAS. So, the demand for $KAS will go up. I can’t predict the price, but I believe this is a positive factor for $KAS holders.

🎙️What is the practical use of Inscription?

👦 Inscription is a very generalized concept, it can represent many things. If you know about the USDT，the first tokens were issued in 2014, on the Bitcoin Blockchain, This was done by using the Omni Layer Protocol. It is also a type of inscription because Omni Protocol inserts meta-data into OP_RETURN output. And most of the Layer2 Rollup solutions need to write data back to layer1.They also need a mechanism like inscription. So Kasplex can be used as a component of layer2.