A truly decentralized future by revolutionizing the Nakamoto Consensus.
Kaspa, the Inception, Idea, and Solution
Kaspa ($KAS) was introduced on November 7th, 2021, with the vision of solving the blockchain trilemma, a genuine decentralized Layer-1 that is fully scalable, high-performing, and open-source. All while seamlessly operating as the fastest proof-of-work coin in the cryptocurrency world. Building upon the foundation of the Nakamoto Consensus, Kaspa sets its sights on pushing the limits of decentralized technology with its cutting-edge BlockDAG.
Where many blockchains sacrifice decentralization in pursuit of scalability and performance. Kaspa embraced Proof of Work (PoW), community-based governance, and an open-sourced ethos. No KAS coins were pre-mined nor pre-sold and can only be obtained through mining. The Kaspa max supply is capped at 28.7 billion, and at the time of writing this post, a circulating supply of over 16.59 billion. The mining emission schedule halves once per year via smooth and stable monthly reductions by a factor of (1/2)^(1/12).
BlockDAG, Algorithm, and Mining
Kaspa mining is based on kHeavyHash, a modified form of the “optical-miner” ready HeavyHash algorithm. kHeavyhash utilizes matrix multiplication that is framed into 2 keccacs. kHeavyHash is energy efficient, core dominant, and can be successfully mined by GPU, FPGAs, and future specialized mining equipment.
Along with the energy efficiency of kHeavyHash, Kaspa boosts its carbon offset by implementing the GHOSTDAG protocol. Where traditional blockchains spend resources on orphaned blocks, GHOSTDAG allows these blocks to coexist and factors them into consensus as a BlockDAG (see image below). This ensures computational efficiency and full utilization of power. As a result, the operation allows high block rates (currently one block per second, aiming for 32BPS, with visions of 100BPS) and minuscule confirmation times often dictated by internet latency. Furthermore, the GhostDAG protocol enables block parallelism by connecting honest nodes sorted by greedy algorithms, facilitating real-time transaction confirmation and enhancing network security. Additionally, fast block production help miners generate more blocks, encouraging solo mining, and helping decentralize Kaspa’s hashrates.
You can view the GHOSTDAG operating live here: BlockDAG visualizer
Kaspa hashrates have steadily maintained above 300TH/s, over 1/3 of the ETH hashrates before the Merge, according to data from minerstat. As a result, Kaspa now ranks among the top coins for GPU mining by hashrate and is followed by the infamous ETC, whose hashrates only stand around 120 TH/s. The massive hashrates also indicate that the miner community is confident in the future value of KAS. At the time of writing, Kaspa was third for Trending coins and eighth for Top rated coins on minerstat.com
Kaspa, Decentralization, and the Community
Kaspa’s ambition goes far beyond a public chain for mining. The community is actively expanding the everyday use cases of KAS. After a successful community crowdfunding, the network developers started rewriting Kaspa’s programming language to Rust (ETA February 2023). Not only will Rustlang boast a conservative 32BPS and 6400TPS, Kaspa’s performance and efficiency upgrades will also attract developers focusing on Layer2 smart contracts and DeFi.
Thanks to its commitment to idealism, the genius of its team, and its thriving community, Kaspa has already stood out from the many PoW coins, which has aroused high expectations and an exploding user base. As a result, Kaspa is positioned to start a new era dominated by genuinely decentralized and community-driven public chains as a leading PoW and BlockDAG chain.
Kaspa is the fastest, open-source, decentralized & fully scalable Layer-1 in the world, built by industry pioneers and led by the people.
Feel free to comment and ask any questions. You can also find me on the Kaspa discord — Bubblegum Lightning.