Kaspa

Kaspa is a cryptocurrency that operates on a proof-of-work (PoW) system and leverages the GHOSTDAG protocol. This protocol differs from conventional blockchains by not discarding parallel blocks, instead allowing them to exist together and arranging them through consensus. Essentially, the Kaspa blockchain functions as a blockDAG. This adaptation of the Nakamoto consensus enables secure functioning while achieving extremely fast block times (currently one block per second, with goals of reaching 10 blocks per second, and eventually 100) and rapid confirmation times mainly influenced by internet speed.

Kaspa comes with several nifty features such as Reachability, which allows you to explore the DAG's structure; Block data pruning (soon to include block header pruning); SPV proofs; and future support for subnetworks, which will facilitate the development of layer 2 solutions more smoothly.

The idea for Kaspa came from DAGLabs, a research and development firm backed by PolyChain.

However, Kaspa remains a community-driven and fully open-source project, with no central authority or profit-driven goals.

The project was founded by Yonatan Sompolinsky, who is a Postdoctoral Fellow in Computer Science at Harvard University, working with the MEV Research Team.

His 2013 research paper on the Ghost protocol is even referenced in the Ethereum Whitepaper.

The core development team and contributors to Kaspa include several notable figures. Among them are Shai Wyborski, a Ph.D. in Quantum Cryptography; Michael Sutton, a Computer Science Master's graduate; Mike Zak, an undergraduate studying Computer Science; cryptography researcher Elichai Turkel; and developer Ori Newman. Together, they've been crucial to the creation and stability of the network. Besides, dozens of contributors from across the globe have been involved, all of whom can be found on Kaspa's GitHub. These contributors focus primarily on Kaspa's core, while others work on the broader ecosystem, developing projects such as wallets, explorers, games, utilities, and extensions centered around Kaspa.

Kaspa stands out due to its capability to handle high block rates without compromising the security typical of proof-of-work systems. The main net of Kaspa currently processes one block every second. In the future, the core team and researchers aim to push these limits, potentially reaching 10 or even 100 blocks per second.

Another distinctive feature of Kaspa is its innovative monetary policy, which reduces emissions geometrically over time, inspired by the 12-note musical scale. This system, called the chromatic phase, was initiated on May 7th, 2022, starting with a block reward of 440 KAS. Each year, the block reward will be halved in a gradual manner: it decreases by a factor of (1/2)^(1/12) every month. This means the ratio of block rewards each month mirrors the ratio of frequencies of two successive semitones in a tempered chromatic scale. The original block reward corresponds to the frequency of the note A4, and each average year is termed an octave.

It's important to note that this policy controls how many coins are produced per second, independent of the block speed. If Kaspa changes the block rate in the future, the reward will be recalibrated to ensure the emission rate remains constant.

As of November 2024, there are approximately 25.1 billion KAS coins in circulation.

The Kaspa network's security is ensured by miners through a Proof of Work system and utilizes an algorithm called k-Heavyhash.

Heavyhash was selected to ensure compatibility with Photonic miners once they become available.

Kaspa (KAS) can be purchased on various platforms. Check them out!