What is Kaspa (KAS) & How does it work?

Do you know what is Kaspa (KAS) ?

Kaspa, as a ground-breaking cryptocurrency initiative, departs from the conventional blockchain structure and employs an advanced data structure known as the blockDAG. The blockDAG technology enables the network to achieve increased transaction throughput, superior security measures, and an enhanced level of decentralization. The Kaspa network’s native cryptocurrency is KAS, which serves as the fuel for transactions and smart contracts within the platform.

The cornerstone of the Kaspa project is its unique blockDAG technology. Unlike the linear nature of traditional blockchain structures, blockDAG allows for the simultaneous creation and linking of multiple blocks. As a result, the network can handle higher transaction throughput and reduce confirmation times. Moreover, this structure minimizes the occurrence of forks and strengthens overall network security.

Introducing Kaspa: A Novel Approach to Blockchain Technology

Kaspa is a decentralized cryptocurrency project that leverages a unique data structure called the blockDAG instead of the traditional blockchain. The blockDAG technology allows the network to achieve faster transaction throughput, improved security, and enhanced decentralization. The native cryptocurrency of the Kaspa network is KAS, which is used to fuel transactions and smart contracts on the platform.

Key Features of Kaspa (KAS)

BlockDAG Technology & Scalability

Traditional blockchain networks can handle fewer transactions per second (tps) than Kaspa’s blockDAG technology. Kaspa’s scalability makes it appealing for microtransactions to massive money transfers

Decentralised security

Kaspa prioritizes network security and decentralisation. This design principle prevents system manipulation by a single entity. The blockDAG structure and revolutionary consensus mechanism protect the network from 51% attacks and other dangers.

Security and decentralisation make Kaspa a safe and reliable platform. This technique also ensures that network participants share power and influence, preventing any one party from controlling the system. Thus, Kaspa can grow democratically with community input. Kaspa’s ambition to revolutionize bitcoin and establish a sustainable and equitable digital economy relies on security and decentralisation.

Smart Contracts

Developers can build and deploy dApps on Kaspa using smart contracts. These smart contracts enable complicated, trustless user interactions in decentralised finance (DeFi) and gaming applications.

How Does Kaspa (KAS) Work?

Consensus Algorithm

Kaspa employs a unique consensus algorithm called Proof-of-Work (PoW) Phantom. This algorithm is designed to provide better security and decentralization compared to traditional PoW algorithms. PoW Phantom allows for faster block propagation, reducing the chances of network congestion and improving overall transaction throughput.

Mining and Reward Distribution

Kaspa’s mining process is similar to that of other PoW-based cryptocurrencies, where miners compete to solve complex mathematical problems and add new blocks to the network. However, the reward distribution mechanism in Kaspa is different. Miners receive rewards based on the number of blocks they contribute to the blockDAG’s “blue set” (a subset of the blockDAG containing the main chain and its immediate side branches). This reward distribution approach promotes fair mining practices and discourages centralization.

Transaction Validation and Confirmation

Miners validate transactions in Kaspa blocks. A transaction is confirmed after being added to the blockDAG. More blocks on top of the transaction chain mean more confirmations. After enough confirmations, a transaction is finished and secure.