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New Currency Beyond Bitcoin and Ethereum! Is It Worth Mining?

By LeedMiner
on 12 July, 2023
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Kaspa takes a proven product to the next level

Since its inception, Kaspa has been on a mission to transform the landscape of digital currencies. What sets Kaspa apart from other cryptocurrencies is its unique feature set that includes scalability and deflationary attributes, all while operating without explicit central governance.

Unlike many of its peers, Kaspa was launched without any pre-mining or pre-sales, contributing to its development as a truly decentralized platform. Moreover, with the utilization of smart contracts, Kaspa will facilitate proven financial products with no counterparty risk. To support swift, decentralized payments and decentralized finance, Kaspa is built on two layers: a foundational consensus layer based on proof-of-work similar to Bitcoin’s, and an auxiliary computational layer designed for second-layer smart contract scalability solutions akin to Ethereum.

Bitcoin’s Foundation, Optimized

Kaspa’s base layer is grounded in the PHANTOM protocol, optimized for security and speed, which is a scalable generalization of Bitcoin’s “Nakamoto Consensus.” PHANTOM allows for rapid confirmation times and a throughput of one block per second (soon scaling up to 32 blocks per second), without compromising security or resorting to centralization.

This results in a cryptocurrency backed by 51% security, a vast network of mining validator nodes, and sub-second initial confirmations, with transactions fully confirmed within approximately 10 seconds.

Ethereum’s Applications, Enhanced

The secondary layer of Kaspa is optimized for anticipated functionality and usability. It is geared towards supporting Ethereum Virtual Machine (EVM) and other virtual machines through sharding structures. This layer is decoupled from the monetary base layer, keeping it as lightweight and secure as possible.

BTC + ETH = KAS: A New Breed of Cryptocurrency

By combining the best of Bitcoin and Ethereum, Kaspa aims to offer a cryptocurrency that can act as a store of value while supporting decentralized finance applications. While Bitcoin isn’t optimized for financial applications, and Ethereum could be more decentralized, Kaspa’s solution decouples the computational layer from the base consensus layer, allowing the base layer to remain lean, fast, and decentralized.

The secondary layer is then set up to provide smart contract support for decentralized finance applications.

Beyond Bitcoin and Ethereum: Solving the Blockchain Trilemma

Kaspa also tackles the security-scalability-decentralization trade-off (the blockchain trilemma) faced by traditional cryptocurrencies. Kaspa’s consensus layer employs the PHANTOM protocol, a proof-of-work consensus mechanism that generalizes Satoshi’s chain into a Directed Acyclic Graph (DAG) of blocks.

Initially, PHANTOM integrates “orphan” blocks into the chain to form the blockDAG. Then, using a novel greedy algorithm, it orders the blocks to quickly connect well-behaved, honest blocks with high probability favoring them.

In doing so, Kaspa resolves the blockchain trilemma and enhances practicality through speed and energy/computational efficiency.

In summary, Kaspa combines the strengths of Bitcoin and Ethereum to deliver a decentralized currency that acts as a store of value while supporting decentralized finance applications. With its quick confirmation times, high throughput, and scalable consensus protocol, Kaspa is poised to be the ultimate store of value and digital currency with significant potential for financial application.

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