What is the POW public chain Kaspa? Kaspa project team, principles, KAS token economics

What is Kaspa

Kaspa is a Layer 1 public chain and uses the same proof-of-work (PoW) consensus mechanism as Bitcoin to maintain network operation. However, unlike traditional chain blockchains such as Bitcoin, Kaspa uses the BlockDAG architecture, which allows blocks to be generated in parallel without being connected in linear order, improving transaction speed and network throughput.

Kaspa team background

The Kaspa project was originally proposed in 2018 by Yonatan Sompolinsky and Aviv Zohar. These two scholars are also the proposers of the GHOST (Greedy Heaviest-Observed Sub-Tree) protocol. The GHOST protocol later became part of the Ethereum consensus mechanism.

Kaspa launched its testnet in 2020 with the aim of testing and optimizing its BlockDAG technology as well as overall network performance. After the successful operation of the testnet, Kaspa officially launched its mainnet in 2021, marking its official entry into the cryptocurrency market.

How Kaspa operates

Structural model: directed acyclic graph

Kaspa proposed the PHANTOM protocol, a permissionless ledger protocol based on proof-of-work that integrates the blockchain defined by Satoshi Nakamoto Generalized to directed acyclic graph (BlockDAG). PHANTOM can reference multiple previous blocks, provide a total ordering of all blocks and transactions, and output a consistent set of accepted transactions.

PHANTOM contains an argument k, which is used to control the protocol's tolerance for blocks created at the same time. This argument can be set to adapt to higher throughput. When k=0, it means there is no fork, which is the single chain and longest chain structure of Bitcoin.

Identify honest blocks and malicious blocks

PHANTOM solves the problem of identifying honest blocks and malicious blocks. Malicious attacks have a characteristic: the connectivity between blocks generated by malicious nodes and blocks generated by honest nodes is low, while the connectivity between blocks generated by honest nodes will be high.

The criterion for judgment is the argument K mentioned above. For a specific block X, if the intersection number between antine(X) and the honest block is higher than k, it means that the connectivity between the The connectivity between blocks is high, and X is considered an honest block.

The picture below is a judgment of honest blocks and attack blocks. The K value here is 3. After checking, the blue part is the honest block and the red part is the attack block.

Linear sorting

The GHOSTDAG protocol also solves the double-spend problem. The principle is to score each block according to its connectivity (the number of elements in the past block set) and select the one with the largest total score. The blocks form the main chain, and the main chain will form the initial subset. The remaining blocks will be voted in order according to the main chain. The entire network will vote according to the trend from high to low connectivity.

The following figure shows how GHOSTDAG completes the sorting process when the argument K=3. The small circle next to the X of each block represents its score, which is the number of blue blocks in the past DAG.

Step 1: Starting from the M block with the highest score, select K, H, D and the genesis block in order, marking them with blue shading and black borders, which forms the initial subset. Access block D. The past blocks of D are only the genesis block.

Step 2: Access block H. The past blocks of H include C, D, and E. After identification using the aforementioned identification method of honest blocks and attack blocks, C, D, and E belong to honest blocks and are added to the sub-block. Sets, marked with blue borders.

Step 3: Visit block K. The past blocks of K include H and I. After identification, they all belong to honest blocks and are marked with a blue border.

Step 4: Visit block M. Past blocks of M include K and F. K belongs to the honest block and is added to the subset, marked with a blue border.

Step 5: Block V is a virtual block, and the past of this block is equal to the entire current DAG.

What is KAS Coin?

KAS Coin is Kaspa’s network token. Its issuance method is similar to Bitcoin. There is no pre-mining or pre-sale activity. All tokens can only be obtained through mining and are 100% decentralized.

KAS’ Tokenomics

The maximum supply of Kaspa is 28.7 billion coins, which must be mined within 186 months. Kaspa has adopted a deflationary monetary policy. Within the first six months after the mainnet goes online, Kaspa will generate 500KAS per second and issue 1,314,900,000KAS every month. In the seventh month, the monthly supply of KAS will be reduced by 12%. The subsequent monthly additional issuance will be the number of additional KAS issuances in the previous month * (1/2) ^ (1/12), thereby achieving a stable halving of the total amount every year.

If you want to know more, please click below:

What is KASPA (KAS) coin? How to mine? What does the future hold? KAS coin price prediction

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