Yonatan Sompolinsky, one of the researchers behind the GHOST protocol, which was part of Ethereum’s original roadmap, launches Kaspa, a new digital currency network. Kaspa implements an upgrade to the technological concept of Satoshi Nakamoto’s Proof of Work, which stands at the foundation of Bitcoin, creating a DAG- a branched chain of information, that can handle an almost limitless speed of block creation, with the first target being roughly 100 blocks per-second, thus scaling proof-of-work algorithm by 1000%.
With Ethereum network clogging and transaction fees skyrocketing, Kaspa is meant to be used as the base sequencing layer, dictating the order of events with much higher speed and cheaper fees for DeFi applications.
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Besides the speed of the network, Kaspa is seeking to solve front-running problems by creating transaction stealthiness, so that competing entities will not be able to eavesdrop on the network and thwart purchases in similar ways.
With the testnet launch, Kaspa contributors had already made a full node, web wallet, and a faucet available for the user community. The network can also be monitored by a new block explorer (Katnip), Kaspa graph inspector, and Kashboard, which displays analytics and graphs about the presently-running Testnet.
“The idea is to address two pain points, speed and privacy” explained Dr. Yonatan Sompolinsky, “Kaspa will be the first proof-of-work base layer to implement blockDAG instead of the regular blockchain, that in practice allows us to speed up the chain more than tenfold. This provides both a high speed of transactions and a higher granularity of miners. In this way, small miners will be able to compete and mine blocks very frequently, contributing to the decentralization of the system.”
Also, Faithful to Bitcoin’s launch model, Kaspa will not be pre-mined and will have no special allocations to founders or other pre-allocations, but instead in an equal manner for everyone.
Dr. Yonatan Sompolnsky, and his advisor Prof. Aviv Zohar, started their long line of research leading to Kaspa, with GHOST protocol, suggested by Vitalik Buterin, to govern Ethereum’s consensus. Both researchers were quoted in Ethereum’s original white paper and they are considered to be world-leading cryptocurrency technology researchers. Sompolinsky and Zohar later developed the DAG-based SPECTRE and PHANTOM protocols which are now first implemented in Kaspa’s technology.
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