Kaspa: Cryptocurrency that was the most valued this year comes to Binance and promises to challenge Bitcoin

The then unknown cryptocurrency will be released on January 1 of this year rose was trading at US$0.00519, i.e. less than a cent on the dollar. Eleven months later the asset reached the price of $0.1408 next Saturday (18), with a increase of 2129% throughout the year.

One of the most important cryptocurrencies by market capitalization, Kaspa was the one most appreciated in 2023causing the coin to catch the attention of Binance and get listed on the largest exchange in the world.

The news of Kaspa’s listing on Binance caused the coin to rise even further, along with the token KAS up more than 50% since Thursday (16).

Over the past week, KAS’s price has risen 150%, while its 30-day performance has seen a 192% increase.

KAS’s market capitalization has increased by almost 30% in the past seven days. Additionally, there was a significant increase in trading volume, with a jump of approximately 400% compared to the previous week. The current market capitalization of the project is just over $3 billion.

At the time of writing, Kaspa is trading at $0.1408, up more than 12% in the last 24 hours.

🎉Incoming… #Binance Futures launch USDⓈ-M KAS perpetual contract on November 17, 2023, 02:00 (UTC).https://t.co/cBoKr8d2jI https://t.co/TPbsMPBrYe

— Kaspa (@KaspaCurrency) November 16, 2023

What is Kaspa?

Launched in 2021, Kaspa is a cryptocurrency that promises to challenge Bitcoin. According to the founders, the project is “is unique in that it can withstand high block rates while maintaining the level of security provided by the most secure proof-of-work environments.”

“By using the revolutionary GHOSTDAG, Kaspa enables faster, scalable and more secure transactions without sacrificing decentralization.” says the Kaspa website.

The most obvious difference between Kaspa and traditional blockchains is the use of GHOSTDAG, a proof-of-work consensus protocol. Instead of creating parallel orphan blocks, GHOSTDAG allows these blocks to coexist and organizes them in consensus.

This process also allows Kaspa to bypass this process ‘traditional trade-off between security, scalability and decentralization’ of blockchains, allowing them to improve the speed of block creation while maintaining ‘Bitcoin security guarantees’.

The project positioned itself as one “scalable generalization of the Nakamoto Consensus”What’s “true to the principles that Satoshi incorporated into Bitcoin.”

Currently, Kaspa runs at one block per second, compared to one block every about 10 minutes on Bitcoin, and Kaspa’s goal is to reach even higher speeds of 10 or even 100 blocks per second. This scalability potential sets Kaspa apart from many other blockchain networks.

The project also supports subnets, which enables the implementation of layer 2 solutions, paving the way for greater functionality and scalability.

Another aspect of Kaspa is monetary policy. The project implements a geometric reduction of emissions over time, inspired by the 12-note scale.

Kaspa was initially designed by research and development company DAGLabs, with investment support from PolyChain. However, the coin has become an open source project and would have no central control.

Kaspa’s founder is Yonatan Sompolinsky, a postdoctoral researcher in Computer Science (CS) at Harvard University and a member of the MEV research team. Yonatan’s contribution to the field of blockchain is notable, as his 2013 article on the Ghost Protocol is cited in the Ethereum Whitepaper.

Other members of the Kaspa development team include Shai Wyborski, a PhD candidate in cryptography; Michael Sutton, MSc CS; Mike Zak, CS student; Elichai Turkel, cryptography researcher; and Ori Newman, developer.

According to the Kaspa website, the coin was launched without pre-mining, pre-selling or coin allocation. The maximum supply of Kaspa tokens is 28.7 billion coinsand the issuance schedule follows a standard halve once a yearwith smoother monthly discounts.