Today, as blockchain technology continues to evolve, Kaspa is gradually becoming a leader in the industry with its unique GHOSTDAG protocol. Since its launch in November 2021, Kaspa has not only maintained the same level of network security as Bitcoin, but has also achieved significant improvements in transaction speed and throughput. This article will take an in-depth look at Kaspa’s technical features, planning background, and future development potential.
Project details
Kaspa is a proof-of-work (POW) public chain built on the GHOSTDAG protocol, aiming to solve the impossible triangle problem in the blockchain. Unlike Bitcoin's single chain structure, Kaspa uses a crisscross directed acyclic graph (DAG) structure so that one block can point to multiple blocks. This innovative design not only ensures the security of the network, but also improves transaction speed and throughput.
Technical features: Transaction speed and throughput: Bitcoin produces a block every 10 minutes, and TPS (transactions per second) is about 7, which is far from meeting the needs of high-concurrency applications. Kaspa, through the GHOSTDAG protocol, can produce one block per second, with a TPS of up to 300, which is more than 40 times that of Bitcoin. In the future, Kaspa's goal is to produce 10 or even 100 blocks per second and continue to improve its performance.
Decentralized mining
In the Bitcoin network, the centralization of mining pools is serious, with the top few mining pools accounting for as much as 66% of the computing power. Kaspa's high block speed reduces the difficulty of mining for small miners, making the mining process more decentralized. Currently, the top three mining pools only account for 26% of the computing power.
Principle of expansion: From PHANTOM to GHOSTDAG: The difficulty of Bitcoin expansion is that directly reducing the block generation time or increasing the block capacity will cause the broadcast speed to be unable to keep up, thereby reducing network security. The Kaspa team originally conceived the PHANTOM protocol to distinguish honest blocks from attack blocks through voting, but it was inefficient and computationally intensive. To this end, the Kaspa team introduced GHOSTDAG and improved PHANTOM through a greedy algorithm, significantly improving efficiency.
GHOSTDAG assigns a "blue score" to each block and selects the block with the highest score to form the main chain to achieve ordering of transactions. This mechanism not only improves the efficiency of the network, but also provides a theoretical basis for the development of smart contracts.
Project background
Team: Kaspa’s core development team comes from Israel, and team members have deep academic backgrounds in blockchain theoretical research. The founder, Yonatan Sompolinsky, received a PhD in computer science from Hebrew University and engaged in postdoctoral research at Harvard University. The GHOST protocol he co-conceived with his mentor was later cited in the Ethereum white paper, establishing his reputation in the cryptocurrency academic circle.
Other core developers in the team also have rich academic and practical experience, covering fields such as parallel algorithms, decentralized systems and cryptography. This strong technical strength provides a strong guarantee for Kaspa's continued development.
community driven
The development and promotion of Kaspa completely relies on the support of its community. The project does not have any investment institutions, and all tokens are mined by POW. This 100% community-driven model allows Kaspa to maintain a high degree of transparency and fairness in the development process.
Future outlook: Kaspa is currently listed on second- and third-tier exchanges, with a circulating market value of approximately US$530 million and an FDV (fully diluted market value) of US$850 million. With the continuous advancement of technology and the gradual improvement of the ecosystem, Kaspa is expected to be listed on larger exchanges in the future, such as Binance. According to the neutral scenario forecast, FDV is expected to reach US$1.5-4 billion within two years, with room for growth of 1-4 times.
However, the development of Kaspa also faces certain risks, including technological development progress that is not as expected, smart contract delays or even failures, and ecological development stagnation. Therefore, maintaining the simultaneous advancement of technological innovation and ecological construction will be the key to Kaspa's future success.
in conclusion
With its unique GHOSTDAG protocol, Kaspa has shown strong potential in the evolution of blockchain technology. Its high transaction speed, decentralized mining mechanism and strong development team make it stand out among many DAG projects. Looking to the future, Kaspa is expected to create more brilliant achievements in the blockchain field.