Bitcoin-Inspired Altcoin Gains 107% In One Week As Project Gets Listed On Two Crypto Exchanges
An altcoin inspired by Bitcoin (BTC) is surging after being listed on two crypto exchange platforms within a week.
Kaspa (KAS) has more than doubled in price since last week after being listed on crypto exchanges Hotbit and BYDFi.
News of the listings sent the crypto asset flying as it went from a seven-day low of $0.0158 to $0.0344, a 107% gain. The digital asset has since stabilized and is trading at $0.0342 at the time of writing.
Kaspa uses BlockDAG, which is its version of the GhostDAG/PHANTOM protocol, and aims to deliver high block creation and transaction speed without the loss of security and decentralization that many higher-speed chains suffer from.
The project also says that it is designed so that solo miners, or miners who choose to work alone instead of relying on mining pools, can also thrive.
“Kaspa is currently the fastest proof-of-work, mineable coin while remaining decentralized. The BlockDAG architecture with fast block speeds allows for more decentralization of mining and enables efficient solo mining at lower hashrates…
In solo mining, individual miners compete with each other to solve the puzzle and earn the reward. However, the chances of successfully solving the puzzle are low, especially with increasing difficulty on the network.”
Kaspa too released a new version of the project’s whitepaper last month, which explains the nuts and bolts of the project’s algorithm in more detail. That too recently announced that it is in the development stage of several new hardware wallets.
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Featured image: Shutterstock/Mia Stendal
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