An altcoin inspired by Bitcoin (BTC) is surging after being listed on two crypto exchange platforms in 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% increase. The digital asset has since stabilized and is trading for $0.0342 at 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 it’s designed so that solo miners, or miners that choose to work by themselves instead of relying on mining pools, can thrive as well.
“Kaspa is currently the fastest proof-of-work, mineable coin while remaining decentralized. The blockDAG architecture with rapid block rates allows more mining decentralization and enables effective solo mining at lower hashrates…
In solo mining, individual miners compete with each other to solve the puzzle and earn the reward. However, the odds of successfully solving the puzzle are low, especially with the increasing difficulty of the network.”
Kaspa also released a new version of the project’s whitepaper last month, which explains the nuts and bolts of the project’s algorithm in greater detail. It also recently announced that it’s in the development stages of several new hardware wallets.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Mia Stendal
Generated Image: DALLE-2
Share this article: