Last month, the Kaspa Ecosystem introduced its first project, KASPlex, which sparked numerous questions from the community. To address these questions, the KASPlex team has provided answers to many of them, and the remaining queries will be discussed in the upcoming White Paper. If you have any further questions, you can reach out to the KASPlex team through their Twitter channel.
Khris, the Project Manager for Kasplex, with support from their core developer, explained that Kasplex is a non-profit organization that aims to make it easier for developers, artists, and influencers to launch projects on the Kaspa blockchain. The project consists of three parts: the Protocol, which sets the rules for inserting data onto the Kaspa blockchain; the Indexer, an open-source project that scans blocks and extracts data according to the Kasplex Protocol; and APIs for users who do not run a full node to query their assets.
The technical details of how inscriptions are embedded onto Kaspa will be outlined in the whitepaper. KRC20 tokens are inscribed on-chain, while KRC721 (NFTs) require users to upload their metadata to an IPFS. Kasplex also provides infrastructure for some Layer2 solutions.
Kasplex’s inscriptions and token standards differ from those of Bitcoin and Ethereum. For instance, when creating an “inscribe-transfer” inscription, users do not need to worry about which individual unit of KAS is linked to it; they only need to consider their total balance and transferable balance.
Inscriptions hold value as they allow for the issuance of assets on the blockchain and showcase Kaspa’s technology. They are essential for some Layer2 Rollup solutions that require data to be written back to Layer1 for security purposes.
Users will be able to create NFTs using the Kasplex Protocol, but they will differ from Ordinals NFTs on Bitcoin. Since Kaspa does not support Taproot and Segwit and has limited storage, picture assets should be stored in IPFS, similar to ERC721.
Kasplex will not create its own marketplace but will provide a standard and examples for decentralized inscription trading marketplaces. KR20 tokens can be stored within a user’s wallet without additional support, as users can query their balance via Kasplex APIs.
Inscriptions and KR20 tokens can increase miner revenue by requiring additional gas fees for token deployment or minting, thus reducing unnecessary data and incentivizing miners to secure the network.
Stay tuned for more updates from Kaspa, including AMAs (XSpaces), news on the roadmap, and the closed beta release. You can find more information on the KASPlex FAQ on Kaspa’s website.