May 9, 2024 | News
The Chinese Kaspa Community recently held their XSpace Episode 13, featuring discussions about the Kasplex protocol. The episode included insights from the protocol’s founder, 5bb55b, regarding the vision, team nature, and technical details of Kasplex. Topics such as the relationship between smart contracts and data inscriptions, the protocol’s impact on the Kaspa mainnet, and future upgrades were also discussed. The episode showcased the potential of Kasplex as the first official application on Kaspa, offering insights into how it can benefit miners and users in the ecosystem. The dialogue touched on the security, functionality, and integration of Kasplex with wallets like KasWare, highlighting the anticipation for the protocol’s release and its impact on the ecosystem. The episode concluded with a detailed Q&A session, providing a comprehensive overview of the Kasplex protocol and its role in the Kaspa community.
News From Kaspa.org: Chinese Kaspa Community XSpace Ep13 – Kasplex
#Kaspa Chinese Community Biweekly Space Ep13
Theme: Kasplex AMA Time: 2024.05.05 Sunday 8pm,
Moderator: Dr. Jason @Badsucker666
Guests: #Kasplex @kasplex
and its founder @5bb55b
Transcripted & Translated by the bot of Dr. Jason.
Reviewed by SHL, Captain Sats @plzsats
Original Twitter Link:
https://twitter.com/kaspa_chinese/status/1784818356597789141
Feedback Link: https://docs.google.com/document/d/13OBCK777sohL9VI7CA87PJnLAZ6VXOomlRvwu_gaDGs/edit?usp=sharing
Phase 1-Introductions to Kasplex：
BadSucker666 (Dr. Jason):
First, let me provide some background. Recently, the Bitcoin ecosystem has evolved from BRC-20, ARC-20, and others to the launch of the runes protocol. The inscription system is continuously undergoing technical iterations and evolution. However, issuing protocols similar to runes on Bitcoin, whether in terms of implementation methods or the overall potential of the protocol, actually differs significantly from Kasplex.
For instance, runes is designed based on the OP_RETURN field and is limited by Bitcoin’s throughput, which constrains its scalability. Current speculations suggest that Kasplex is based on a completely different design using public key addresses. Everyone is looking forward to Kasplex becoming the standard for asset issuance under the Kaspa asset protocol. Next, 5bb55b will introduce us to the project vision and team nature of Kasplex.
5bb55b (Head of Kasplex):
First, I’d like to thank the host, Dr. Jason. I am honored to be invited to participate in this space. As one of the developers, I will give a brief overview of Kasplex. Actually, our official Twitter hasn’t started formal publicity due to the tight schedule and some technical content involved. So, I’ll try to keep it simple and understandable.
Next, I will cover several aspects, as Dr. Jason mentioned our project vision and team nature, the concepts of smart contracts and data inscriptions, and their similarities or complementary aspects.
Then, I’ll introduce the Kasplex protocol, including some features, followed by a brief Q&A session.
Let me start with the first part. As the first ecosystem protocol on Kaspa, Kasplex aims to facilitate the issuance and circulation of various assets through on-chain data inscription. There will also be continuous iterations, hoping to serve as the infrastructure for Kaspa’s potential future Layer 2 ecosystem.
Regarding the team, we are a non-profit project, mainly funded by KEF for major developers, that is, myself and Khris. Khris is also the project manager of Kasplex, but he couldn’t attend today as he just got off the plane. He is a very senior professional in the web3 industry, and I am a seasoned practitioner, but not particularly outstanding. Another clear point is that our team only develops protocols and related open-source systems, and does not deploy or issue any assets.
Let me first briefly introduce how to understand smart contracts and data inscriptions (i.e. Data inscriptions on BTC)? Why do I start with this? Because I see that many in the community think that we should not follow BTC’s approach to inscriptions, runes. I have heard different opinions, and there seems to be some confusion.
First, I’d like to share my view that data inscriptions and smart contracts are two on-chain scaling solutions that can coexist and complement each other.
A smart contract is a piece of code that can process data in different ways. It doesn’t change the blockchain when developing apps. Just create the contract code to implement the program logic. ERC-20 is an example of a smart contract. Also, various DEXs (decentralized exchanges) are pieces of code. Some of them can be really complex, like Uniswap.
Can tokens still be issued without smart contracts? Many people think not. Actually, it is possible, but how? I’ll explain briefly. We can try to understand a smart contract. A smart contract has three parts: input data, logic processing, and output data.
The input data is a set of instructions for an operation. The logic processing is like a virtual machine that runs the code. The output data updates the state after the final execution. For example, an increase of 100 tokens at a certain address is the output.
Now it comes to the second part, what then is data inscription? We write data with special meanings into on-chain transactions. This helps to keep the blockchain network secure. The consensus mechanism ensures that the inscribed data won’t be changed. This is where the idea of inscription comes from. In the Kasplex protocol, we put the input data on the chain. For the second part, we create a set of protocols.
Finally, we can derive the third part, the output data. More specific details can be seen in the white paper soon to be released on our official Twitter, which everyone can follow.
Many people have an aversion to inscriptions, which actually stems from two aspects: first, BTC itself is very slow, very expensive, and unable to support any so-called “BTC Ecosystem”. I believe BTC is perfectly suited as a store-of-value, and it certainly does not need any ecosystem. Second, BTC’s inscription or rune protocols possess some very poor characteristics. I’m not sure whether these were accidentally caused or intentionally designed that way.
These two points have led to some very bad situations, such as severe network congestion, insanely expensive gas, and hindering the normal transfer operations of users B, C, and D.
Inscriptions also generate a lot of UTXO dust, which quickly fills up the node state dataset. Nodes need better hardware. Inscriptions and runes are also prone to burning because they are tied to UTXOs. This means that UTXO dust can only be created, not merged. Once merged, the inscription assets are gone, which is bad.
The above introduces the technical principles of smart contracts and data inscription. Next, we’ll look at some features of Kasplex. Kasplex has three main parts: the data inscription protocol, which defines how data is written into chain transactions. It will also include various specific application scenarios, such as KRC-20 is the protocol for token issuance, and later there will be KRC-721 for issuing NFTs. Second, the open-source indexer scans and processes on-chain data. Third, we will provide query APIs. If you can’t run a node, you can query balances or transfer TX records through public APIs.
I won’t go into too much about technical details here as many of our audiences are non-techy. But stay tuned! Kasplex’s roadmap and white paper will be released on our official Twitter soon. Most of the details will be there.
We started technical research at the beginning of the year to create the core inscription protocol. We found that using Kaspa as the main chain for data inscription is perfect. I won’t talk much about how Kaspa solves the trilemma. Those who know, know. We spent a lot of time thinking about how to coordinate the data inscription protocol with Kaspa’s advanced features. Kaspa’s high bandwidth and throughput ensure a good experience under high-frequency operations. Its pruning mechanism avoids data sedimentation. These features are unique to this chain. We don’t use BTC’s Ordinal model. It’s a bad mechanism. Kaspa’s transaction fees are low, wallets can merge UTXOs at any time, and there’s no need to worry about burning assets. We will also add a new fee model to the protocol. It helps the network and makes miners richer. Some operations, like deploy or mint, will cost more, but this goes to the miners. Other operations, like transfers, will still be very cheap. This is to ensure that normal transfers are not affected. This doesn’t affect Kaspa transfers or issued token transfers.
The Kasplex protocol will provide a decentralized on-chain market solution in phase two. It can be used by wallets or market applications to trade tokens. It will share all orders. If your token is listed in wallet A, then wallet B or market C can see and trade it. The white paper has more technical details, including how data is chained, the protocol’s rules, etc. I’m in charge of developing the open-source indexer. The first phase will implement basic token deployment, minting, and transfer. It will soon be tested on the testnet and will soon assist various wallets and browsers. More info coming soon on Twitter.
Phase 2-Q&A：
BadSucker666 (Dr. Jason):
Thanks, 55b. First, I have a question. Sutton posted some thoughts about Kasplex on Twitter. Were his guesses right? If so, could you share more? Sutton guessed that it would involve storing the hash value of the inscription data as a p2sh address on the chain.
5bb55b (Head of Kasplex):
I would say almost 100% correct! In fact, Sutton’s approach is more aggressive. We encode the data in JSON and upload it to the chain in ASCII. There are also some other complex cases, and not all are ASCII-encoded text. You can check more details in the white paper.
BadSucker666 (Dr. Jason):
Next, let’s move on to the Q&A session to see if the audience has any questions, and we can discuss further.
Li Xianyu (Moderator of the Kaspa Chinese Community):
From a user’s perspective, I have some questions: How do users utilize Kasplex after its release? For example, is it a desktop executable, or something like a browser extension that we can use out-of-the-box? Can third-party wallets make transfers, or how does it work?
5bb55b (Head of Kasplex):
Well, your wallet is basically the entry point for asset queries. As long as the integration follows our protocol, both wallets and browsers can operate just fine.
Li Xianyu (Moderator of the Kaspa Chinese Community):
So, you’re saying we will use wallets like OKX Web3 Wallet and others that support it, am I right? Can you share any information about which wallets will support this in the first phase?
5bb55b (Head of Kasplex):
I can’t say much yet. We’ll have to wait for the roadmap. The KasWare developers are here today and eager to integrate. As I said, our protocol is open-sourced, anyone can use it at any time.
Li Xianyu (Moderator of the Kaspa Chinese Community):
I see. You just provide APIs that can be called by anyone who wants to integrate.
5bb55b (Head of Kasplex):
That’s right. You can follow our documentations and white paper later to integrate. Moreover, if you don’t want to use the APIs we provided, you can run your own indexer, run your own node, and deploy your own APIs. Everything is completely open-sourced.
Li Xianyu (Moderator of the Kaspa Chinese Community):
Understood. Are there any wallets that are ready to cooperate at least for the public test?
5bb55b (Head of Kasplex):
There definitely will be by the time of the public test. Because if the wallets aren’t ready, we won’t start the public test.
Li Xianyu (Moderator of the Kaspa Chinese Community):
So, the internal test uses the TN11, right?
5bb55b (Head of Kasplex):
That’s correct.
Li Xianyu (Moderator of the Kaspa Chinese Community):
How do we participate in the internal test?
5bb55b (Head of Kasplex):
Well, the internal test is generally not for the general public. Our development team is running stability tests and fixing bugs. If you need help integrating wallets or browsers, we can help.
Li Xianyu (Moderator of the Kaspa Chinese Community):
Do you have a date for the public test? Like June or some other month?
5bb55b (Head of Kasplex):
I can’t confirm yet. It depends on the internal test.
Li Xianyu (Moderator of the Kaspa Chinese Community):
OK. Does anyone else have any questions?
Questioner 1:
- Who is the founder of Kasplex?
- Has there been communication with the official Kaspa team? I’m concerned about a lack of official support.
- Will the KRC-20 upgrade in the future, similar to how inscriptions changed from four to five characters? Can it implement smart contracts?
- The KRC-20 protocol is said to enable the issuance of stablecoins, how is this possible?
5bb55b (Head of Kasplex):
First, follow the developers @5bb55b and @khriskang and the official X @Kasplex.
Second, we have communicated many times with the core development team, who will not intervene in our protocol development. However, they generally approve of us. Our protocol will fully comply with the rules of Kaspa nodes. For example, we strictly follow KIP-9 concerning the prevention of dust UTXOs. Essentially, Kaspa nodes set the major rules, and we establish smaller ecosystem applications within those rules.
Third, regarding the iteration of the Kasplex protocol, the project will be under long-term development, which I see taking at least a year or two. The first phase is just some basics, similar to BRC-20 strategies. Many more things will be disclosed gradually. Additionally, regarding smart contracts, as I mentioned earlier, it is a soil of unlimited innovation. The KRC-20 or Kasplex protocol isn’t a smart contract per se, but it can achieve some of the functionalities that smart contracts do.
Fourth, the essence of stablecoins is still coin issuance. It requires institutions qualified to issue stablecoins to handle it, which is beyond the technical aspects. Our primary goal is to support asset issuance. Whether stablecoins will be issued in the future depends on whether there are qualified institutions to issue coins on the Kaspa mainnet. Actually, this is beyond the scope of Kasplex protocol development.
Questioner 1:
The inscriptions on BTC cause a lot of junk data in nodes. How does your protocol solve this problem? To what extent does it reduce such junk data
5bb55b (Head of Kasplex):
That’s a great question. When we started designing the protocol, including during our research, we focused on this issue first. So, why do BTC’s inscriptions cause UTXO bloating? Because BTC’s UTXOs are tied to inscription assets, and those UTXOs have to be left untouched; using them means they’re gone or transferred. We do not adopt this scheme. That is to say, your UTXOs can be merged and used at any time, without affecting any of your inscription assets at all. You could say our protocol completely avoids causing UTXO dust or bloating.
Li Xianyu (Moderator of the Kaspa Chinese Community):
Will the public test run on the Kaspa mainnet? Can you give an estimated time?
5bb55b (Head of Kasplex):
I cannot confirm right now, I really don’t know. We’ll have to see how things go, but everyone should just follow our official Twitter for updates.
Questioner 2:
I want to ask, is Kasplex going to be a foundational infrastructure? After establishing the KRC-20 infrastructure, can other projects run on it?
5bb55b (Head of Kasplex):
Yes, that’s one of our goals. We also hope that many project developers will use our protocol for various applications, whether it’s issuing tokens or building other functionalities.
BadSucker666 (Dr. Jason):
Let me briefly summarize what 5bb55b just mentioned about the framework, which I think is particularly good. Kasplex breaks it down into three core steps: 1. How we write data on the Kaspa chain, which you’ve already answered thoroughly, and if anyone wants to know more, they can check out Sutton’s Twitter. 2. Kasplex acts as an indexer with its own processing logic. We still need to run the indexer separately to execute the protocol’s logic. 3. After execution, how do we write the data back to the chain? My question is whether the form of writing back in the third step is the same as the first step?
5bb55b (Head of Kasplex):
Actually, there is no write-back currently. Everything is maintained by the indexer. The indexer is open-source, and everyone can run it themselves.
BadSucker666 (Dr. Jason):
You just mentioned the future upgrades of the Kasplex protocol. For example, changes in the data format written, and changes in protocol processing logic in the future, how will these be addressed?
5bb55b (Head of Kasplex):
There will be continuous iterations, but they will definitely be backward compatible. The technical details will be in the white paper, and we will also implement mechanisms like hash trees to ensure the accuracy of the final output state.
BadSucker666 (Dr. Jason):
Issuing stablecoins requires high security. Currently, the security of Kasplex is based on the main chain. My question is, are there any inherent security risks in the Kasplex protocol itself, or do we have secure designs?
5bb55b (Head of Kasplex):
Yes, similar to the hash checks and hash tree verifications I just mentioned. There might even be some decentralized solutions, which you’ll need to check the white paper for details.
BadSucker666 (Dr. Jason):
OK. I see someone asked what are the advantages of using KRC-20 for Memes? Personally, I think it mainly depends on the differences between Kaspa and Bitcoin, as protocols like runes on Bitcoin are limited by its block generation speed. Kaspa will definitely be especially smooth. Including the upcoming full upgrade to rust nodes, reaching 10 bps will be very fast. This should be a significant Buff to KRC-20. I wonder how 5bb55b views the impact of Kaspa mainnet upgrades like 10 bps, DK, etc., on Kasplex?
5bb55b (Head of Kasplex):
Actually, only after the 10 bps goes online can the full features or the power of the Kasplex protocol truly be unleashed. Because in my view, the current 300 tps limit of go nodes is not quite sufficient.
BadSucker666 (Dr. Jason):
Yes, you also mentioned that the second phase of Kasplex’s plan will develop an on-chain DEX, and it features shared liquidity, which should all benefit from Kaspa’s inherent advantages.
5bb55b (Head of Kasplex):
Exactly, if the main chain were slow, we actually wouldn’t be able to do this.
Li Xianyu (Kaspa Chinese Community Moderator):
Someone asked: What problem does Kasplex solve? Is it useful for miners?
5bb55b (Head of Kasplex):
It’s quite simple. We can think of the blockchain ecosystem in two parts. First, you must be able to issue assets and enable their circulation. This is the foundation of what we call an ecosystem. Without these two conditions, there’s no point in talking about an ecosystem. Additionally, once the ecosystem develops, transaction fees will inevitably increase, which is definitely beneficial for miners. When the ecosystem thrives, miners naturally see more fees.
Li Xianyu (Kaspa Chinese Community Moderator):
I see a question asking if the white paper can be released within a week?
5bb55b (Head of Kasplex):
I’m not sure; I can’t answer that because it’s not yet finished, just a bit left. I think it should be about a week or two until it’s ready.
BadSucker666 (Dr. Jason):
Regarding fees, 5bb55b also mentioned that Kasplex has an interesting design. Kaspa’s current transaction fee pricing is divided into two parts: the first is a basic fee calculated based on the block’s mass, and the second is a priority fee added by users. The question is: which category do the fees mentioned by 5bb55b for the Kasplex protocol fall into?
5bb55b (Head of Kasplex):
They fall outside these two categories. You could consider it a third category, or say it’s defined by indexer rules. It is paid directly to the miners, essentially requiring an increase in transaction fees.
BadSucker666 (Dr. Jason):
So, this should require wallets supporting Kasplex to add an extra fee for protocol operations, right?
5bb55b (Head of Kasplex):
That’s right.
BadSucker666 (Dr. Jason):
This design should be a significant boon for miners, essentially opening up an additional source of income. How much extra income could there be?
5bb55b (Head of Kasplex):
I can’t say for sure right now. It depends on factors like how popular it becomes or how much it is used. It’s hard to say at this point.
BadSucker666 (Dr. Jason):
Kasplex should be Kaspa’s first official application. I’m looking forward to its performance! Someone asked if the indexer has any impact on the main chain’s efficiency?
5bb55b (Head of Kasplex):
There is no impact at all because the indexer pulls data directly from the node and does not write data.
Li Xianyu (Kaspa Chinese Community Moderator):
Before we see new questions, I’m quite interested to discuss with you two: when do you think 10 bps could be launched?
BadSucker666 (Dr. Jason):
I estimate about two to three months.
Li Xianyu (Kaspa Chinese Community Moderator):
The recently released Rust 0.14 version update primarily deals with the 1bps mainnet. Full deployment of Rust nodes on the mainnet should happen within a month.
BadSucker666 (Dr. Jason):
Right, Rust itself should be implemented within about a month. The 10bps test has been running for a long time, but because it involves a consensus change, optimistically, it would also take about two to three months.
5bb55b (Head of Kasplex):
I’d like to add that the Kasplex protocol will be compatible with both go version and rust version nodes. However, we will not maintain the go version nodes going forward; we will mainly consider rust nodes. I wanted to specifically mention this, as the go version nodes are about to be phased out.
5bb55b (Head of Kasplex):
I need to log off now, you guys continue.
Li Xianyu (Kaspa Chinese Community Moderator) and BadSucker666 (Dr. Jason):
Alright, thank you very much, 5bb55b!
BadSucker666 (Dr. Jason):
Let’s briefly summarize what 5bb55b discussed: since the first teaser on Twitter last December, by early May, we are close to seeing the first asset issuance standard from Kaspa. There have been community complaints about slow development, but there’s no need to worry. Kaspa’s key task is to polish the Base Layer, and the ecosystem projects will pick up speed very quickly. I hope Kaspa’s holders can be a little more patient.
Li Xianyu (Kaspa Chinese Community Moderator):
I understand your point. The Rust 1bps node is also about to be fully deployed, which is a significant improvement over the go nodes. Although it seems like there’s no change to users—still at 1bps—the upgrade is substantial for node operators and miners, with a lot of performance enhancements.
BadSucker666 (Dr. Jason):
Right, we’ve also talked about how Rust is essentially a complete overhaul of Kaspa’s infrastructure, which is a huge undertaking. If you look at Rust’s Source Code, you’ll see there’s a lot of work involved. Once the foundation with Rust is solidified, subsequent upgrades like 10bps and DK should proceed quite rapidly.
Li Xianyu (Kaspa Chinese Community Moderator):
Exactly. After the restructuring, piling on performance improvements actually happens quickly, not much code is needed anymore. Speaking of which, the 10bps test has been going on for about four or five months now, from January until now.
BadSucker666 (Dr. Jason):
Right, after Rust is complete, the theoretical proofs for DK are already done, what remains is converting them into engineering code. The rollout of the DK protocol should be faster than many expect.
Li Xianyu (Kaspa Chinese Community Moderator):
I see there are still quite a few questions asking about the launch date. Just now, 5bb55b mentioned that it’s currently impossible to provide an exact timeline. First, the full update timing for Rust nodes is uncertain, and the development of KRC-20 has several phases like internal and public testing. These are not easy to estimate accurately, so we just have to wait. First, we wait for their white paper to see the complete technical details, then their roadmap, which should be released simultaneously, and that will provide the timeline. Then we’ll know exactly when we can start using KRC-20.
I also see questions about which wallets support Kasplex. Firstly, Kasplex is an open-source protocol, and its APIs are public, so any wallet developer can make it compatible. It’s not decided by the KRC-20 project side but by the wallet developers. Although specific partnering wallets haven’t been disclosed, I personally speculate that OKX Wallet might be one. When it launches, we should have it available, at least by the time of the public test, there will definitely be supporting wallets available to explore.
BadSucker666 (Dr. Jason):
I see someone in the group asked about the relationship between smart contracts and inscriptions. I can explain more about the specific differences. Firstly, smart contracts are quite heavy because a smart contract’s transaction isn’t a regular transfer; it requires an external virtual machine on top of Kaspa’s main nodes to parse the OP Code, which is a substantial and complex engineering task. Of course, because it’s heavy, it can implement more complex logic, such as Turing-complete mechanisms. Once it’s Turing-complete, we can theoretically build any application on it. However, the way KRC-20 is issued differs significantly from smart contracts. It doesn’t require a virtual machine; it’s a lighter solution. As 5bb55b previously answered, both can perfectly coexist and complement each other. Like Bitcoin, which has some basic scripting language, such as the mechanism implemented by p2sh, essentially turns the transfer address into a script address, which can perform some simple processing logic on the chain, like multisig. Kaspa’s scripting design avoids many of the problems present in Bitcoin. Bitcoin’s Transaction development also went through several phases, first around 2017 with the SegWit upgrade that separated script processing logic into a distinct area. The second major upgrade was in 2021 with Taproot, primarily adding schnorr signatures. Bitcoin has four types of addresses, which are very inconvenient to use; Kaspa has already circumvented these issues. Actually, our discussion on issuing KRC-20 on the Kaspa mainnet is based on these premises.
Li Xianyu (Kaspa Chinese Community Moderator):
To summarize, Kasplex is an excellent protocol that won’t negatively impact the Kaspa mainnet. At the same time, Kasplex won’t compete with future smart contracts but will complement them. Additionally, Kasplex greatly benefits the current stage of ecosystem development and significantly enhances miners’ fee income. Once Kasplex develops, users will also be able to engage in more financial explorations, such as asset issuance or even play with Meme coins, etc. It’s a community product and ecosystem product that is very worth our community members’ anticipation. Its roadmap and white paper should be released soon, and everyone will be able to learn the detailed contents at that time.
BadSucker666 (Dr. Jason):
We have two new speakers who just joined us. The first is a developer from KasWare.
Shawn from KasWare:
Let me introduce myself. We are the developers behind the KasWare wallet. In December last year, we developed a wallet specifically for Kaspa, named KasWare. We started following Kaspa and invested in it two years ago. We have been closely monitoring Kaspa’s development and have seen its computing power and community grow. In December last year, we decided to start some projects for the Kaspa ecosystem. We noticed there was a lack of a plugin wallet for Kas, so we created one. Our wallet went into public beta on March 15 this year, and so far, we have released five updates. We’ve essentially included all the features that a wallet should have, both in terms of security and functionality. Additionally, we are in close collaboration with 5bb55b from Kasplex. We will support Kasplex as soon as the protocol is launched, including features like minting and deploying KRC-20.
BadSucker666 (Dr. Jason):
Can you share any details? How far have you integrated with Kasplex? Or is there a timeline for this?
Shawn from KasWare:
I can’t disclose specifics. Everything will depend on the updates from 5bb55b’s side.
BadSucker666 (Dr. Jason):
Okay, we can discuss more in our next session. What’s the next speaker’s question?
Questioner 2:
I saw someone asking in the comments if the indexer is decentralized. I’ve thought about it too. I want to ask: is the indexer protocol based on logical rules? If everyone follows these rules, can we achieve consistent results? Like the Chinese language, all Chinese people speak it, so everyone understands each other. Is the indexer similar to a dictionary or the script of the Chinese language itself? Is my understanding correct?
BadSucker666 (Dr. Jason):
You’ve understood it perfectly. Kasplex, as a protocol, defines a set of rules just like the language used for communication between people. These rules are based on data structures, which are the data we write on the Kas chain. Based on this data, we can use the indexer to read and then process it. The processing logic is implemented in code, similar to translating between Chinese and English. From the protocol’s perspective, it has deterministic rules. Decentralization is reflected in the fact that the code is open source; everyone can run and verify it.
(The End.)
The post Chinese Kaspa Community XSpace Ep13 – Kasplex appeared first on Kaspa.
In conclusion, the Chinese Kaspa Community XSpace Ep13 discussed the Kasplex protocol and its potential impact on the Kaspa ecosystem. The various features and benefits of Kasplex were highlighted, showcasing its compatibility with existing systems and potential for enhancing asset issuance. The engagement with developers and the open-source nature of the protocol were also emphasized. For the latest news and updates on Kaspa, readers are encouraged to visit KaspaNews.net.
May 7, 2024 | News
Overview of Solana’s innovative features
Solana’s blockchain platform has been garnering attention due to its pioneering features that address many of the limitations plaguing older blockchain systems. As an open-source project catering to decentralized app (DApp) creation, Solana provides a lightweight and high-speed layer-1 protocol.
The foremost innovation of Solana is its Proof of History (PoH) consensus mechanism, a notable departure from traditional Proof of Work (PoW) or Proof of Stake (PoS) systems. Proof of History introduces a unique way of encoding the passage of time into the blockchain, which results in unparalleled transaction speeds and a throughput that can handle thousands of transactions per second.
Another standout feature of Solana is its capability for parallel processing. By leveraging a system called Sealevel, Solana can achieve simultaneous transaction processing, drastically enhancing the network’s scaling ability. In the DApp landscape, this facilitates larger and more complex applications to run efficiently without bottlenecks.
Solana also employs a cluster of optimizations to maintain a low transaction cost, an aspect critical for developers and users of the platform. With minuscule fees, Solana emerges as a user-friendly platform for a multitude of use-cases, from micropayments to DeFi operations.
Gulf Stream, another innovation within the Solana ecosystem, expedites transaction caching and forwarding to validators even before the previous batch of transactions is finalized. This pushes the network’s efficiency even further, diminishing the transaction confirmation times.
Integration with Wormhole, a decentralized bridge connecting multiple blockchain universes, adds another layer of functionality, enabling cross-chain transactions. The interoperability brought about by Wormhole lets Solana users easily transfer assets to and from other chains.
Moreover, the network designed to be censorship-resistant, affording every node equal opportunity to participate in the consensus and validation process. With this design, the Solana protocol aligns closely with the decentralized ethos of the blockchain community.
Lastly, scalability without compromise on decentralization or security is what Solana prides itself on. It is engineered to support the mass adoption of crypto technologies and satisfy the performance demands of modern financial services and applications.
Solana continues to grow, not only in terms of network capabilities but also through the burgeoning ecosystem of projects choosing to build on its platform. For developers looking for a blockchain that’s fast, robust, and developer-friendly, Solana presents itself as a strong contender in the landscape.
Exploring Injective Protocol’s unique approach
Injective Protocol stands out in the decentralized finance (DeFi) space with its forward-thinking approach, designed to foster a fully decentralized trading experience free from any single point of control. It operates as a layer-2 DeFi protocol aiming to revolutionize how financial markets are perceived and participated in.
One of the core elements that delineate Injective Protocol is its emphasis on unrestricted access to finance. By building a fully decentralized order book and making the entire protocol open-source, Injective grants users unmitigated access to create and trade on any financial market of their choice. This includes new derivative products that are typically not available on other platforms.
Injective is underpinned by its unique consensus algorithm, which allows for a high transaction throughput while maintaining a secure and decentralized network. This Cosmos-based protocol leverages Tendermint consensus to ensure rapid finality, and its compatibility with the Inter-Blockchain Communication (IBC) protocol enhances interconnectivity between different blockchains, promoting a seamless DeFi experience.
The protocol’s architecture is particularly innovative, as it integrates a decentralized exchange (DEX) model which operates without any trading fees. This is a significant deviation from many other DEX platforms that tend to charge high fees, especially during periods of network congestion.
Moreover, Injective presents an ecosystem where users possess the full authority over their funds, employing a non-custodial wallet system. This system empowers users by enabling them to trade without relinquishing their private keys, thus ensuring they have sole control over their assets at all times.
One of the defining features of Injective is its layer-2 speed and capabilities. By moving much of the computation off the Ethereum main chain, Injective greatly reduces the impact of Ethereum’s network congestion and high gas fees, while maintaining a strong security proposition.
Injective also experiments with ‘zero gas fees’ for trading, a remarkably appealing feature for traders who are used to the variable and sometimes exorbitant gas fees on Ethereum-based protocols. This incentive could potentially attract a broader user base, by making decentralized exchange platforms more economically accessible.
Another aspect that sets Injective’s approach apart is its community governance model, which gives holders of the INJ token voting rights on various protocol upgrades and changes. This approach ensures that the protocol remains aligned with the interests of its users, and it can evolve dynamically as the community grows and market conditions change.
Understanding the importance of user experience, Injective has placed a high priority on creating an environment that is both intuitive for newcomers to the DeFi space and powerful enough for professional traders. Ensuring the platform is easy to use while providing robust trading tools and features is a delicate balance that Injective aims to strike.
With these unique offerings, Injective Protocol demonstrates its commitment to advancing the DeFi landscape. It is designed to cater to both amateur enthusiasts and seasoned traders, looking to push the boundaries of what’s possible within decentralized finance. The protocol continues to gain traction and recognition, potentially poised to alter the future dynamics of global finance with its inclusive, user-centric approach.
Comparative analysis of SOL and INJ in the ecosystem
When examining the performance and contributions of Solana (SOL) and Injective (INJ) within the digital asset ecosystem, it becomes evident that both have carved out unique niches with their distinctive technological propositions. This comparative analysis aims to delve into the respective positions and potential synergies between these two innovative platforms.
At first glance, Solana, as a high-speed layer-1 blockchain, has a mission to achieve mass adoption by eliminating the scalability trilemma, ensuring its infrastructure can handle a vast number of transactions without compromising security or decentralization. It’s the blockchain of choice for developers who necessitate speed and cost-effectiveness due to its near-instant transaction finality and negligible fees. Solana’s role in the ecosystem is, therefore, a foundational layer upon which diverse applications can be built, ranging from DeFi to gaming.
On the other hand, Injective Protocol has finessed its value proposition in the DeFi sphere by advocating a fully decentralized peer-to-peer trading structure. INJ differentiates itself by focusing on layer-2 solutions, aiming to sidestep issues of network congestion seen in Ethereum and other blockchains. By targeting the DeFi sector and prioritizing trading without centralized control, Injective enhances the ecosystem with a fresh layer of functionality that empowers users to engage in new and existing financial markets with more autonomy and lower costs.
While SOL aims to become the backbone for high-frequency use cases, INJ positions itself as a versatile tool for financial innovation, tackling the specific pain point of accessibility in trading markets. These respective aims contribute—to some extent—complementary forces in the cryptocurrency ecosystem. Solana’s technological strengths offer a reliable and efficient platform that could serve as fertile ground for Injective’s more specialized financial tools and services.
Moreover, both ecosystems display a clear commitment to keeping governance decentralized. Solana does this through the distribution of its validator network and Injective by laying governance in the hands of its token holders. This parallel in philosophy suggests an underlying compatibility that could be conducive to future interoperability or collaboration endeavors.
In economic terms, SOL and INJ serve as utility tokens within their native ecosystems, facilitating operations, incentivizing participants, and providing a means for governance. Their value is intrinsically linked to their utility and adoption. As these platforms evolve and adapt to a constantly changing environment, they consequently influence the supply and demand dynamics of their tokens in the marketplace.
An important aspect of any comparative analysis is recognizing the potential for growth within distinct market conditions. Solana’s robust infrastructure positions it to potentially take a significant share of the blockchain market, catering to enterprises and applications needing high transaction throughput. Meanwhile, Injective’s prospects are edged on the innovation and democratization of finance, possibly revolutionizing how traditional and crypto-native financial instruments are accessed and traded.
Ultimately, while Solana and Injective have their individual trajectories, there’s an implicit synergy in the broader perspective. The continued success and adoption of Solana’s high-speed blockchain infrastructure may create a conducive environment for Injective’s specialized DeFi solutions to thrive. Conversely, the proliferation of Injective’s novel trading options may drive more users and developers towards platforms like Solana, which can support those applications reliably at scale.
The intersection of Solana’s and Injective’s innovations in the ecosystem suggests a burgeoning future, where their interplay may lead to a more integrated, efficient, and user-centered blockchain landscape.
Future prospects for Solana and Injective’s partnership
The prospective collaboration between Solana and Injective Protocol is seeded in their complementary technological advancements and shared vision for the future of blockchain and decentralized finance. As the fintech world increasingly leans towards decentralized systems that empower users, the partnership between these two entities appears not just logical but also promising for the wider ecosystem.
Looking forward, the partnership could produce synergistic benefits that enhance the functionality and reach of both platforms. Solana’s high-performance infrastructure could become the prime location for Injective’s innovative financial products and services. By combining Solana’s unparalleled transaction speeds and Injective’s novel financial instruments, they could create a powerhouse of opportunity in both the DeFi and broader financial markets.
Potentially, Solana’s expansive network and low transaction costs offer Injective an optimized environment to deploy its decentralized exchanges and financial derivatives. This would allow users to trade with the efficiency and speed indebted to Solana’s architecture, coupled with the freedom and flexibility ingrained in Injective’s protocol.
The coupling of Injective’s layer-2 solutions with Solana’s layer-1 foundation is an intriguing prospect. This partnership could lead to reduced transaction fees, heightened trading speeds, and a more flexible trading environment – benefits that would likely appeal to a wide demographic of users, from retail investors to institutional traders.
From a technical standpoint, aligning Injective’s interoperability ambitions with Solana’s high throughput could foster the development of cross-chain trading capabilities. This might enable a more seamless movement of assets across various blockchains, further strengthening the position of both platforms in the DeFi space.
The melding of Solana’s on-chain capabilities with Injective’s off-chain solutions could lead to a more scalable DeFi ecosystem as well. By leveraging the strengths of both, they might jointly tackle the omnipresent issues in blockchain, such as network congestion and high fees – thereby delivering an even more robust and user-friendly experience.
Moreover, the focus on governance and community input that both platforms share idealizes a future where the growth and evolution of their partnership could be guided by the voices of their users. As the cryptocurrency space continues to mature, this approach could foster a more democratic and responsive financial environment.
It is also evident that the flourishing sectors of NFTs and Web3 might find a strong foundation in the combined efforts of Solana and Injective. By providing the necessary speed, accessibility, and innovative trading solutions, they could cater to a distinct market that craves efficiency and creative freedom.
As with any predictions, the expectation for this partnership to catalyze a new era in blockchain development should be cautiously optimistic. The complexity of technology integration and market adoption poses challenges that both Solana and Injective must deftly navigate. Yet, the potential benefits of their cooperation are undeniable, potentially setting a precedent for other collaborative efforts in the blockchain industry and signaling a shift towards more strategic alliances in the technology’s growth and implementation.
Solana and Injective, through their prospective partnership, could usher in new possibilities for DeFi and beyond. Their shared objectives to remove barriers, increase efficiency, and democratize finance set the stage for an exciting chapter in the evolution of blockchain technology, the effects of which could reverberate through the entire fintech arena.
