Transactions are the heartbeat of any blockchain system, enabling the transfer of digital assets between accounts. While they may seem fleeting to the average user, the information they carry is etched into the blockDAG’s history. Let’s break down the journey of a Kaspa transaction from start to finish.
A user kicks off a transaction, selecting UTXOs (unspent transaction outputs) to send to the intended recipients.
The wallet software crafts the transaction and sends it to a connected node. The node adds it to its mempool, shares it with other nodes, and waits for it to be included in a block. If it’s not included within 60 seconds, it’s dropped and must be resubmitted.
Miners request a block template from the node, which includes transactions from the mempool. They then work to find a special number, called a nonce, that will make the block hash acceptable under the current difficulty level.
When a miner succeeds in creating a valid block, they submit it to the node for verification.
The node checks the block’s validity, then broadcasts it across the network. Other nodes validate it too. If an older block is found that should have come before this one and it uses the same UTXOs, the newer transaction is canceled to prevent double spending.
Network nodes confirm the new block and its transactions, add it to their blockDAG, update the UTXO set, and remove any included transactions from their mempool.
As more blocks pile on top of a transaction, it becomes harder to alter or reverse. Generally, a transaction is deemed “confirmed” after a certain number of additional blocks (often 10) have been added.
If a transaction is ever changed due to a blockDAG reorganization, related UTXOs are adjusted or removed as needed. But after 24 hours on Kaspa, transactions are “cemented” and immune to reorganization.
Once a transaction has enough confirmations on the blockDAG, it’s permanently recorded in the public ledger as part of a block, forever part of Kaspa’s history.
Tip: Kaspa currently processes about 200 transactions per second, with a potential increase to 6400 TPS after updates.
For more information on Kaspa, check out these resources:
Is Kaspa a currency that will increase or decrease in value over time?
Kaspa (KAS), a digital currency, has sparked much debate regarding its monetary policy. Some argue that it is both inflationary, meaning its value decreases over time, and deflationary, meaning its value increases over time. But let’s take a closer look at the facts.
In the short term, Kaspa is inflationary because new coins are constantly being created through mining, which increases the overall supply and can decrease value. However, once all 28.7 billion Kaspa coins have been mined, no new ones will be added, making it deflationary as the supply will be fixed and its value could increase due to scarcity.
Additionally, the mining rewards for Kaspa are set to decrease over time, which means the rate of new coins being added will slow down and eventually stop. This could also lead to a deflationary effect.
Overall, while there may be some short-term inflation, the long-term outlook for Kaspa appears to be deflationary. The currency is expected to become more scarce and potentially increase in value as a result.
For those interested in learning more about Kaspa’s monetary policy, you can view their Emission Schedule chart on their website. Stay tuned for more updates on Kaspa from Bubblegum Lightning on the Kaspa discord channel.
The blockchain trilemma is a challenge faced by cryptocurrencies, where they struggle to achieve security, decentralization, and scalability all at once. However, Kaspa, a new cryptocurrency, claims to have found a solution to this problem with its innovative BlockDAG approach.
Kaspa’s security is based on the Nakamoto Consensus and has been enhanced with its blockDAG architecture. This method not only increases security and scalability but also solves the issue of orphaned blocks. Additionally, Kaspa’s network is community-driven, ensuring decentralization without any single entity in control.
With its BlockDAG allowing for high block rates and instant transaction finality, Kaspa is currently the fastest proof-of-work cryptocurrency. It is expected to become even faster with an upcoming update. This positions Kaspa as a strong contender for widespread adoption in the world of decentralized finance and blockchain-based applications.
Kaspa has been operational since its mainnet launch and continues to improve its approach to the trilemma. For more information on Kaspa, you can visit their website or follow them on various social media platforms. If you have any questions or comments, feel free to reach out on their discord channel.
Attention Android users: The Android wallet has been updated. If you have the alpha version installed, please back up your secret phrase and uninstall the app before installing the new version.
You can download the Android Test Wallet [here](https://github.com/azbuky/kaspium_wallet/releases/tag/v0.2.0-beta).
For iOS users, the Test Wallet is available [here](https://testflight.apple.com/join/IIUtOEBC).
The source code for Kaspium can be found [here](https://github.com/azbuky/kaspium_wallet).
Kaspium Initial Setup
Kaspium may still be in the testing phase, but it offers a user-friendly and sleek interface. The design is minimalist, providing a clear and easy-to-navigate experience. The wallet efficiently displays transaction history, balance, and other functionalities.
With Kaspium, sending and receiving KAS through your mobile device is quick and simple. The wallet includes QR code support for more convenient transactions. It also allows for multiple wallets, address management, and biometric authentication on your device.
Please note that Kaspium is compatible with 24-word Kaspad CLI wallet secret phrases, which is more secure than the 12-word secret seed phrase used by the web/desktop wallet. However, currently, you cannot import existing wallets from the desktop or web platform to the mobile version.
Remember that Kaspium is in its test phase, so minor bugs may occur. It’s important to back up your wallet’s secret phrase, as it is only stored on your device. Losing the secret seed phrase could result in losing your funds.
For more information and updates, check out KASPA’s [website](https://kaspa.org/), [Medium](https://medium.com/kaspa-currency), [Teletype](https://teletype.in/@kaspa-currency), [Discord](https://discord.com/invite/kS3SK5F36R), [Telegram](https://t.me/kaspaenglish), [Twitter](https://twitter.com/KaspaCurrency), [Reddit](https://www.reddit.com/r/Kaspa/), [GitHub](https://github.com/kaspanet/kaspad), and [Explorer](https://explorer.kaspa.org/).
We welcome your comments and questions.
You can also find me on the Kaspa discord as Bubblegum Lightning.
For more details on this update, visit Kaspa’s official [announcement](https://kaspa.org/kaspium-update-now-live-on-ios-and-android-update/).
On Friday, February 17th at 6:00 PM EST, @BubblegumLtng will be hosting a Kaspa Twitter Space event. This unofficial gathering, organized by community contributors @Kaspa_HypeMan and @BubblegumLtng, aims to provide an overview of Kaspa through an interview-style format in the first half, followed by a Q&A session with the audience.
Attendees should note that the hosts are not part of the Kaspa development team and are not heavily involved in technical coding. However, developers and coders from the audience will be available to help answer any technical questions.
The Twitter Space event is expected to last about an hour and marks the first of its kind for Kaspa Currency. Those interested in learning more about Kaspa can also visit their website at kaspa.org, read articles on Medium, join discussions on Discord and Telegram, follow updates on Twitter and Teletype, and explore their Reddit and GitHub pages. The Kaspa explorer can also be accessed for more in-depth information.
If you have any questions or comments, feel free to reach out, and make sure to join the Kaspa community on Discord to connect with Bubblegum Lightning. For more details on this event, you can check out the original post on Kaspa’s website.
Attacking a moving target is hard, and it’s even harder when it’s moving quickly. This is the challenge that cryptocurrency traders face, particularly those who trade frequently throughout the day. They’re all too familiar with the risks of decentralized cryptocurrencies, such as the threat of front-running.
Front-running is when someone exploits a slow consensus system to manipulate or replace a transaction. In decentralized systems, transactions are visible to everyone before they’re processed, which can take up to 15 seconds on platforms like Ethereum. During this time, internet bots can potentially tamper with or replace the transaction. This is often due to leader-based consensus, where a designated leader coordinates the process, but can be slow and create opportunities for front-running.
One specific type of attack is the “sandwich attack,” where a bad actor takes advantage of both front-running and back-running a transaction during this slow process. The attacker inserts themselves between the sender and receiver, relaying communication to access sensitive information or manipulate it. They aim to place two orders around the pending transaction to affect the asset’s prices.
For example, imagine you’re an attacker in a busy deli. You see someone ordering a sandwich, so you quickly order the same sandwich with extra ingredients to make it more expensive. As the deli prepares your order, you step away, leaving the original customer with either no sandwich or a more expensive one.
To prevent such attacks, we need a mechanism that bypasses the mempool and allows transactions to be secretly sent to a single operator without exposing them to the entire network beforehand. Network speed is also crucial for security, as it reduces the opportunity window for front-running and other attacks.
Kaspa is tackling this issue with its asynchronous consensus/parallel consensus. With a rewrite in Rustlang, aiming for 32 blocks per second and hoping to reach 100 BPS, transactions could be processed in under a second before being propagated to the network. This would make cryptocurrency trading more secure and reliable.
Speed isn’t just a nice feature; it’s essential for the sustainability and security of decentralized proof of work chains. Kaspa’s focus on speed gives it an edge in ensuring security for its users.
Special thanks to Discord user @ZEPP8S for the concept and sharing relevant resources. Remember, the ‘sandwich attack’ is just one of several front-running attacks others should be aware of.
For more information on Kaspa, you can follow them on various platforms including Twitter, Medium, Discord, Telegram, Reddit, GitHub, and their Explorer. The original post “Kaspa: Speed = Security” can be found on Kaspa’s website.
