Recap of Exclusive AMA: Kaspa Coin x StealthEX
On June 26, 2023, we had StealthEX & Kaspa Coin AMA session in our Telegram Community Chat, and here is a recap.
Our guest was Bubblegum Lightning (@BubblegumLtng), PR Manager – Author and Editor of Kaspa Currency Medium.
Questions from Twitter
StealthEX: Bubblegum Lightning will join us to discuss the upcoming plans and answer everything of interest. We wish everyone a great stay in advance!
So here’s the first question:
Q1: What is the GHOSTDAG protocol and how is Kaspa using it in its consensus mechanism?
Bubblegum Lightning: GHOSTDAG is a consensus protocol designed to utilize a BlockDAG in which Kaspa runs on. As opposed to a typical blockchain that most recognize, GHOSTDAG take the orphan block problem and incorporates the blocks in the structure. What normally would be orphan blocks can stack to form a block width as well, allowing for a flexible and adaptable structure that changes according to demand. The chain now looks like a tree or web structure in GHOSTDAG. It utilizes a generalized Nakamoto Consensus and with the same hash as BTC, it’s every bit as safe, if not more so since the orphan problem is now addressed.
Visualizer to see it live and in action.
Q2: What do you think about the future of Kaspa (SmartContract, 100 BPS)?
Bubblegum Lightning: I THINK IT’S HAPPENING. You guys caught me on a great day. Kaspa rolled out Testnet 11 which is our new fancy Rust code base running publicly now, on testnet. This was a stress test for 10 BPS and we’re crushing it. I’ll post a link to stats below and show times where it exceeds expectations. I’m hearing the word on the street is the Rust rewrite will conclude in 6ish months and shooting for at least a 30x speed boost from our 1BPS Go version now.
As far as smart contracts, we’re on that now with brainstorming the best approach natively as well as potentially incorporating ETH SC. Kaspa founder, Yonatan Sompolinsky, is working on his own idea as we speak and will present when finished. Knowing Yonatan, be prepared to have your mind blown.
Q3: How many archive nodes do you expect?
Bubblegum Lightning: Great question, and unfortunately not an answer I have at the moment. Never tracked them or looked into it myself. I do run one, and I know a few people that run multiple.
What I do know, is that on the roadmap, we are looking to make it more friendly to run archive nodes and get p2p sharing seamless and accessible.
As far as a hard archive node stat, I’ll have to look into it. I’ll get someone on it now in fact.
Q4: Safety and Security are two things to be considered for investor before makes investment decision. Which technology is used for its great privacy? How much private and secure platform is? Are all assets on insured?
Bubblegum Lightning: We covered some security already but, to compound on this, not only does Kaspa use a generalized Nakamoto Consensus, it’s fast! Speed is an overlooked form of security in itself, by outrunning frontrunning attacks and various for of ‘sniping’, Kaspa makes it near impossible to set these types of attacks up. The blockDAG structure, makes for an unpredictable vector that keeps changing and any point that may present an attack at one time, is already gone by the time you even think of it. It has technical designs such as burst blocks and hourglass blocks that I won’t dive into for time but it’s fort know on steroids.
As far as privacy, we are shooting to be a BTC 2.0. We used BTC as a prototype in theory and ethos and we are as private as BTC. This can be a perk or con, all depends on your perspective on the topic but, I feel myself for institutional adoption, the transparency is right where it needs to be.
Q5: You say Kaspa has Fastest Transaction, Instant Confirmation, Scalability, Security, Efficient PoW from BlockDAG, these features can make Kaspa one of the best users in the industry in the future. What do these features mean? How did Kaspa achieve this?
Bubblegum Lightning: You are hitting on the Blockchain trilemma here and I like it! Kaspa has solved the blockchain trilemma with GHOSTDAG and what these features bring are the best that crypto has yet to offer. We have PoW and fairlaunch for decentralization, NC and blockdag security, and the organic and adaptable blockdag scalability.
This allows for Kaspa coin to be a practical and everyday use currency. Kaspa has put the currency back into crypto and is shooting for the original use case BTC set. To be a digital stateless money. Kaspa makes this happen. You can approach any coffee shop accepting Kaspa and buy/settle a coffee purchase in an instant. No lines or 10 min blocktime wait. No banks, no middle man. You are your own bank.
Q6: How will the future subnetwork support in Kaspa facilitate the implementation of layer 2 solutions? How does Kaspa’s blockDAG network generate multiple blocks per second, and why is it suitable for everyday transactions?
Bubblegum Lightning: The plan and groundwork for layer 2s is there and in the brainstorming phase. It’s part of the roadmap and will be developed. Yet, it’s important to keep in mind that Kaspa is still in it’s infancy and these things take time. However, the display of promise isn’t waiting and Kaspa keeps delivering time and time again.
GHOSTDAG allows for the blockDAG to generate multiple blocks per second and you can see that in the KGI visualizer I provided above. The testnet 11 today shows that it can achieve much more in Rustlang.
High BPS is suitable for everyday transactions since it’s tied in with settlement and confirmations. Any network can boast, claim, and implement a high tps but, if your waiting and hour for it to settle, what’s the point? Chill at the coffee shop for an hour waiting for your transaction to clear? No bueno. Exaggerating here but for a point.
TPS correlates with BPS aswell. So the more blocks you cram the more tx you cram with it. It’s the better overarching statistic in general.
BTW, you can witness the testnet 11 node live and in action here. A bit dry for most though.
Q7: With Kaspa’s current mainnet running at one block per second, what specific improvements are the core developers planning to make to the rust language rewrite to significantly increase the number of blocks per second?
Bubblegum Lightning: You can witness it in my last link but, rewriting the codebase to Rust itself is the major improvement. Rust is high-efficiency programing language that allows for better resource management and more efficient operations, taking full advantage all the cores in a CPU and memory efficiencies. There is a neat yet technical explanation of how Rust will take advantage of the cores in a CPU to allow for parallelism but, I won’t dive in much on that.
Overall, the Rust codebase offers better resource and hardware utilization from Go and boosting network speeds approx 30x.
Q8: How do you plan to ensure Kaspa remains competitive in the rapidly evolving cryptocurrency mining and blockchain technology landscape?
Bubblegum Lightning: I want to be a bit cocky here but I’m biting my tongue lol. Currently we have the roadmap and developments set and the tech side has been covered well.
Where we picking up the competition and really making Kaspa shine is in education and grassroots and organic marketing. We’re pushing into academia and getting online with colleges to capture those eager young minds. As Rust closes in we are pushing for Dev recruitment more and more. We have new merchant tools onboarding which is providing simpler merchant solutions and more options to use and transact Kaspa. Over all the community is amazing and takes the organic marketing to another level. Every milestone and achievement rings loud throughout the socials and we’re also bringing that enthusiasm to the mainstream more and more.
We currently have a translator crowdfund as well to reach out to a global audience for more outreach and inclusion. Extending beyond our English-speaking limitations.
Live Questions
Q1: Kaspa network and Bitcoin network have similar features. What are the features that distinguish Kaspa network from Bitcoin network and make it stand out? Can you give us information about this?
Bubblegum Lightning: The blockdag, no orphan blocks, and many multiples faster than BTC with faster settlement.
Q2: How does the “on-the-fly Header Pruning” upgrade position the Kaspa network in comparison to other blockchain networks in terms of transaction speed, efficiency, and scalability?
Bubblegum Lightning: It allows for a more inclusive environment to host nodes. It brings the hardware barrier down so that anyone with a gaming pc can host a node. Making the network safer and more decentralized.
Q3: About the roadmap, whatβs the next step? (collaboration, multichain, new assetsβ¦)
Bubblegum Lightning: A bit of everything here! Native assets have a proposal in place and planned. We’re sudo collabing by working with others as a community. Kaspa is fully decentralized so it doesn’t have an entity to collab with but, the community fills that role.
New assets are expected of course as we develop and merchants are always eager to have stables to lock in the volatility that any new crypto has.
Q4: Partnership is always an important factor for every project. So who is your partner? What are the benefits you get from those relationships?
Bubblegum Lightning: Kaspa’s partner is you! It’s community governed and you can only mine or buy Kaspa. So you’re the boss of your own Kaspa. It’s fair launched so no team, VC, premine, presale, or any of the other Security PoS stuffs.
Q5: How can we trust your project and believe you are not a scam project? A lot of rage-pulling and exit scams happening these days?
Bubblegum Lightning: Love this question! It’s important to seperate Kaspa from the other meme coins and rugpulls that get associated with new coins. With the fairlaunch, there is no VC to rug pull and dump. The code is all open source so anyone can pick it up and welcome to contribute. This makes it hard to stop progress and the redundancy of success keeps bolstering.
Q6: How can users stay updated with your project? Are there channels, including Local communities Where users can get all the latest updates?
Bubblegum Lightning:
- Kaspa Website
- Kaspa Currency Medium
- @BubblegumLtng Twitter
- KaspaCurrency Twitter
- GHOSTDAG coauthor Twitter
Also, check out the tg, reddit, and discord for the ins and outs and inbetweens.
Q7: How does Kaspa’s high block rate contribute to the localization of mining and reduce volatility in mining revenue, making it less attractive for miners to join larger mining pools?
Bubblegum Lightning: This is a good question and relevant as we are pivoting to ASICs. The node hardware barrier was address and shows the ease of participation. Solo mining is encouraged since the quick latency can yield more rewards getting miners away from pools and on their own. The KS0 is a great low entry ASIC for participation and not really a leap from the GPU, I actually hope these catch on more and develop into new things. Also, Bitmain released and sold out of their ASICs in a flash. So they are flying off shelves in every direction. Global decentralization isn’t even going to be an option, it’s happening.
Q8: Do you have any plan for burning $KAS tokens in the future to reduce the supply of the $KAS and increase its investment attractiveness?
Bubblegum Lightning: Nope. No gimmicks. Just money with Kaspa. It’s promise and what it offers far outweighs any of these Security type strategies.
Q9: I have a question that you think is There are too many NFT projects in the crypto market to confuse everyone. Is #Kaspa considering multi-channel development for your project? For example, collaborating with more art or game projects, and collaborating with NFT trading platforms to build relevant markets? And what lethal features do you have to spook your competitors with your current technology? What makes users trust your project, and what sets you apart from the competition?
Bubblegum Lightning: No real plans that I heard of yet but there is demand and the community controls Kaspa so, it’s not a far stretch to see NFTs and such come to light. It’s all about what the community and you build and want to see built.
Q10: Is your Project A COMMUNITY only for English speaking a few countries or for users not of other languages?
Bubblegum Lightning: Nope! We have multiple language channels in both tg and discord and create more all the time. The translator crowdfund is also in place to boost this exposure and inclusivity.
Q11: How does Kaspa plan to achieve mainstream adoption in user acquisition and with established financial institutions?
Bubblegum Lightning: Organic growth, grassroots marketing, listings, you name it. Kaspa is already to big to ignore and we actually have some institutional integrations in the works with a CeFi platform now.
Q12: Do you have a whitepaper? Can you share.
Bubblegum Lightning: GHOSTDAG serves as the whitepaper.
StealthEX: Thank you everyone for being here, and we hope that you enjoyed the AMA!
You can swap Kaspa coin on StealthEX exchange platform.
How to Buy KAS Coin?
Just go to StealthEX and follow these easy steps:
- Choose the pair and the amount for your exchange. For example, BTC to KAS coin.
- Press the βStart exchangeβ button.
- Provide the recipient address to which the coins will be transferred.
- Move your cryptocurrency for the exchange.
- Receive your crypto coins!
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