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Kaspa is going to change everything
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Joined November 2021
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Digital retweeted
Getting closer to this important milestone
The reference app has a simple public minting policy, with a minter frontier of UTXOs (/actors) that can expand and contract with demand.
There’s also a token seed frontier that can expand and contract, and only creates zero-balance token UTXOs. Expanding the frontier requires opting in and locking a small amount of KAS, which can later be reclaimed.
This lets anyone enter the token covenant without already holding any token value. E.g., you create a zero-balance token UTXO from the seed using your own KAS, and others can later borrow-send you token amounts without having to contribute any KAS themselves.
We envision this reference repo as the first step towards a general standardized Kaspa Token Lib (KTL), or more broadly, also non token contracts and libs.
Let’s go
KCC-20 has advanced to Last Call:
github.com/kaspanet/kccs/blo…
A companion reference implementation by @manyfest_, written in Argent together with its pinned generated Silverscript, underwent an extensive manual review and AI-assisted audit by Michael Sutton, covering KCC-20 conformance, implementation correctness, and edge cases.
It is now open for final public battle testing. We encourage developers and security-minded reviewers to try to break it, probe edge cases, and report any implementation bugs or discrepancies with the spec.
Argent contracts:
github.com/argent-lang/kcc20…
Generated Silverscript:
github.com/argent-lang/kcc20…
Digital retweeted
We said we would expand, and now we just did.
Kaskad is LIVE on @RobinhoodApp!
Get your stocks ready!
Digital retweeted
LAST CALL!!!
#KCC20
#BuildOnKaspa
KCC-20 has officially moved to Last Call status.
Developing software and developing standards are very different.
Software aims to solve a specific problem. A standard aims to define a general foundation for a wide class of solutions.
A special thanks to @michaelsuttonil , who was there from the start to finish , guided me in how to approach this complex craft.
Digital retweeted
Just messing with covenants on $KAS and I did not fully grasp that what is happening is an address is being created that is owned by no one. It simply an address that is created with hard coded rules of what occurs with the balance that exists in the address.
This address has no private key or seed phrase. (P2SH addresses) Really cool stuff that truly understanding doesn't come around until you start messing with it yourself!
Digital retweeted
argent now has a first implementation of covenant genesis proofs:
github.com/argent-lang/argen…
idk how to emphasize this enough, but i expect *every stateful covenant* deployed on kaspa to eventually provide such a proof.
the goal is a verifiable link from a covenant id back to the source code, deployment parameters, and genesis state that produced it.
we should strive for an ecosystem where explorers expose this proof data for every covenant id they discover onchain, assuming its deployers want public trust.
think of it as the analogue of contract verification on etherscan, extended to stateful covenants: you should be able to inspect what a covenant is, audit the code behind it, and verify how it was instantiated.
kudos to @supertypo_kas for being an early-bird example of such a proper deployment process:
github.com/supertypo/dotk-in… (not sure if the sil contracts themselves are public yet)
Digital retweeted
I’m officially reassessing my long-term $KAS target.
I used to believe $1 Kaspa by 2029 was realistic.
I now believe $5 by 2029 is possible.
Why?
Because my original thesis underestimated what Kaspa could become.
• Proof-of-Work security
• Nakamoto-style consensus without Bitcoin’s one-block-at-a-time limitation
• BlockDAG architecture built from years of academic research
• 10 BPS today, with the architecture designed to push further
• Fair launch — no ICO, no VC allocation
• Smart-contract programmability being built around vProgs
• A fixed maximum supply of ~28.7B KAS
• And an ecosystem that is still remarkably small relative to the technology underneath it
At $5, Kaspa would be roughly a $140B asset at maximum supply.
That is an enormous valuation. It would require substantial adoption, liquidity, infrastructure and demand. I’m not pretending otherwise.
But here’s what changed for me:
I’m no longer asking, “Can Kaspa become a successful altcoin?”
I’m asking:
What happens if the market eventually recognizes Kaspa as a serious evolution of Proof-of-Work itself?
If that thesis plays out, $1 may not be the destination.
It may just be the milestone.
My new 2029 target: $5 $KAS.
Screenshot it. We’ll find out. 🚀
Who is Michael Sutton, one of the minds behind Kaspa's Rust node?
@michaelsuttonil is a Kaspa core developer. He holds a master's in computer science from the Hebrew University, where he researched parallel algorithms and distributed systems, the science of software running across many machines at once.
Alongside @OriNewman, he was one of the main developers who rebuilt Kaspa's node software, the program that runs the network, moving it from Go to Rust.
In 2022, he and Yonatan Sompolinsky (@hashdag) co-authored DAGKnight, which builds on GHOSTDAG, the rules $KAS uses to order blocks.
DAGKnight is not live yet. It is listed as an upcoming hard fork, a rule change that every node must adopt.
Digital retweeted
I’ve been looking into Kaspa again, and Toccata is more interesting than I initially realised.
It didn’t just make $KAS faster.
It added programmable UTXOs, covenants and native ZK verification to the L1.
The interesting question is what you can actually build with that combination.
Digital retweeted
One fun fact about $KAS and covenants is that Bitcoin devs have been discussing covenants since back in 2013
There was even a proposal to add them, but it never happened in the end
@kaspaunchained brought them back and launched them on Mainnet 👀
Digital retweeted
The brains behind kaspa:native
In December 2013, Yonatan Sompolinsky and Aviv Zohar posted GHOST.
Title on ePrint: “Accelerating Bitcoin’s Transaction Processing. Fast Money Grows on Trees, Not Chains.”
Ethereum’s whitepaper names both men and describes a “Modified GHOST Implementation.”
kaspa:native is what they built after that.
'The Kaspa pape'r:
November 10, 2021: Sompolinsky, Shai Wyborski, and Zohar, “PHANTOM GHOSTDAG: A Scalable Generalization of Nakamoto Consensus.” ACM AFT.
PHANTOM is the ideal. GHOSTDAG is the version a node can compute. Three days earlier, November 7, Kaspa mainnet opened. No premine. PoW. BlockDAG.
GHOSTDAG: keep the parallel blocks. Order them.
That is how 10 blocks per second is even legal for proof of work. Orphans are not a tax. They are expected.
$ETH pointed at GHOST by name. The same researchers found GHOST was not enough, wrote the DAG sequel, and shipped it as kaspa:native
Digital retweeted
A wider view of the $KAS chart, going back to its inception 🔍
Where we're currently standing is on top of what used to be the final resistance in late 2023, before Kaspa ascended to a multi-billion market cap
Just like then, we're turning this resistance into support 👀
Digital retweeted
Kaspa to 1$ is not the hype but the Math.
If you don’t think Kaspa can hit a 28-29B marketcap during a raging bull run you’re delusional or have PTSD from the last cycle which was hardly a cycle at all.
Kaspa to $1 🔥
Digital retweeted
hello again. the devs made things this week and i made a list.
1 / Rusty Kaspa v2.1.0
nodes now download sync data in smaller chunks to avoid bottlenecks and timeouts while catching up with the network. v2.1.0 also includes Stratum bridge fixes and moves the existing zero-knowledge proof tools into their own package.
github.com/kaspanet/rusty-ka…
2 / vProgs
@Max143672 announced the first vProg running on testnet. it’s a playable tic-tac-toe game with real execution and settlement. still a working proof of concept, with public code for devs to build from.
nitter.cf/Max143672/status/21034…
3 / Python SDK
@smartgoo_ released Python SDK v2.1.0. devs can now compile SilverScript contracts in Python and debug them without running a node. it also adds tools for using zero-knowledge proofs, examples and bug fixes. SilverScript support is still experimental.
github.com/kaspanet/kaspa-py…
4 / SilverScript Studio
@KasperoLabs announced SilverScript Studio is live on mainnet. build, compile and deploy covenants from your browser. write them yourself, describe what you want to its AI, or use the wizards for things like vaults, escrow, recurring payments and payroll.
nitter.cf/KasperoLabs/status/210…
5 / KCC23
@manyfest_ explained a proposal for linking details like token names, symbols and images to a covenant, without copying them into every holder’s coins. KCC23 is still a draft and open for review.
nitter.cf/manyfest_/status/21030…
6 / KCC standards
@asaefstroem’s proposal to finalize KCC0 was merged. it sets out how shared ecosystem conventions are proposed and reviewed. he also proposed moving KCC20 into last call review. that hasn’t merged, so KCC20 is still a draft.
github.com/kaspanet/kccs/pul… github.com/kaspanet/kccs/pul…
7 / DNS seeder
@supertypo_kas released DNS seeder v0.9.6, fixing a bug that counted some offline nodes as online.
github.com/supertypo/simply-…
thanks to everyone building. see you next week.
While prototyping KCC-20 I got asked how should token symbols, descriptions, images, and other kind of metadata be defined.
On EVM systems, there is a single SC which represents a token, and holds both its balance state and global state.
On the UTXO model there is no global state, the token is split and held across holders, each one holds his specific token (UTXO/covenant).
This means that adding state fields for metadata would duplicate them across each UTXO, which is wasteful. Things such as representation, name, symbol or image are also not part of the SC logic, and should not be part of it.
A naive approach is to declare such metadata in the payload field of a tx, which is an "empty space" that can be used to write whatever information.
The issue is that Kaspa is prunable. Eventually, the block containing this tx would no longer be available for verification, so at some point the data would need to be trusted by off chain entity.
After drafting a few solutions, we came up with KCC-23, a convention for binding the metadata to the covenant ID itself.
Read more on Kas-Smiths:
kas-smiths.org/t/kcc-23-conv…
Or read the KCC draft:
github.com/kaspanet/kccs/pul…
Digital retweeted
KAS's 24-hour trading volume surges 145% day over day. kaspa:native is up ~11% today and ~20% this week, outpacing the broader market.
