Markets
Proof-of-Work altcoin defies market crisis and surges 25% this week ahead of launch of new token standard
A layer 1, proof-of-work altcoin has defied the cryptocurrency market doldrums and is up 25% this week ahead of the protocol’s impending launch.
Kaspa (KAS), Which invoice itself as “the world’s fastest, open-source, decentralized, and fully scalable layer-1,” it is trading at around $0.18 at the time of writing, up from $0.144 seven days ago.
The 27th-ranked cryptocurrency by market cap also rose more than 6.5% over the past 24 hours.
KAS’s gains materialized as Kasplex, a protocol for the Kaspa ecosystem, is getting closer to its open beta, which will begin on June 30th.
The Kasplex protocol plans to introduce the new KRC-20 token standard and support the creation and management of non-fungible tokens (NFTs) on the Kaspa network.
Kasplex explains White paper,
“The primary principle guiding the protocol design is to avoid imposing negative effects on Kaspa, unlike some protocols that contribute to the “UTXO bloat” problem in Bitcoin. Kasplex provides a direct approach to data ingestion, complemented by an open source indexer and a suite of APIs, allowing seamless interaction with the protocol.
By adopting Kasplex, developers, artists and influencers can leverage the Kaspa network to create, manage and transfer digital assets efficiently and securely, driving innovation and growth within the Kaspa network.”
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