Markets
Proof-of-Work Altcoin Defies Market Slump, Surges 25% This Week Ahead of New Token Standard Launch
A proof-of-work, layer-1 altcoin has defied the crypto market slump and surged 25% this week ahead of an upcoming protocol launch.
Kaspa (KAS), which invoices themselves as “the world’s fastest, open source, decentralized, and fully scalable Layer 1,” is trading around $0.18 at the time of writing, down from $0.144 seven days ago.
The 27th largest crypto asset by market cap is also up more than 6.5% in the past 24 hours.
KAS’s gains materialized in the form of Kasplex, a protocol for the Kaspa ecosystem, Approximate to its open beta, which will begin on June 30.
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.
Explains Kasplex white paper,
“The main 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 offers a simple approach to data insertion, 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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