Overview
Kaspa (KAS) is a proof-of-work cryptocurrency launched in November 2021, based on research by computer scientist Yonatan Sompolinsky. It had a fair launch: no pre-mine, no pre-sale and no coins for founders.
Kaspa’s goal is to keep Bitcoin-style security and decentralization while being much faster.
How it works
- Instead of a single chain, Kaspa uses a BlockDAG: blocks can be created in parallel and reference several previous blocks. The GHOSTDAG protocol orders them securely.
- In May 2025, the Crescendo upgrade raised block production from 1 to 10 blocks per second, with transactions confirming in seconds.
- The Toccata upgrade, planned for 2026, adds smart-contract features and native tokens; later upgrades (DAGKnight, 100 blocks per second) are targeted for after that.
- Miners use specialized machines (ASICs) for its kHeavyHash algorithm.
The KAS token
| KAS at a glance | |
|---|---|
| Maximum supply | about 28.7 billion KAS |
| In circulation (Oct 2026) | about 27.8 billion |
| Price (29 Oct 2026) | about $0.037 |
| All-time high | about $0.21 (July 2024) |
| Market cap | about $1 billion (#74) |
Kaspa’s block reward falls a little every month (a “chromatic” schedule), halving about once a year. Almost all KAS has already been mined.
Risks
- Usage. Most KAS activity is trading; payments and apps are still small.
- New features. Smart contracts on Kaspa are new and untested at scale.
- Mining concentration. ASIC mining can concentrate in a few large operations.
- Competition. Many fast chains compete, and Bitcoin dominates proof-of-work.
Kaspa vs. the competition
| Kaspa | Bitcoin | Litecoin | |
|---|---|---|---|
| Structure | BlockDAG | Chain | Chain |
| Block time | 0.1 second | 10 minutes | 2.5 minutes |
| Launch | Fair, no pre-mine | Fair | Fair |
| Smart contracts | Coming (Toccata) | No | Via LitVM (testing) |
Our verdict
Kaspa is one of the most innovative proof-of-work projects, with real technical progress and a fair launch that its community values highly. But usage has not yet caught up with the technology, and KAS is about 82% below its peak. KAS is a high-risk investment: invest only what you can afford to lose.
This review is for information only and is not financial advice.