What is KRC-20
Kasplex is a dedicated protocol designed for the Kaspa ecosystem, and its main goal is to better utilize the features and capabilities of the Kaspa Block DAG by introducing a new token standard, KRC-20. KRC-20 is a token that operates over a Layer2 network protocol. It is like Bitcoin's BRC-20 and Ethereum's ERC-20 protocols. However, KRC-20 uses much more advanced scripting capabilities than BRC-20, but does not achieve the complexity and flexibility of ERC-20 smart contracts. KRC-20 smart contracts can be used to create and manage tokens through a standard protocol on the Kaspa Block DAG.
Advanced smart contracts that will be introduced soon will be capable of this.
Anyone, including developers, influencers, and artists, can now use Kaspa to launch projects, as these KRC-20 tokens can represent cryptocurrencies, loyalty points, or voting rights. In short, KRC-20 offers a wide range of solutions for decentralized applications and tokenized ecosystems.
Main features of the KRC-20
1. Security and Integrity
Leveraging blockchain technology, KRC-20 smart contracts enable secure, reliable, and tamper-proof tokens within the Kaspa network. The KRC-20 token eliminates the involvement of intermediaries or reliance on cryptographic puzzles, ensuring the security and integrity of digital asset ownership.
The Ghost DAG protocol, an improvement on the traditional Nakamoto consensus, further strengthens the consensus of the network. Unlike traditional blockchains, which may abandon parallel blocks, Ghost DAG allows these blocks to coexist and arrange them in consensus, forming a Block DAG structure. This design enhances security by incorporating every block into the ledger, reducing the likelihood of orphaned blocks and increasing resistance to attacks.
2. Scalability
Kaspa is optimally scalable and has outstanding performance thanks to the Ghost DAG protocol. KRC-20 smart contracts are based on this and take advantage of the scalability and performance of the Kaspa network. KRC-20 provides fast transactions with short verification times and high throughput. This allows users to quickly transfer their assets within the Kaspa ecosystem.
3. Customization and Flexibility
Individuals, developers, and business owners can use KRC-20 smart contracts to create customizable tokens to suit almost any need. KRC-20 tokens offer users flexible terms for innovative and experimental crypto projects.
4. Community Collaboration
Through the introduction of KRC-20 smart contracts, almost any user can leverage this KRC-20 opportunity to optimize the needs of any project. Developers, entrepreneurs, and individuals can collaborate to create and use KRC-20 tokens to develop customized decentralized applications and drives innovation by helping to keep KRC-20 tokens relevant and useful in the Kaspa ecosystem.
5. Interoperability
KRC-20 tokens facilitate interoperability within the Kaspa blockchain, enabling integration of existing applications and protocols.
Use cases for KRC-20
1. DeFi (Decentralized Finance)
KRC-20 tokens can boost various DeFi applications, liquidity pools, and decentralized exchanges, strengthening easier access to various financial services and liquidity provisions.
2. NFTs (Non-Fungible Tokens)
KRC-20 tokens allow users to provide fungible and non-fungible tokens (NFTs) for various digital assets, in-game assets, digital collectibles, and gaming applications.
3. Tokenization
KRC-20 tokens enable the tokenization of not only digital assets, but also physical assets such as real estate, commodities, stocks, artwork, and other collectibles. This opens up a new avenue for fractional ownership and liquidity opportunities on the blockchain.
4. Governance and Voting
Maintaining integrity and trustworthiness is essential to ensure fair outcomes in voting systems. KRC-20 tokens can help organizations, institutions, and governments have robust voting mechanisms, ensuring decentralization, transparency, and inclusivity.
5. Supply Chain Management
Businesses can use KRC-20 tokens to track, monitor, and validate supply chain transactions. It helps maintain transparency, immutability, and integrity of the entire supply chain.
SUMMARY
The introduction of KRC-20 smart contracts is another innovation in the blockchain ecosystem. Known for their interoperability, scalability, security, and customization, KRC-20 tokens can provide a robust platform for individuals, businesses, and developers to build decentralized applications, tokenized ecosystems, and crypto communities on the Kaspa blockchain.
Users will gain access to a variety of groundbreaking applications, decentralized innovation, and revolutionary financial services, with developers and business owners able to use KRC-20 smart contracts for a wide variety of purposes.
Tools for KRC-20 tokens
Kas.fyi
Kas.fyi is a comprehensive block explorer for the Kaspa Block DAG. It allows you to easily access transaction details and real-time network statistics. With Kas.fyi, you can track KRC-20 token transactions, monitor network activity, and gain insight into the Kaspa ecosystem. The platform provides a detailed overview of blocks, transactions, and addresses, making it an indispensable tool for anyone involved in the Kaspa network.
KSPR Bot
KSPR Bot is a Telegram bot that simplifies the installation, mining, and transfer of KRC-20 tokens. It is user-friendly and accessible to both beginners and developers, even those with no prior blockchain knowledge. KSPR Bot allows you to mine KRC-20 tokens in batches, which provides a significant advantage.
How to buy KRC-20 tokens?
Connect to the KSPR bot on Telegram and tap the “Start” button to interact with the bot.
- If you haven’t already, create a new wallet through the Bot or import an existing one. Make sure your wallet has enough Kaspa coins ($KAS) to pay for the transaction fees.
- Navigate to the marketplace. Use the /marketplace command to access the trading features.
- Select the KRC-20 tokens you want to buy and choose the best offer from the available options.
- Confirm the trade to complete the transaction. The bot will handle the trade, and the new tokens will be added to your wallet once the transaction is complete.
- Keep your tokens safe and transfer them to your Kasware or Tangem wallet address for safekeeping and easy tracking.
How to mint KRC-20 tokens?
If you want to mint KRC-20 tokens, one way is to use a Telegram bot, KSPR Bot. The following guide will help you navigate the minting process:
- Log in to the KSPR Bot on Telegram. Once you have opened the chat, tap the “Start” button. A list of options will appear; select a bot to begin the minting process.
- To start minting, you will first need to create a wallet. Tap “Generate Wallet” and your new wallet will be created. Along with your wallet, you will also receive a private key – which is essential for accessing your funds. It is important to store this private key in a safe place, as it will be needed to manage your tokens.
- Next, you will need to top up this wallet with Kaspa coins. Transfer KAS to the wallet created via the Telegram bot.
- Once your wallet is loaded, you can start the minting process. Type `/mint` followed by the name and quantity of the KRC-20 token you want to mint.
- After entering the minting command, you will see a prompt detailing the current minting fees for different priority levels. Fees can affect the speed at which tokens are minted. You can choose from options labeled “low,” “medium,” or “high,” or you can even enter a custom fee based on your preferences.
- Once you have selected a fee, the bot will display a summary of your minting request, such as the token type, the number of mints requested, the total number of tokens received, and a breakdown of the associated fees (including minting costs, bot fees, and miner fees). Review this information carefully and tap the “Confirm” button.
- The total time it takes to complete the minting depends on the amount you entered and the fee level you selected. Be patient as the Bot will notify you once the minting is complete. Once completed, you have successfully minted your KRC-20 tokens, and they will be ready to use.