The Kaspa price is rapidly approaching its all-time high of around $0.18. At the time of writing, KAS is trading just slightly below this level, fueled by a surge of investor interest in this project.

KAS was a hot story in late 2023, hitting its ATH of around $0.18 in February this year before entering a consolidation period that essentially lasted until this week. The recent KAS price pump has seen the coin surge from around $0.13 to its current levels, reigniting excitement in the Kaspa ecosystem.

However, there’s another coin, Alephium (ALPH), that has also witnessed a price surge, climbing over 20% today after a more extended correction phase as well.

At present, the ALPH price is trading close to $1.90, with a market capitalization of approximately $150 million. While this may seem modest compared to KAS’s current market cap of around $4 billion, ALPH boasts great fundamentals and utility that could position it as a formidable competitor to Kaspa.

I might be slightly subjective here since I personally own ALPH, but let’s see what Alephium is really about.

What is Alephium (ALPH), and How Does It Work?

Alephium (ALPH) is a relatively new Layer 1 blockchain platform designed to overcome the scalability, security, and decentralization challenges faced by existing blockchain solutions.

Alephium utilizes a sharding algorithm called BlockFlow to achieve high scalability. The network is divided into multiple shards, each processing transactions concurrently, enabling the network to handle over 10,000 transactions per second (TPS). The shards communicate and reach consensus through a Directed Acyclic Graph (DAG) structure.

Furthermore, Alephium combines the security of Bitcoin’s Unspent Transaction Output (UTXO) model with the programmability of Ethereum’s account-based model. This stateful UTXO model provides a robust foundation for building secure and efficient decentralized applications (dApps).

Alephium employs a Proof-of-Less-Work (PoLW) consensus mechanism, which significantly reduces energy consumption compared to traditional Proof-of-Work (PoW) systems, making it more environmentally friendly. These fundamentals described above are nothing short of incredible and are equal to Kaspa ones (in my opinion of course).

Read also: Ripple’s XRP Struggle Against Bitcoin (BTC): Is a Breakout on the Horizon or More Stagnation Ahead?

Also, this project introduces its own custom virtual machine called Alphred and a domain-specific programming language called Ralph, specifically designed for building secure and efficient smart contracts on the Alephium blockchain.

The native token of Alephium is called ALPH. It serves as an incentive for miners who secure the network and is used to pay transaction fees. The maximum supply of ALPH is 1 billion tokens, which will be mined over an extended period of around 80 years.

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All in all, Alephium’s focus on scalability, security, and energy efficiency, coupled with its robust smart contract capabilities, position it as a project worth keeping an eye on this bull cycle, especially in light of its recent price surge.

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The post As KAS Price Pumps, Here’s One Kaspa Competitor to Watch appeared first on CaptainAltcoin.