Kaspa’s Wallet Introduction
Kaspa is an open-source community-based project built on proof-of-work (PoW) consensus protocol. Founded in 2016 by Yonatan Sompolinsky at Harvard University, the project has no central governance or business model but instead relies entirely on its community.
Kaspa uses blockDAG to resolve the scaling constraints present in most PoW networks such as Bitcoin. This is why it offers a tool to design layer 2 applications with better security and faster block processing speed. Kaspa Wallet is a product of DAGLabs, a research and development (R&D) firm with funding from PolyChain. As has been stated, Kaspa is a community project and hence does not have centralized control.
Kaspa wallet is known for its user-friendliness, reliability, and high-level security features. The wallet has been built on the Bitcore platform with many lines of security such as 2-factor authentication, multi-sig support, and hardware wallet support to support digital assets stored in it. The wallet is also applauded for its smooth user interface, which makes it easy to use with a technical team that is ready to help whenever called upon. This is one of the wallet’s distinctive features that makes it easy for anyone to receive and send cryptocurrency, which is a great feature for newbies in the crypto space who would want to interact with any supported cryptocurrency. Still, Kaspa does not miss the sophistication of a full-fledged wallet that allows users to manage transactions and monitor their digital assets.
1. Kaspa wallet types
Kaspa wallet has been designed for everyone in the crypto space, from newbies to experienced crypto users. As such, the wallet comes in 3 types:
- Kaspa web wallet
- Kaspa desktop wallet
- Kaspa Command Line Wallet
In this review, we will focus on how to use the Kaspa web wallet, which is the most common and easiest to access by everyone.
2. How to use Kaspa Wallet
The first thing to note about the web-based version of Kaspa Wallet is that it is available on Mac, Windows, Android, and iOS.
i) How to access Kaspa Wallet
To set up a Kaspa wallet, you will need to access it first. To access the wallet, you can click on this link: Kaspa Wallet and you’ll land on a page looking similar to the image displayed below:
On the page displayed above, you can see two options to choose from when setting up your wallet:
- Create New Wallet: This is for you if you’re a new user who wants to start using Kaspa Wallet.
- Recover from Seed: This is for you if you had already created a new wallet but want to retrieve it plus the funds through the 12-word backup seed phrase.
ii) How to create Kaspa Wallet
As a first-time user, you will need to choose the “Create New Wallet” option. When you click on the Create New Wallet option, you will be directed to a page that appears exactly like the image below:
As you can see, you will be required to set up your wallet’s password. Once you set up and confirm your password., you’ll be shown the 12-word backup phrase, from where you will be asked to verify some of the key phrases. I created a dummy account to illustrate the confirmation process.
After the successful verification, you can see my wallet’s landing page below:
Important Note: Ensure your backup phrase is stored safely because losing it or giving it to a third party will put your funds at risk. Anyone can access your funds if they can access your backup phrase. Furthermore, it’s all you need to set up your account on any device.
iii) How to receive funds using a Kaspa Wallet
On the screenshot of my account landing page, you can see the “Receive Address” link, which I can copy and share with the source of my funds. There is also the QR code option for the address. You have the option to use this address or scan the QR code to get a KAS token from the exchange or any other Kaspa wallet.
iv) How to send funds using a Kaspa Wallet
Sending funds from a Kaspa wallet is quite simple. To send funds to another Kaspa wallet, click the send button, which will give you the following page to fill up:
As you can see, you need to provide the recipient’s address, the amount you will send, and a note (optional).
You can also set the priority fee for the transaction as indicated above, then confirm your transaction.
How to view transactions in the wallet.
3. Kaspa Wallet’s Features
Kaspa wallet has numerous features that set it apart from other wallets.
- User-friendly interface- this allows even new users to get started with little support.
- Auto-compound wallet feature that allows for the auto-transactions option
- Backup Seed phrase: you can check your seed phrase by giving your password in this section.
- Recover from Seed: this is available in case you need to recover your wallet and funds. You can back up your seed phrase before you import some other account. To import your account, you’ll be prompted to enter the correct 12-word backup phrase.
- Export Wallet Seed File (KPK) option- this option will allow you to export the seed file of your current Kaspa wallet.
- Import Wallet Seed File (KPK)- You can use this option to import the seed file of your Kaspa wallet to import the account. You will have the option to search for your seed file on your local drive.
4. How to receive free KAS Tokens from Faucet
From your account, you can request funds from FAUCET as illustrated in the screenshot above. From the FAUCET tab, you can request some free KAS tokens by clicking on the “Request Funds from Faucet” button. Once you confirm the process, your KAS token balance will be displayed in your account as shown in the image above. The request is allowed only once per day (24 hours).
5. Kaspa’s Network
Kaspa network is illustrated through its mainnet in the below screenshot. The PoW-based ledger organization in a DAG of blocks, blockDAG.
Kaspa wallet is one of the fastest-growing crypto wallets in the market. The wallet simplifies the online purchase of goods and services without worries about fluctuating exchange rates or taxes. You can simply input the desired amount by clicking the pay button, then enter the address of your recipient. The funds will be automatically converted into the crypto of your choice. The wallet is also lauded for its high safety standards and smooth user interface.