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Their official site text

Kylacoin

An Open Source Peer-to-Peer Electronic Cash System

Revision: 2, Date: April 7, 2023

Introduction

Kylacoin is a cryptocurrency designed to act as money and a form of payment system outside the control of a person or a group, that operates free of any central control or the oversight of banks or governments. Kylacoin can be obtained through a process called proof-of-work mining, or simply mining. Anyone can sell it and buy it without an intermediary like a bank. Kylacoin enables peer-to-peer exchange of value in the digital realm through the use of a decentralized protocol with the help of cryptography. Kylacoin transactions are verified by the network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Kylacoin is a medium of exchange, such as the US dollar, but is digital and uses cryptographic techniques and its protocol to verify the transfer of funds and controls the creation of monetary units.

Proof-of-Work

Proof-of-work is a type of consensus mechanism that requires network users to devote computing power to complete a task, whoever completes the task gets a reward and secures a block with the transactions that were sent to the network, and also gets the fees of those transactions, this process is called mining. The difficulty of mining increases when there are more miners on the network, and decreases when there are a few miners, this method is called difficulty adjustment, which helps the speed control of releasing the currency.

Transactions

A transaction is the way to send money from one wallet address to another. Anyone can create and send a transaction from their wallets at any time, transactions are temporarily stored in the memory pool, a miner can choose to mine a block with transactions with higher fees and higher priority to get confirmed, once a transaction is confirmed, the receiver can spend it.

Coinbase

Coinbase is a form of transaction without an input that generates money and is paid as a reward to the miner who completes the proof-of-work task.

Verification

Keys come in pairs consisting of a private key (secret) and a public key (address). Everyone knows your public key and will be able to send money to it, but only you can spend it with your private key, everyone else will verify your signature with your public key.

Blockchain

Every mined block is linked to the previous block and has the hash of the previous block. In this way, only blocks can be mined on top of the previous block with a new height, and it prevents inserting blocks in the middle of the chain. The chain always grows and includes the history of all transactions since the start of the project, and every node of the network will have a copy of it.

Peer-to-Peer Network

Kylacoin uses a peer-to-peer network to send transactions and mined blocks to other nodes. Each node validates the transactions and blocks, individually; there is no need for a central authority to be involved. With the help of cryptography, Kylacoin is an anonymous banking system.

Smart Contracts

A smart contract is a form of agreement between users on the blockchain that is based on predefined criteria and executed as inputs to transactions, which enables the owner of it to spend it. Kylacoin supports a wide range of smart contracts using its powerful scripting language.

Pay-to-Public-Key-Hash (P2PKH)