On two-current realization of KP hierarchy

A simple description of the KP hierarchy and its multi-hamiltonian structure is given in terms of two Bose currents. A deformation scheme connecting various W-infinity algebras and the relation between two fundamental nonlinear structures are discussed. Properties of Faá di Bruno polynomials are extensively explored in this construction. Applications of our method are given for the Conformal Affine Toda model, WZNW models and discrete KP approach to Toda lattice chain.