The adoption of the blockchain industry has drastically increased over the years. Know more about the Kadena Blockchain network that is trying to revolutionize the blockchain industry.
The experts believe that the industry hasn’t yet achieved its true potential. Blockchain networks can be divided into two major groups. The first type of blockchain networks offer decentralization and ultimate security but they often struggle with scalability.
The other type of blockchain networks offer decentralization and excellent scalability but they often have to compromise on security. Bitcoin is the leading example of the first type of blockchain network. These types of networks usually use the Proof-of-Work consensus mechanism to finalize transactions.
Therefore, they need a high amount of energy to process the transactions. And they easily become congested when there’s a high amount of transactions waiting to be processed. The other type of blockchain network uses a Proof-of-Stake consensus protocol to offer fast transaction speed.
However, these networks are more vulnerable to hacking attacks. Kadena is trying to solve these problems by offering high transaction speed while providing the benefits of a Proof-of-Work consensus protocol.
Kadena is a layer-1 blockchain network dedicated to offering a level of security similar to Bitcoin. Unlike other blockchain networks, Kadena is offering a single-layer solution to overcome the scalability issue in the blockchain space. It combines a new smart contract language, Pact, with its novel consensus method to provide a developer-friendly environment.
Solidity, Ethereum’s smart contract language, is susceptible to unbounded loops. Similarly, it lacks Formal Verification. Kadena has introduced Pact, smart contract language, to overcome these flaws. Furthermore, the developers don’t need to add a hard fork to upgrade the smart contract as they can get the job done with a few simple steps.
Kadena also offers enterprise-grade solutions with its private blockchain called Kadena Kuro. It ensures a high level of security by incorporating the Byzantine Fault Tolerance (BFT) consensus protocol. Kadena Kuro blockchain was introduced way before the smart contract public platform.
The private blockchain is primarily designed to speed up the transaction process and it can be used as a side-chain with the public blockchain network. A healthcare consortium is already using this blockchain to collect insurance provider information.
The Kadena network was introduced by the former members of the JPMorgan blockchain development team for Juno. Stuart Popejoy and William Martino founded this project in 2016. They both played a vital role in building the JPM coin, JPMorgan’s first attempt in the blockchain industry.
They also used the services of Dr. Stuart Haber and Dr. Scott Stornetta to introduce a smart contract language that can offer next-level features in the blockchain space. The Kadena network was designed with the goal of providing infrastructure-level performance to the developers for their blockchain projects.
Kadena team received a grant of $150,000 from the Interchain Foundation to build a modified version of Pact that can be used on the Tendermint protocol. Similarly, the Kadena team raised around $15 million through several rounds of funding. Over the years, the Kadena network has introduced innovative tools and features to take the blockchain industry to new levels.
Enterprise-level Scalability – Kadena network can be used for a wide range of industries because it uses a series of braided chains. Moreover, it offers optimized functionality with its smart contract language, Pact. This blockchain network has been offering some amazing features for more than two years that aren’t yet available in other such blockchain networks.
Zero-cost Transactions – The high gas fees is a major roadblock that has hindered the mass adoption of blockchain technology. Kadena has its own gas station that eliminates the need for transaction fees. Thus, businesses can also avoid transaction fees by choosing this network.
Security – Kadena is a unique smart-contract capable platform that incorporates proof-of-work consensus protocol. Thus, it can offer a level of security that isn’t available in other similar blockchain networks.
Pact Smart Contract – Kadena allows users to create scalable solutions using Pact even if they don’t have extensive experience in the blockchain space. With its straightforward design, Pact offers superior functionality along with high efficiency.
Energy Efficiency – No matter how high is the demand on the network, Kadena maintains constant energy consumption levels. Kadena can process a massive amount of transactions per second. Thus, it can offer excellent energy efficiency. It ultimately boosts the platform’s ability to scale to higher levels.
Kadena uses a combination of a public and private blockchain to meet the scalability demands.
Chainweb is the layer 1 network that comprises a network of 20 chains. It uses sharding technology to distribute the load across 20 different chains. Chainweb ensures cross-chain interoperability by providing Simple Payment Verification smart contract protocol and the standard Simple Payment Verification.
Chainweb has proved network efficiency and resilience by processing 8,000 transactions per second. The developers have used Haskel, Cardano’s programming language, for the development of Chainweb.
Kadena Kuro is a layer 2 private blockchain network that introduces smart contracts for commercial applications. It’s an innovative solution for businesses that want to secure the users’ data while sending private transactions. It also enables developers to build decentralized exchanges for coin swaps. This network offers zero-fee transactions with the help of Gas Stations.
KDA is the native token of the Kadena blockchain that is used to access different features of the network. With a circulating supply of 231 million tokens, KDA has a market cap of $183.7 million. It ranks among the 200 best cryptocurrencies in terms of market cap.
Kadena is a layer-1 blockchain network that combines a new smart contract language with its novel consensus method to provide a developer-friendly environment. It offers high transaction speed while providing the benefits of a Proof-of-Work consensus protocol, resulting in excellent energy efficiency.
Kadena also offers enterprise-grade solutions with its private blockchain called Kadena Kuro, which ensures a high level of security. Feel free to get in touch with us if you need more information about how Kadena Blockchain works. We also invite you to subscribe to our weekly newsletter if you need regular updates about Bitcoin and crypto market.