What is Kadena?
Kadena is a public blockchain that aims to optimize scalability and features a new smart contract language called Pact, which includes formal verification and upgradeable smart contracts. The project also employs a novel proof of work (PoW) consensus mechanism known as Chainweb, which consists of multiple independently mined chains operating in parallel to process network transactions. This approach potentially allows for large transaction throughput at the base layer without requiring second-layer scalability solutions. The native utility token of the project is KDA, which is used to pay for computation power on the Kadena public chain.
A brief history of Kadena: The project was founded in 2016 by members of JPMorgan’s blockchain development team for Juno, including Stuart Popejoy and Will Martino. Kadena has raised about $15 million through private token sales in the form of simple agreements for future tokens (SAFTs). In August 2019, the project received $150,000 from the Interchain Foundation, the team behind the Cosmos network. In November 2019, Kadena carried out its third token sale, raising $20 million and preceding the mainnet launch in December 2019.
In January 2021, Kadena revised its token economic model, introducing a new mining model and changing the schedule for platform emission. The total supply is fixed at 1 billion tokens to be mined over 120 years, with 70% designated for mining, 20% for the platform, and the rest for investors, contributors, and strategic initiatives.
Kadena's unique design allows for multiple chains to operate in parallel, connecting the blocks and hashes between them to form a single multi-chained network. The project utilizes a PoW consensus algorithm and includes an easy-to-use dashboard and programming language for constructing and integrating decentralized applications (dApps). Pact, Kadena's native smart contract language, is designed to address issues in Ethereum's Solidity and allows for smart contracts to update without requiring a hard fork.
KDA is used as a digital currency to pay for transactions on the Kadena public chain, and is also used to compensate miners for their work on the network. Additionally, KDA can be used to vote on the future governance of the Kadena Staking system, providing holders with a say in the direction of the project. With its innovative approach to scalability and its emphasis on ease of use, Kadena aims to pave the way for mass adoption of web3 technologies.
In addition to being used as a means of payment for transactions, KDA can also be used for staking on the Kadena network. By holding and staking KDA, users can earn rewards for participating in the maintenance and validation of the network. KDA can also be used to vote on proposals for the governance of the Kadena network, giving holders a say in the direction and development of the project.
Furthermore, KDA can be used to pay for the use of smart contract services on the Kadena network, such as the execution of Pact smart contracts and the use of the easy-to-use dashboard and programming language. This can be particularly useful for businesses and developers looking to build and deploy decentralized applications on the Kadena network.
Overall, Kadena's unique approach to scalability and its emphasis on ease of use make it an attractive option for businesses, developers, and users looking to take advantage of the benefits of blockchain technology. With its parallel chain structure, formal verification and upgradeable smart contracts, and its high transaction throughput, Kadena aims to provide a secure, accessible, and feature-rich blockchain that can support a wide range of use cases.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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