What is Kadena Crypto - Can it Kill Ethereum?
Many crypto enthusiasts are wondering what Kadena crypto is and why it has appreciated over the last couple of weeks. Here we will explain everything you need to know about Kadena (KDA) and how it works. This ecosystem focuses on gasless transactions, better smart contracts, and efficiency. Kadena is trying to correct the two major mistakes of Bitcoin and Ethereum. They aim to do so by adding smart contracts and gasless transactions fees, which is the biggest problem of Ethereum. Before we explain further, we need to understand what Kadena means appropriately.
What is Kadena Crypto
Kadena (KDA) is a network that brings together both public and private blockchains with other compatible chains to one place, routing traffic through the Kadena ring chain to a high bandwidth computer. The Kadena coin offers a scalable hybrid blockchain technology that is secure and fast.
Kadena is simply a layer one smart contract platform secured by a unique proof of work consensus algorithm that allows for high speeds and low transaction fees. The platform has a new smart contract called Pact; it comes with formal verifications and upgraded smart contracts. Kadena also has a unique proof of work consensus mechanism that is called Chainweb that has multiple individual mined chains working side by side to execute the network transactions.
This design allows for high transactions throughput at the base layer without the need for any second layer scalability or functional scalability. Kadena is a unique token out there to solve the problem of BTC and ETH, and it has the potential to grow and get bigger. The digital asset was built by a team of experts, and we are going to talk about them in a bit; I will also share a guide on how to buy the crypto asset if you are interested.
Kadena History
Kadena was founded by a team of blockchain experts that worked previously for the JPMorgan blockchain Development Juno. It was started in 2016 and has been backed by investors that offered money in exchange for the Kadena token. They have raised over $15 million through SAFTs (Simple Agreement for Future Tokens).
Kadena was founded on the idea that blockchain could revolutionize how the world interacts and transacts. But to get to mass adoption, blockchain technology and the ecosystem connecting it to the business world needed to be reimagined from the ground up. The founders of Kadena built a proprietary chain architecture and created the tools to make blockchain work for business. They did this in a way that will be energy efficient, very fast, and scalable. All this was thought to be previously unachievable.
Kadena’s native smart contract language, Pact, is designed to better Ethereum’s mistakes, especially in Solidity. The lack of formal verification and Ethereum’s susceptibility to unbounded loops are particular areas where Kadena is correcting. Pact smart contracts can also be upgraded without using any hard fork.
Kadena also has a private blockchain that antecedes its public smart contract platform. Kadena Kuro is, formerly known as ScalableBFT, the platform uses a Byzantine Fault-tolerant consensus mechanism optimized for enterprise-grade use cases.
In 2018, Kadena Kuro was used by a health care consortium to help the effort required to collect and maintain insurance provider information. The private blockchain can be used similarly to a side chain with a public blockchain network. This will speed up data processing and create a new marketplace for data.
Who are Kadena founders?
Stuart Popejoy and Will Martino founded Kadena; they worked together at JPMorgan’s blockchain center of excellence. They both have immense experience in blockchain technology, which is why they came together to start Kadena. Together, they built JPMorgan’s first blockchain, now known as the JPM coin. Even before Kadena was launched in 2016, both men were already leaders in blockchain and cryptocurrency solutions.
Stuart Popejoy is the CEO at Kadena. He worked for 15years under the JPMorgan blockchain group, where he led the blockchain development. He has over 15 years of experience building trading systems and exchange backbones for the financial industry. Stuart has also been into coding for more than 25 decades, and he also has a major in comparative literature from the University of Berkeley.
Will Martino is the President at Kadena; he also worked with JPMorgan’s emerging technology group, where he was part of the team that built JPM’s first blockchain. Before his role at JPM, he was a senior science adviser for the U.S. Securities and Exchange Commission; that was where he got started with blockchain technology. In addition, he worked as a data engineer for AxialMarket and worked in client service for ION. Martino went to Yale University, where he studied Maths and Economics.
Kadena has a team of experts recruited from JPMorgan to help them with their project. One of their most notable recruits is Dr. Stuart Haber, the co-inventor of blockchain and the most cited author in Satoshi Nakamoto’s renowned 2008 white paper. In addition, they have a team of over 20 staff working towards the success of Kadena.
Who Are Kadena Investors?
Kadena has raised over $15 million in 4 different funding rounds since its launch in 2016. The project is funded by over 14 investors, including SVAngel, YouBi Capital, ChainFund Capital, and Devonshire Investors. They also have partnerships with Flux, Polkadot, Zelcore, Wrapped, and Terra.
The Investors are offered the KAD token in exchange for cash. In 2018, Kadena held two private token sales in a Simple Agreement for Future Tokens (SAFT). They generated $2.25 million in the first round and $12 million in the second round. However, they did not mention the number of tokens that were sold. Individuals can buy the KAD token from some crypto exchanges that we will talk about in a bit.
What is Kadena Token (KAD) Utility? Who will be using it?
Kadena (KAD) is the native token of the Kadena blockchain. The token is used to pay for computing power on the blockchain. It is used to execute smart contracts and transactions on the network. It can be directly transferred between users, i.e., from one wallet to another. The token also serves to pay the gas cost of executing smart contracts like what we have with Ethereum. The service fee is very low, unlike what we have with Ethereum.
Where to Buy Kadena
Kadena is not listed on many crypto exchanges, but you can buy and own the digital asset from the following exchanges if you want to purchase and own the digital asset. KuCoin, Gate.io, Bittrex, CoinEx, CoinMetro, Hotbit, and Hoo.kadena has a market capitalization of over $1.2 billion, and it currently ranks at number 69 on the crypto ranking table on coinmarketcap. Kadena can also be earned through mining. Kadena is also revolutionizing how creators can earn from NFTs, and creators are already planning to build games on the Kadena blockchain.
Rounding Up – What is Kadena Crypto
Kadena is solving the biggest problems that Bitcoin and Ethereum have not solved. They have an open-source platform that developers can take advantage of and create blockchain-based games and products.
Their platform processes over four hundred transactions in seconds, and the gas fee is low. The crypto project has the potential to get bigger and better. It can take the path of Solana and be a potential big Ethereum competitor in the future. If you have any questions regarding What Kadena crypto is, please use the comment section below.