Blockchain has infinite scope for innovation. So far, crypto users have seen a large number of decentralized projects attempting to make it better. While some failed to make any impression, some gained traction and praise. Kadena blockchain is one of those solutions that succeeded in making a mark in the industry. So let’s delve into it and find what it offers.
The A to Z of Kadena
Kadena is a hybrid blockchain platform that has been around for quite some time now. It was introduced back in 2016 with the aim of enhancing security, scalability, and ease. The platform consists of a two-layer structure along with a smart contract language called Pact. The Layer-1 public chain is called Chainweb and the Layer-2 private chain is Kuro.
The founders of Kadena are Will Martino and Stuart Popejoy. They both have a rich history in the crypto and finance domain. The duo got inspired to make Kadena after developing JPMorgan’s first blockchain, the JPM coin. They both pondered over the possibilities of chain technology and its implementations in businesses. Ultimately, it led to the creation of Kadena’s distinct mechanism.
Kadena’s architecture comprises different solutions. Reading about them will give a better understanding of the whole ecosystem.
Key Components of Kadena
Kadena works with a combination of programs which are:
Chainweb
It’s the Layer-1 public blockchain that involves multiple parallel chains. Each of them works with the Proof-of-Work (PoW) consensus mechanism. This proportionate chain structure increases scalability and transaction throughput. Moreover, it adds new chains in the architecture to amplify transaction throughput linearly. It enables the blockchain to execute 480,000 transactions/second which makes it one of the fastest.
Kuro
This is a Layer-2 private blockchain designed for commercial purposes. Kuro uses Chainweb’s parallel chains as a settlement layer. It enables faster and more efficient execution of smart contracts while keeping the security intact.
Pact
It’s Kadena’s own smart contract programming language. The developers created it to be conducive to the whole process of blockchain. Experts say that it is human-readable as well as secure.
Pact comes with built-in data storage and superior contract functionality. It ensures efficient and safe development of smart contracts. At the same time, it supports other programming scenarios.
Kadena’s Native Token: KDA
KDA is Kadena’s native cryptocurrency that comes with multiple functions. With a maximum supply of 1 Billion, the tokens will be distributed in the course of the next 120 years. Its mainnet launch took place in October 2019. So far, the number of tokens circulated reached 249.93 Million.
Notable features of KDA Token:
- High Utility
- Unbiased Governance
- Scarcity for maintaining demand
- Robust Security
- Consistent Scalability
With so many positive factors, Kadena has emerged as a potential investment option. However, it intricately deals with smart contracts which are complex in nature. Thus, saying that Kadena is a risk-free option would be inappropriate. It still boosts the scalability and gives good chances of reaping profits in the long term. Therefore, if investors put their money strategically, they can make the most of it.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/10/13/everything-one-needs-to-know-about-the-kadena-crypto-ecosystem/