A lot of crypto enthusiasts are wondering what is Kadena crypto and why it has been appreciated over the last couple of weeks. Here we are going to explain everything you need to know about Kadena (KDA) and how it works.
Kadena is an ecosystem that is focusing 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 that is one of the biggest problems of Ethereum. Before we explain further we need to properly understand what Kadena means.
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 that Is 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 that is called Pact, it comes with formal verifications and upgradable 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 that is 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 we will also share a guide on how to buy the crypto asset in case you are interested.
Kadena was founded by a team of blockchain experts that worked previously for the JPMorgan blockchain Development Juno. It was started in 2016 and it has been backed by some investors that offered money in exchange for the Kadena token. They have raised over $15 million to date 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, the PACT is designed to better the mistakes of Ethereum, 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 at any time without using any hard fork.
Kadena also has a private blockchain that antecedes its public smart contract platform. It is called Kadena Kuro is formerly known as ScalableBFT, the platform uses a Byzantine Fault-tolerant consensus mechanism and it is optimized for enterprise-grade use cases.
In 2018, Kadena Kuro has been 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 also create a new marketplace for data.
Who are Kadena founders?
Kadena was founded by Stuart Popejoy and Will Martino both of them worked together at JPMorgan’s blockchain center of excellence. They both have immense experience in blockchain technology and that is one of the reasons they came together to start Kadena. Together they both 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 development of the blockchain. He has over 15 years of experience in building trading systems and exchange backbones for the financial industry. Stuart has also been into coding for over 25 years, 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. He worked as a data engineer for AxialMarket and also worked in client service for ION. Martino went to Yale University where he studied Maths and Economics.
Kadena has a team of experts that they 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. They have a team of over 20 staff that are working towards the success of Kadena.
Who Are Kadena Investors?
Kadena has raised over $15 million in 4 different funding rounds since it was launched in 2016. The project is funded by over 14 investors that include SVAngel, YouBi Capital, ChainFund Capital, Devonshire Investors. They also have some 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 form of 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 disclose the number of tokens that were sold. Individuals can buy the KAD token from some crypto exchanges that we are going to 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 in the execution of 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 as means of paying 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 a lot of crypto exchanges but if you want to buy and own the digital asset you can buy it from the following exchanges.
- Hotbit and
The coin has a market cap of over $1.7 billion as at the time of writing this article and it currently ranks at number 70 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.
Kadena is solving the biggest problems that Bitcoin and Ethereum have not been able to solve. 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 is Kadena crypto feel free to use the comment section below.