The Kadena blockchain went live Monday on the main network.
Formerly known as Chainweb, the Kadena blockchain is a work proof network similar to Bitcoin.
But where Bitcoin struggles to handle large volumes of transactions, the Kadena network attempts to solve the limited extensibility problem by combining multiple PoW blockchains to run simultaneously. In doing so, the Kadena network is able to handle large transaction volumes and other types of heavy data processing loads.
Founded by former JPMorgan investment bank giant blockbuster Stuart Popejoy and JPMorgan's blockchain prototype chief engineer Will Martino, Juno, the project was unveiled for the first time in 2016.
"It's the first time that someone is testing a piece of work," Martino said in an interview with CoinDesk, adding:
"We believe in the proof of work. We believe that it is a proven protocol and that the key functionality that we needed to solve was the (transaction) throughput. "
At present, there are a total of 10 PoW networks in Kadena. This number could increase via system-wide upgrades in the future.
In 2018, the Kadena team raised a total of $ 15 million to launch its public blockchain with notable investors such as Multicoin Capital, Coinfund and Devonshire, the private investment arm of the owners of Fidelity Investments.
"Kadena is the only team in the world to present a credible solution for scaling up work proof systems. It's the most exciting thing about it, "said Kyle Samani, managing partner of Multicoin Capital.
At the moment, token transfers and smart contract development are not enabled on Kadena. Martino said the full network will support decentralized application transactions and deployment (dapp) on Dec. 5.
"The only thing you can do with the Mainnet version for the first month is mine," Martino said.
Outside the mining sector, Kadena will also hold its third symbolic sale from November 5th to 22nd.
In the hope of raising an additional $ 20 million, Martino explained that the sale of tokens would be available to potential investors – both accredited and non-accredited – strictly through CoinList's coin-launching platform.
In fact, there are two side-by-side chip sales on CoinList for Kadena coins.
There is one for non-accredited and non-US investors in which interested parties who do not wish to use Kadena coins can purchase their symbolic holdings at one dollar per coin. During the first 40 days of the sale, investors will only be allowed to trade and exchange their Kadena coins purchased exclusively on CoinList. Thereafter, the coins will be freely negotiable.
The other sale of chips is being executed in the form of a simple agreement for future chips (SAFT). This sale is open only to qualified investors, whether in the United States or abroad. However, in accordance with the guidelines of a SAFT sale, these coins will be locked for a period of one year.
In return, qualified investors can buy Kadena coins at a discounted price of 50 cents.
This dual structure for Kadena's Token Offering is a configuration designed to ensure regulatory compliance for sales in the United States and abroad.
"This will serve Kadena and the community in the long run because we are going to have made this sale within the limits of current regulations, jurisprudence and securities law," said Martino.
It should be noted, however, that other LFAA uprisings have already been subject to controls and emergency response by the US Securities and Exchange Commission, with the Telegram messaging application being requested. October 11 to suspend the distribution of chips sold at the sale of SAFT.
In addition to the launch of the main network, Kadena also announced Monday the launch of its Kadena token portfolio, called Chainweaver portfolio.
Rather than just keeping and signing transactions, the Chainweaver portfolio will include a mini-server that can interact directly with dapps.
This means that on a desktop computer, users can run applications natively from the Chainweaver portfolio.
"We had to have a simplified route from" I have parts "to" I can use dapps, "said Martino.
In addition, Kadena should host "community gas stations" where transaction fees generated by new users can be paid directly by the app developers themselves.
According to Martino, users should not create their own cryptocurrency wallets to use applications on Kadena. Developers can do this for them and preload small amounts of Kadena tokens on these portfolios.
Later, when users become familiar with the application, they have the opportunity to continue to finance their portfolios by buying the Kadena tokens themselves, either in exchange or elsewhere.
As announced in May, Kadena is also partnering with USCF Investments, Asset Manager, to create new decentralized financial products on Kadena.
About the usability of the platform for developers dapp, Samani Multicoin said that the chain of intelligent channels, Ethereum, contracting in place, has been facing "many challenges over the years" because bad design decisions:
"It's so much easier for application developers to build on that reality. … Kadena is designed to be developer centric. This means that developers can create much more powerful and usable applications. "
Photo of the team offered by Kadena