Kadena announces full launch of its public blockchain
Kadena, a blockchain company that came out of JP Morgan’s Blockchain Center for Excellence, has announced the full launch of its public blockchain.
The launch follows the start of genesis mining last October. Since then, Kadena said that it has mined over two million blocks at hash rates as high as 40 TH/S.
In its press release, Kadena said that its public blockchain is first to market as a sharded Proof of Work Layer 1 network. It includes full transactions and the ability to write smart contracts. The latest functionalities of the network complete Kadena’s hybrid blockchain platform.
Hybrid blockchains could be thought of as a “bridge” between public and private blockchains, which essentially allow sharing private data with a specific set of users while enabling public accessibility of the blockchain. Kadena claims that its hybrid blockchain can process 750 transactions per second.
“Launching a fully functional hybrid blockchain which seamlessly integrates a public chain with a private network is a significant step forward in reimagining what applications can do on-chain,” said Kadena Founder and President Stuart Popejoy.
The company said that its hybrid blockchain supports interoperability using Pact, its open-source, Turing-incomplete smart contract language with Formal Verification. Pact removes the complexity and vulnerability of other smart contract languages and advances secure and legible transactions.
Kadena’s public blockchain functions through a “braided, parallelized Proof of Work consensus mechanism,” which enhances throughput and scalability while preserving the reliability of Bitcoin. On the other hand, Kadena Kuro, the platform’s next-generation private blockchain, overcomes the challenges of security, scalability, and speed found in existing blockchains such as Ethereum.
“We’ve solved the scaling challenges of Bitcoin with parallel Proof of Work chains while addressing the security issues of Ethereum with Pact,” said Founder and CEO Will Martino. “Today’s launch of our public blockchain with smart contract transactions, which completes our hybrid platform, advances mainstream adoption.”
Kadena integrates Chainweaver with Cosmos Network
CoinDesk reported that Kadena is integrating its wallet, called Chainweaver, with the Cosmos Network, thereby allowing interaction between different blockchains. The company expects the integration to be completed by March.
Furthermore, Pact will be made available on Cosmos as Kadenamint, enabling developers to create smart contracts using Kadena’s token.
“Besides storing cryptocurrencies, our multi-blockchain wallet can provide a tool kit and user-friendly programming environment for developers on the Cosmos Network,” Martino said, adding that developers would be able to write smart contracts for both Cosmos and Kadena from the same interface using Chainweaver.
Kadena raised $12 million through a Simple Agreement for Future Tokens (SAFT) sale in April 2018. It saw participation from Devonshire Investors, the private investment arm of the owners of Fidelity Investments, as well as SIG, Asimov Investments, Multicoin Capital and SV Angel. Kadena is already in use with businesses including, USCF (a $3 billion fund) and Rymedi (tracking the quality of medicinal products).
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