Kadena Blockchain – Everything You Need to Know
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All About Kadena Blockchain
Let’s have a look into Kadena, the technology and the people behind it.
What Is Kadena?
Kadena is live with a hybrid public and permissioned blockchain. Its public blockchain is a braided, high-throughput Proof of Work system that improves throughput and scalability while maintaining the security and integrity found in Bitcoin. Kadena is all about being fast, secure and simple. Delivering on these key promises have brought success, as Kadena is already being used by major companies in finance, healthcare and insurance.
Kadena uses Proof of Work to power their blockchain. Sure, we all know about the problems usually associated with PoW. Relying on Proof of Work usually means slow transactions and a low throughput. Kadena has found a way around these problems, allowing them to operate efficiently with PoW. Essentially, Kadena figured out how to shard proof of work. This solves the scaling issue. And after all, it is the only protocol that’s been validated in the market.
Kadena’s native token is called KDA. It is a secure and scalable virtual currency.
Pact – Smart Contract Language for Kadena
Pact is an open-source Turing-incomplete smart contract language. It has been purpose-built with blockchains first in mind. Pact focuses on facilitating transactional logic with the optimal mix of functionality in authorization, data management, and workflow.
In plain English, Pact was designed to make smart contract language easy to learn and use. But at the same time, it still supports sophisticated projects through features like automated bug detection, external code support (without giving up control) and both private as well as consensus management.
Kadena’s Blockchain In Practice
Let’s have a look at some use cases. Kadena works with clients in multiple industries to help them solve specific problems through the use of blockchain technology. It serves as a way of sharing data and is already implemented across various industries. For instance, finance, health care and many more.
Exchange Traded Funds (ETF) have seen phenomenal growth over the last decade. The market is growing fast and promoting entry for new players. This results with thin margins and heavy competition for fund managers. This created an opportunity for bringing more efficiency via Kadena’s blockchain. USCF is currently using Kadena’s technology to improve their fund management processes.
Kadena’s hybrid offering is the natural choice for fund managers because it provides the scalability demanded by the fund management industry while simultaneously managing data that is both public and confidential in nature. Pact provides access across both Kadena’s public and private blockchain solutions. So, USCF finds the use of Proof of Work consensus to be aligned with its security needs while offering an onramp to global interoperability.
In terms of healthcare, Kadena has recently shifted its focus towards helping solve the COVID-19 crisis. Kadena’s new app can verify the legitimacy of COVID-19 tests by letting users track test kits. The application allows medical professionals and patients to communicate and store test results in a secure way.
The application will use QR codes to ensure the authenticity of coronavirus tests. The provider then goes and registers those keys so that no one can just submit a random one. By keeping a picture of the test’s QR code with them, anyone who gets a test could also check the results by logging onto the app. This makes it harder to swap out the real tests for fake ones.
Counterfeit goods are a growing issue in general. Healthcare industry is struggling to track and trace pharmaceuticals and controlled substances. Especially in developing nations that battle with drugs being sold on the grey and black market. Multiple parties are involved across the drug supply chain. So, tracking by using traditional technologies is a huge challenge.
Kadena’s blockchain enables tracking the provenance of controlled substances. The unique nature of this hybrid blockchain means that a publicly available identifier can be stamped on medicines, and other controlled substances. These can then be linked back to a set of records that are secured in a confidential vault.
The People Behind It
Kadena’s stellar team comes from a background in banking. Kadena’s CEO Will Martino has earned a reputation for delivering unique insights into the world of permissioned and hybrid blockchain. Prior to founding Kadena, Will worked in J.P. Morgan’s Blockchain Center of Excellence along with Kadena’s co-founder Stuart Popejoy. They spearheaded the company’s first blockchain, Juno. Before JPMorgan, Will worked as the Tech Lead for the Cryptocurrency Committee at the U.S. Securities and Exchange Commission, a software engineer for AxialMarket and in client services at ION Trading.
The team also has a strong technical lead with over a decade of experience in software development in the defence industry. In short, they know what solutions the biggest industries need and how to build it.
Kadena has ambitious plans for the future. “The big exciting thing is that the public chain is out, smart contracts are about to turn on, and that allows us to then go and hit the market with what we’re calling these hybrid applications. These are applications that run both on a private blockchain, but have public smart contracts that allow people on the public side to interact with the private chain,” Kadena’s CEO Will Martino explained.
Kadena is certainly operating in a tricky industry. One of the major challenges has been scaling to meet the needs of enterprise users. Kadena has solved this problem and can scale from the 10 chains today to 10,000 or more in the future as the company grows.” In fact, Kadena just scaled from 10 to 20 chains. This enables the hybrid blockchain platform to reach 480,000 TPS.
The team believes that this could result with a major leap in blockchain technology adoption. Martino specifies: “This is a watershed moment for enterprises. Up until now, they’ve never had a platform that they could go and use on a public blockchain platform and know that it’s going to have the throughput they need if the product they deployed on that blockchain has legs and starts to take off.”
Now that you know all about Kadena blockchain, you can make your next trading decision! Head over to our crypto exchange to start trading KDA!