Undoubtedly, blockchain has proven to be a disruptive technology and has the potential to revolutionize how businesses and institutions interact and transact with each other. But beyond the novelty factor, mass adoption of a certain technology requires it to be speedy, scalable, and efficient. However, veteran blockchain networks such as Ethereum and Bitcoin suffer from a lack of scalability, speed, and efficiency and are not yet comparable to conventional payment networks such as Visa and Mastercard.
Kadena, a proprietary chain architecture, has been built specifically to work for businesses at a speed, efficiency, and scalability that was previously thought to be unattainable. Letâ€™s learn about the Kadena blockchain today.
Kadena: An Introduction
The Kadena network was launched by Stuart Popejoy, who led JPMorganâ€™s Emerging Blockchain group, and Will Martino, the Tech Lead for the SECâ€™s Cryptocurrency Steering Committee, in 2016.
Kadenaâ€™s ecosystem comprises a public blockchain or Chainweb, the only sharded and scalable layer-1 PoW consensus-based blockchain along with Pact - the safest smart contract language available to developers for writing directly on the blockchain. Pact boasts several smart contracts utilities and support for interoperability. It also facilitates transactional logic by ideally combining authorization, data management, and workflow functionalities.
Kadena brings in massive scalability by braiding multiple Bitcoin-like chains together. It uses the Proof-of-Work (PoW) consensus mechanism to improve throughput and scalability while maintaining the security and integrity of the network. Its multi-chain architecture makes sure that a throughput ceiling is never reached despite large amounts of traffic. It also facilitates cross-chain transfers and will soon enable transactions to be executed seamlessly across Ethereum, Celo, and Terra.
Kadena continually scales to allow higher TPS (transactions per second) as more chains are added to the network. This functionality makes it an optimum solution for powering global financial systems. Kadenaâ€™s ecosystem works with several other platforms to give the developers and users unlimited options from interoperability to third-party integrations to infrastructure.
Its infrastructure is designed to deliver increased energy efficiency as TPS scales. Thus, Kadenaâ€™s energy use remains constant. The network has built the first crypto gas station for businesses to eliminate all transaction fees. This utility removes a key barrier to the mass adoption of dApps.
KDA Token Fundamentals
KDA is the native token on the Kadena network used for compensating computations on the Kadena public chain - Chainweb. KDA is paid as a reward to the miners for mining blocks on the network, similar to ETH or BTC. The total supply of Kadena tokens is fixed at 1 billion tokens to be mined over 120 years. The circulating supply of KDA tokens is 167.8 million tokens.
Short Term Technical Analysis
KDA is trading just below $6 after registering a decline of 3% today.
KDA has corrected steeply from a recent high of $17, and despite a modest bounce from the sub-$5 low it recently put in, it looks weak. A descending channel has formed on the charts while KDA sits above a local support of $5.91. If that support is lost, $5.71 and $5.5 become the short-term targets. On the upside, should KDA hold on these levels, it may test $6.04 and $6.17 soon.
Kadena has been listed on the biggest exchanges and may explode in adoption soon. Touted as Solana Killer, Kadenaâ€™s soon to be launched DAO and NFT marketplace, along with several ongoing projects and integrations with JPMorgan, Microsoft, Hewlett Packard, Disney, KPMG, Apple, etc., give it an edge over other blockchains. Its scalability and efficiency can meet ever-high demand from businesses. With its braided multi-chain architecture, Kadena is the only blockchain network capable of scaling itself to transact more than 9 million trades that are executed daily on the New York Stock Exchange (NYSE).
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Disclaimer: This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.