Kadena’s blockchain is a perfect combination of layer 1 public chain protocol and layer 2 network, operating with a proof-of-work consensus. Kadena aims at providing a high throughput while maintaining scalability and security. The ecosystem of Kadena will not only serve real-world use cases but also provide tools and services for full widespread adoption. In this piece, we will discuss Kadena project along with its native Kadena crypto, the “complete package by Kadena” and how to perform Kadena exchange at the best rate.
What is Kadena?
Kadena is a project gathering unique and useful features that include scalability, a new smart contract language known as pact (equipped with formal verification), and upgradeable smart contracts.
As said earlier, Kadena operates on a Proof-of-work consensus mechanism known as “Chainweb”. The Chainweb comprises various individually mined chains operating in parallel for the execution of transactions on the network. Theoretically, KDA’s high-transaction throughput can be supported at the base-layer without the need for any second-layer functionality or scalability solutions.
In addition, Kadena utilizes a new smart contract language known as Pact to optimize its base-layer for transaction throughput and developer adoption. It does not require any second-layer scalability or functionality solutions.
Second-layer solutions tend to complicate application development. KDA aims to solve that problem by offering a more developer-friendly option with a full developer toolkit on a single platform. Kadena’s team claims that the number of transactions processed per second has no upper bounds according to the internal tests conducted.
Moreover, the blockchain’s “Pact” smart contract language was designed to improve common flaws found in Ethereum’s Solidity. Most especially, its susceptibility to unbounded loops and lack of formal verification. What makes Pact smart contract even more unique is that it can be upgraded at any moment without the need for a hard fork.
Kadena also developed a private blockchain called “Kadena Kuro”, which precedes its public smart contract platform. The private blockchain was formerly known as ScalableBFT and it uses a Byzantine Fault Tolerant (BFT) consensus mechanism, optimized for enterprise-grade use-cases. The Kuro private blockchain can also be utilized as a side-chain with a public blockchain network with the aim of speeding up transaction processes and creating new data marketplaces.
Key features
- Payments, NFT & DeFi
When it comes to the functionality of the Pact, every imaginable use case is possible with its unique flexibility and features. Some of them include locking serial and fractional NFTs without items behind a single exchange. In addition to that, there are also unfragmented liquidity pools that support unique incentives and cash flows across several exchanges. The Kuro layer-2 technology is also known to process payments faster, at 480,000 transactions per second.
- Interop & Relays
Kadena developers are working day-in & day-out to build the blockchain with advantages that no other blockchain possesses. Benefits like trustless operation, decentralization, cross-chain transfers, and seamless execution across various blockchains are just the tip of the iceberg. In the near future, transactions will be carried out effortlessly across various blockchains like Ethereum, Celo, and Terra using Kadena’s chain relay bridge.
- Governance
The governance mechanism of Kadena’s Pact consists of three levels, namely:
- Code-level
- Account management level
- Setting strategic direction for key community initiatives.
The Kadena DAO that is in development aims to elevate these functions by empowering the community to fund new developer initiatives.
- Built for real-world use
Kadena is introducing a revolutionary chain architecture with its team of world-class crypto and smart contracts experts, providing tools and services needed for widespread adoption.
Kadena coin
Just like every blockchain, Kadena also has its native token known as KDA crypto. KDA can be utilized in many ways such as paying for computing power on the Kadena blockchain and rewarding miners for mining blocks. The total supply of KDA is reported to be 1 billion tokens, with a current circulating supply of 167,257,413 KDA tokens as of January 19, 2021.
The current price of Kadena crypto is $7.34 USD with a daily trading volume of $44,337,692. It is currently ranked number 82 on CoinMarketCap with a live market cap of $1,227,943,816.
