Extending its reach into the distributed ledger blockchain service market, Kadena LLC today announced the full launch of its public blockchain.
The Kadena public blockchain will now be fully accessible, including transaction and smart contract support.
Genesis mining, the beginning of the chain when the first block is completed and transactions begin, on Kadena’s hybrid blockchain started in October 2019, with a token sale announced at the same time. Since then, the blockchain network has surpassed 2 million blocks mined with a hash rate as high as 40 terahashes per second.
Kadena is the first blockchain technology company to come out of JD Morgan’s Blockchain Center for Excellence. The company has raised $15 million in funding from investors over four rounds, with $12 million of that raised in April 2018.
The hybrid public blockchain opened access to mining and offered a block explorer — a way to visualize transactions occurring on a chain — in November 2019. But full access to the chain with smart contract and transaction support did not begin until today.
Kadena’s blockchain is a scalable proof-of-work system that uses a “braiding” system to combine multiple blockchains into one. Using this networking protocol, Kadena can process more than 750 transactions per second, while bitcoin’s blockchain can reach seven TPS and Ethereum can process at 15 TPS. This also allows Kadena’s blockchain to enable mining at these rates but at 1/50th of the computing power needed for traditional blockchains.
“Despite blockchain having immense potential, our experience building JP Morgan’s first blockchain showed us its limitations,” said Stuart Popejoy, founder and president of Kadena. “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.”
Kadena Kuro, the company’s next-generation private blockchain, will overcome challenges in security, scalability and speed found in other blockchains uses the same hybrid parallel chain braiding technology.
This launch completes a full launch of Kadena’s public blockchain as it brings to bear complete functionality that makes a blockchain operate. Businesses have already been using the technology in their own networks after Kuro was listed on AWS Marketplace and Azure Marketplace with free community editions during 2019.
Blockchain infrastructure networks such as Cosmos and Polkadot have also begun the process of implanting Pact, the smart contract programming language used by Kadena. Pact is a self-validating programming language that reduces errors by using a system known as “formal validation.”
“We’ve solved the scaling challenges of Bitcoin with parallel Proof of Work chains while addressing the security issues of Ethereum with Pact,” said Will Martino, co-founder and chief executive of Kadena. “Today’s launch of our public blockchain with full transactions, which completes our hybrid platform, advances mainstream adoption.”