Kadena Coin (KDA) began its journey in 2016, with the aim of changing public blockchain and driving the massive adoption of the technology, as well as its resultant features like a smart contract. It started as a proof of work blockchain like bitcoin, though it offers a twist to it. The cryptocurrency and its underlying blockchain were designed to solve the issue in Bitcoin’s version of the proof of work consensus network.
Disclaimer! This is not financial advice to buy KDA coin or participate in the Kadena blockchain. It is crucial to do your technical research and decide on what you want from your analysis.
Kadena uses the basics of the Bitcoin mining chain, and incorporates other features like smart contract and cross-chain functionality. This is made possible because the Kadena blockchain uses Chainweb. Chainweb is a braided, parallelized PoW consensus technology in the Kadena platform that is designed to improve scalability and throughout, without sacrificing the integrity and security that is obtainable in Bitcoin.
What is the rationale behind Kadena Coin?
Before Kadena coin was created and released to the public, the founders noticed the issues in Bitcoin consensus and business model, and needed to change that. The Bitcoin system was known for its high level of security, but it was lacking in the aspects of use cases, throughout, scalability, and much more when a thorough review is done. The team behind Kadena blockchain realized that if nothing was done, the massive adoption that was craved may merely be a figment of one’s imagination. Kadena was created to solve the issues that Bitcoin faced without ignoring the advantages that it had.
Who is the team behind Kadena?
This proof of work chain was created for users to carry out transactions without dealing with the risk noticed in the Bitcoin blockchain. Its features are highly scalable, and it offers DeFi functionalities. Kadena was conceptualized and developed by Stuart Popejoy and Will Martino. Stuart Popejoy had worked with JPMorgan’s Emerging Blockchain group, while his co-founder was working as the Tech Lead for the SEC’s Cryptocurrency Steering Committee before the creation of Kadena. They were experienced in the blockchain space before they created the technology behind Kadena Coin.
What are Kadena’s Solutions?
Chainweb is a core feature on the Kadena blockchain, as it is a consensus mechanism that offers high scalable transactions and throughput without compromising security and integrity. Chainweb is designed to allow faster transactions, while being highly efficient. The scalability of Chainweb is outstanding, as it can add more chains as necessary. There is no cap on the number of chains that the project can accept.
According to Kadena, “Kadena makes blockchain work for everyone. Our ecosystem provides the security of Bitcoin, virtually free gas, unparalleled throughput, and smarter contracts. Plug us in, deploy, and scale.” Though Kadena may offer some perks and value that are unseen in other PoW networks, it still permits private transactions. Its tokens have incredible use cases both outside the Kadena ecosystem and in exchanges.
• Smart contracts
Kadena has the smart contract functions using the open-source, formally-verifiable, human-readable, and Turing-incomplete language, Pact. With Pact, users of Kadena can create their smart contracts seamlessly, not minding their level of expertise. The feature allows users to detect bugs automatically, thereby solving issues that they could have faced later. Pact can seamlessly be used by both developers and non-developers to create their tailor-made smart contracts seamlessly. To execute the smart contract, minute gas fees are charged.
• Minute Transaction Fees
Apart from low scalability, people tend to face high transaction fees when they use some networks. Trying to use DeFi features on some platforms can be a Herculean task because the transaction fees are outrageous. Kadena’s transaction fees are minute. It also created a crypto gas station that permits businesses to remove any transaction fee for their clients. The primary purpose of Kadena is to drive massive adoption of cryptocurrency, and it is doing that through this feature.
• High level of security.
Kadena is one of the few networks that has solved the blockchain trilemma- security, scalability, and decentralization. The team behind the network has worked with other blockchain solutions, including JP Morgan, and understands that using Proof of Work and pairing it with Chain Web and Pact smart contracts could solve the issues in other platforms.
What is the native token of Kadena?
Kadena ecosystem is governed by the KDA token. It is used to compensate miners when they mine new blocks. KDA is paid as transaction fees and used to create smart contracts or execute existing ones in its ecosystem.
Generally, the token is used by those that want to access the features on Kadena and it can be bought on crypto exchanges. With its wrapped version, it can be used in decentralized finance protocols for different activities.
Recent Changes in Kadena Coin’s Ecosystem
Kadena blockchain releases new innovations regularly, and some of the recent ones will be discussed below.
• Decentralized Finance feature
Recently, a wrapped version of the native token of the Kadena ecosystem, KDA was created. The wrapped version, wKDA works on the Ethereum network, allowing it to be used effectively in decentralized finance protocols that are EVM compatible.
With the wrapped version tokens, users can actively get involved in decentralized finance activities on different protocols. In the future, the Kadena team intends to offer cross-chain assistance for other blockchains.
• NFT
Kadena recently incorporated NFT features into its ecosystem. Users can seamlessly trade their NFTs without expending a lot in transaction fees. It offers serial and fractional NFTs without them being locked in one exchange, which is quite common at the moment.
Payment Feature
Kadena integrated the Kuro Layer-2 technology into its architecture to improve the payment speed for transactions. With this integration, the transaction speed has increased to 480,000 TPS.
What is Whalesheaven?
Whalesheaven is a decentralized exchange that allows users to trade their cryptocurrencies in a safe haven without spending astronomical transaction fees or worrying about safety issues. A great aspect of the decentralized exchange is its peer-to-peer functionality, which removes the need for intervention from a third party. Users can sell a large number of tokens without having to worry about it affecting the market price of that cryptocurrency. Everything is designed to make the process seamless, not minding the level of expertise.
Another feature that Whalesheaven offers is its highly secure crypto wallet, WH Cypher. The wallet works with any type of crypto exchange, be it centralized or decentralized exchanges. With the wallet, the user has complete control over their funds and they can trade in anonymity.