The cryptocurrency industry has seen a remarkable turn of events, especially when it comes to developments and updates. Apart from growing in terms of partnerships and tie-ups, organizations were now changing the way they work from the inside out.
Just recently, a new blockchain-based startup called Kadena was launched in New York to give the enterprise world access to the characteristics of a public blockchain.
This would also be done by ensuring that all transactions on the chain are treated with the privacy of a private chain.
Enterprise companies have been trying their best to enter the blockchain market because they have realized the benefits of the industry.
This ranges from increased security as well as faster transaction times. The founders of Kadena, Stuart Popejoy, and Will Martino earlier worked at JP Morgan Chase, where they were in charge of the blockchain team. According to Martino, Kadena was:
“… a scaled proof of work mainnet. The key here, with this launch, is that for the first time ever we figured out how to have a scaled proof of work network. We figured out how to shard proof of work.”
The startup has revealed that Kadena comprises of three parts: a private chain called kuro, a public chain known as chainweb and its native open-source smart contract language called Pact.
Kadena wants to fill in the void where enterprises require the functionality of a public blockchain but without its security concerns.
In most cases, a lot of companies refrain from using blockchain technology because of the fungibility factor. At present, there are a few projects seeking to connect enterprise blockchain with public blockchain networks. This includes JP Morgan’s native Quorum network which is based on Ethereum.
The roster also includes Besu, a product from Hyperledger that is supposed to be quick and user-friendly.
With Kadena, the organization plans to provide an end to end solution for all processes on the blockchain. Sources close to the company claim that they want enterprises to build applications on its private chain instead of building it from scratch.
Kadena has stated that its blockchain solution is much faster than the existing ones, even faster than Bitcoin and Ethereum settlement times. This works by the creation of a blockchain with the potential to contain several other chains.
Each chain on the chainweb has a dedicated amount of throughput that is somewhere between 10 and 100 tps.
The introduction of Kadena is also expected to boost the dApp market. As Kadena works on a single layer principle, it will have more processing power to run applications. The developers have also claimed to fic the onboarding issues that have otherwise plagued blockchain networks.