What Is Kadena?
This blog post will cover:
- About Kadena (KDA)
- Where did Kadena (KDA) come from?
- What are the advantages of Kadena (KDA)?
- What are the disadvantages of Kadena (KDA)?
- How to buy Kadena (KDA)?
About Kadena (KDA)
Kadena is a hybrid blockchain platform launched by JP Morgan, one of the largest banks in the world. The main provision of the project is to improve the connection between public and private blockchains, which is especially important for companies in the financial industry. This solution allows better control over the flow of information about ongoing transactions. Let's take a closer look at the project.
The ecosystem includes 20 blockchains, such as Kadena (high-performance, scalable blockchain), Kuro (enterprise blockchain) and Kadenamint (the bridge between Cosmos and Kadena), etc. The Proof of Work consensus is used in the public blockchain and hashing Blake2S-256. The Kadena ecosystem is the only scalable (over 9 million transactions daily) PoW platform thanks to its revolutionary multi-chain architecture. It is also worth noting that based on the Kadena blockchain, you can create your own apps as an ordinary user. The development of new apps is very easy, as Kadena has a powerful tool - the Pact smart contract language that is very convenient to use. In addition, the special Chainweb protocol ensures the security of the network.
KDA is a coin that is used as a fee for transactions within the Kadena network, as well as for the implementation of smart contracts and as a reward.
Where did Kadena (KDA) come from?
Long before Kadena was developed, its founders were the ones who created the first JPMorgan blockchain. Will Martino was previously the technical lead for the SEC's Crypto Steering Committee and Qualitative Analytics Division. Stuart Popejoy has 15 years of experience in marketplaces and exchange backbones and was the head of Emerging Blockchain at JPMorgan.
Will Martino is now the founder and president, and Stuart Popejoy is the co-founder and CEO of Kadena.
This platform was launched in 2020, although it was conceived back in 2016. Kadena was designed to solve common problems in the cryptocurrency space, such as speed, scalability, and high fees.
What are the advantages of Kadena (KDA)?
- Increased throughputThe Chainweb security protocol is the guarantor of this throughput because it combines private blockchains with public apps. Thus, the traffic is directed to the high-bandwidth computer underlying the KDA.
- PoW consensus scalability issue resolvedThe Kadena network consists of many chains that are part of several interconnected blockchains. Any account that users create is exclusive in this chain. Thus, in order to become the owner of a particular account name in all chains, the user have to create it first in each such chain.
- CommissionsThe non-public Kuro blockchain mentioned above has a feature called "gas stations". Due to it, developers and corporate clients can pay transaction fees for their users.
- Widespread use of Kadena in various fieldsThe Kadena software is used by financial, insurance and medical companies (for instance, Amazon) because it allows people to go from idea generation to product development in a short time.
What are the disadvantages of Kadena (KDA)?
- Kadena faces strong competitionEven with all its advantages, it is difficult for the project to compete with more popular smart contract platforms.
How to buy Kadena (KDA)?
Learning about the KDA coin with us, now you have a better understanding of it. You can refer to SimpleSwap's easy instructions on how to make a crypto exchange if you are interested in getting some KDA:
- For example, you want to swap BTC to KDA. Select the currency you want to exchange (BTC) in the first drop-down list. Enter the quantity you want to swap.
- Select Kadena in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
- Click the Exchange button.
- Enter the Recipient's Address. KDA will be sent to this address. Be careful and make sure you use the correct address.
- Create the exchange.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.
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SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.