By
Bhushan Akolkar
May 20th, 2024
A number of people who previously worked for JPMorgan are gathering millions of dollars for interoperable blockchains and kick-ass their smart contracts better than Ethereum ones. Kadena’s public blockchain has gone live.
The public blockchain of the cryptocurrency startup called Kadena has been live since Wednesday. It adds the connection between public and private chains of Cosmos and Kadena.
A Brooklyn-based businessman formerly working in the JPMorgan corporation has announced the solution for blockchain interoperability. Stuart Popejoy, Founder and President of Kadena, is promoting the Chainweaver wallet developed by Kadena coders. The wallet will operate using both Kadena and Cosmos networks. This hybrid architecture will allow users to interact with the two blockchains directly, write smart contracts that work faster than Ethereum and so on.
The process is not something you can do in a minute. The developers have warned the community that they will issue an update in March 2020. With the Kadena functionality, entrepreneurs from across the globe will be looking at a fully scalable solution. The project will keep the user’s privacy in secret when it comes to data like the medical records, that’s where the private blockchain will act best. If the users need transparency, they can easily switch to another blockchain, right from the app.
Kadena Produces Public Blockchains of High Capacity
The smart-contract language called Pact is in use within the Kadena network. It is a custom language that allows for a throughput of 750 TX’s per second. That’s a minimum of what the network can do under extreme conditions.
The company’s President says that the main aim of his project is to solve the security problems of ETH blockchain and to improve the scalability of Bitcoin. The model is hybrid and is using PoW. Scalable public blockchain allows switching between the different blockchains with help of the Pact programming language. Popejoy noted:
“You have a scalable private blockchain, you have a scalable public blockchain and you have Pact, and the application layer that allows you to communicate between all three”
The Kadena technology already attracted clients from Rymedi, a prescription drug vendor from North Carolina that will use the blockchain to track the deliveries.
Cosmos Integration Allows Managing Different Blockchains
Will Martino, who is working hard as Kadena CEO, claims that Pact-based smart contracts will be available within the Cosmos network through the Kadenamint algorithm. Will also has been working at JPMorgan in the past. He says that the devs can now put their efforts into creating the smart contracts which will work both in the Kadena and Cosmos blockchains.
Back in 2018, the Kadena project has raised $15 million in venture funding. Big backers like Multicoin Capital and Fidelity have pledged their money into the project. However, looks like that was not enough and now the founders want to raise another $20 million, using another token sale. While many of the similar companies and ideas suffer to get the sponsor support, Kadena seems to find money everywhere. It is very strange that the firm could attract such big sums without really innovating in the field of decentralized, anonymous blockchain-based payments.