Kadena, which takes pride in being the first blockchain technology firm curated by JP Morgan’s Blockchain center for Excellence, has announced the news about the successful launch of its public blockchain network. The launch of the Kadena blockchain comprises of full transactions along with the capacity to write smart contracts. The public blockchain is the first to operate as a shared Proof of Work Layer 1 network solution.
Right after the kickstart of the genesis mining in October 2019, Kadena crossed the mark of successful mining of two million blocks at hash rates reaching a whopping 40 TH/S rate. The inclusion of the new features has strengthened the Kadena’s hybrid blockchain platform which at present offers interoperability, scalability, and security to the clients spread across various industrial domains such as finance, healthcare, and insurance.
Kadena’s hybrid blockchain allows interoperability via Pact, Kadena’s open-source, Turing-incomplete smart contract language with Formal Authentication feature. Pact helps the developers and enterprises to enjoy secured and legible transactions. The language allows the developers to code complex contracts at ease while allowing the execution of multi-party trading activities.
“Despite blockchain having immense potential, our experience building JP Morgan’s first blockchain showed us its limitations. 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,” stated Stuart Popejoy, the Founder and President of Kadena.
Kadena offers the developers the only public blockchain network that is production-ready for smart contracts using its efficient Proof of Work consensus protocol. The mechanism helps in catering to the scalability issues concerning Bitcoin and the security issues related to Ethereum in a big way.
Founder and CEO Will Martino shared excitement about the launch stating that “We’ve solved the scaling challenges of Bitcoin with parallel Proof of Work chains while addressing the security issues of Ethereum with Pact. Today’s launch of our public blockchain with smart contract transactions, which completes our hybrid platform, advances mainstream adoption. We’re excited to see how Kadena’s blockchain will empower entrepreneurs and enterprises to bring in Economics 2.0.”
The gone 2019 witnessed some pathbreaking achievements and accomplishments by the Kadena community. The firm made an announcement that leading blockchain networks like Cosmos and Polkadot are gearing up to lend support to the Pact smart contract language. Another milestone achieved by Kadena was the listing of the Kadena Kuro on AWS Marketplace and Azure Marketplace.