Yesterday, Binance announced support for Kadena, a hybrid blockchain platform utilizing both a private and a public chain protocol.
Kadena is a hybrid blockchain platform that has a private chain protocol called Kuro and a public chain protocol called Chainweb. Users can enjoy the security controls of a private blockchain and the decentralization benefits of a public blockchain. The KDA token fuels transactions on and secures the network.
According to the Binance announcement,
“Binance will list Kadena (KDA) and will open trading for KDA/BTC, KDA/BUSD and KDA/USDT trading pairs at 2022-03-11 11:30 (UTC).
Users can now start depositing KDA in preparation for trading.
Withdrawals for KDA will open at 2022-03-12 11:30 (UTC).”
According to Kadena’s website, the project consists of three arms – Kadena’s layer-1 public blockchain Chainweb, Kadena’s smart contract language Pact, and Kadena’s private layer-2 blockchain Kuro. When Chainweb, Pact and Kuro combine, the Kadena blockchain claims to support industry-leading transactions per second.
“Chainweb is a braided, parallelized proof-of-work consensus mechanism that improves throughput and scalability while maintaining the security and integrity found in Bitcoin…
Pact is a human-readable and Turing Incomplete smart contract language purpose-built for blockchains with powerful security features including full Formal Verification of user code, error messages, contract upgradability, support for interoperability, and strong permission and access control…
Kuro has been proven to support up to 8,000 transactions per second across 500 nodes…
With 20 chains, the Kadena blockchain platform achieves an industry-leading 480,000 transactions per second.”
Kadena’s native token, KDA, has responded positively to the Binance listing, jumping nearly 11% over the last 24 hours and currently trading for $6.96.
Is An Energy-Efficient PoW-Based Blockchain Possible?
Proof-of-Work (PoW) or Proof-of-Stake (PoS) get interesting when it comes to the environmental impact of a blockchain.
“Both PoW and PoS algorithms can have a direct effect on energy usage. However, PoW is typically known to require a more significant amount of energy since miners need to sell their coins to pay their bills. PoW was created as the original consensus algorithm for blockchain and is used to confirm transactions and add new blocks to the chain for data storage.
Alternatively, PoS works off the percentage of coins held by a miner. Cryptocurrencies have adopted it to maximize energy efficiency because it usually has significantly lower consumption levels since miners aren’t required to solve complex mathematical problems, like in PoW blockchains. For this reason, PoS has been the default choice for the majority of newer blockchains.
With that being said, the argument that PoW-driven blockchains are unable to provide mining solutions that are energy efficient is not entirely accurate. With advances in scalability, new PoW technology has emerged that allows this form of mining to be as environmentally friendly and secure as PoS.” – Source: NewsBTC
Kadena Scaling to 480K Transactions Per Second on 20 Chains
“Towards the end of 2019, Kadena underwent a rigorous pro-level Wall Street quantitative analysis to prove its scalability and security. According to independently verified third party research conducted by Gauntlet Networks, Kadena is the first and only project to successfully scale Proof of Work securely. Following the launch of their sharded Proof of Work layer-1 network earlier this year, Kadena has completed the most significant upgrade of the platform to date, expanding from 10 to 20 braided chains on mainnet. The increase in chains brings a doubling of throughput, already unmatched among Proof-of-Work blockchain networks. With 20 chains, the Kadena hybrid blockchain platform achieves an industry-leading 480,000 transactions per second…