Kadena

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Discover Kadena's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Kadena?

Kadena (KDA) is a digital currency used to pay for computing on the Kadena public chain. It is a Proof of Work network, relying on decentralized mining for its function and growth. Miners receive block rewards in KDA, which can be used for transactions, creating smart contracts, and paying gas costs. The Kadena blockchain is designed for scalability, security, and energy efficiency, with a focus on business adoption and long-term sustainability.

How is Kadena used?

Kadena (KDA) is used in various ways within the Kadena ecosystem:

  1. Transaction Fees: KDA is used to pay for transaction fees on the Kadena blockchain, similar to how Ether is used on the Ethereum network.

  2. Smart Contract Execution: Developers use KDA to pay for the execution of smart contracts on the platform.

  3. Gas Station: Kadena offers a crypto gas station feature that allows businesses to eliminate transaction fees for their customers.

  1. Staking: Users can stake KDA to secure passive rewards using the CoinMetro exchange, with a minimum requirement of 1,000 KDA.

  2. Mining: Miners secure the Kadena blockchain by mining KDA, which incentivizes them to validate transactions and maintain the network's security.

  3. Direct Peer-to-Peer Transfers: KDA can be used for direct peer-to-peer transfers, allowing for seamless payments.

  1. Creating New Smart Contracts: KDA is required to create new smart contracts on the platform.

  2. Paying for Compute: KDA is used to pay for compute on the Kadena public chain.

These uses highlight the versatility and utility of the KDA token within the Kadena ecosystem.

How do I store Kadena?

To store Kadena (KDA) tokens, you have several options:

  1. Koala Wallet: A non-custodial wallet that is easy to use and offers features like web extension compatibility, in-app KDA swaps, and WalletConnect v2 capability. It is available on both mobile and desktop platforms and has been audited for security by Red4Sec.

  2. Zelcore Wallet: A multi-chain wallet that supports over 1,000 trading pairs and allows for swaps and purchases through various methods. It is available on both mobile and desktop platforms and offers enhanced features like retrieving lost wallets and protecting addresses.

  3. Chainweaver Wallet: A developer-focused wallet that supports Kadena's backend deployment, providing a high level of security. It is available on MacOS, Linux, and Windows.

  1. Ledger Devices: You can store KDA on a Ledger device using the Kadena app. For access, you can use interfaces like eckoWALLET, which is available on desktop but not on mobile.

  2. Other Options: There are various other wallets and exchanges where you can store KDA, depending on your level of experience and preference. These include decentralized exchanges and other multi-asset wallets.

Each option offers different features and levels of security, so it is essential to research and choose the one that best fits your needs.

How to buy Kadena?

To buy Kadena (KDA) tokens, follow these steps:

  1. Choose an Exchange: Select a reputable cryptocurrency exchange that supports Kadena trading. Popular options include Binance, Uphold, KuCoin, and Kriptomat.

  2. Create and Verify Your Account: Sign up on the chosen exchange and verify your email address, phone number, and identity. This process typically takes a few minutes.

  3. Add Funds: Deposit funds into your exchange account using a bank transfer, credit card, debit card, or other supported methods. Ensure you understand any fees associated with the deposit method.

  1. Buy Kadena: Navigate to the exchange's trading platform, select Kadena (KDA) from the list of available cryptocurrencies, and enter the amount you wish to purchase. Preview the transaction details and confirm your purchase.

  2. Store or Use Your Kadena: Once purchased, you can store your Kadena tokens in the exchange's wallet or transfer them to a personal crypto wallet for long-term storage or trading.

Remember to carefully review the fees, risks, and terms associated with each exchange and method before making a purchase.

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History of Kadena

The history of Kadena (KDA) began in 2016 when Stuart Popejoy and Will Martino, both experienced in blockchain development, co-founded the project. Popejoy had previously worked at J.P. Morgan Chase, where he developed electronic trading and portfolio strategies, while Martino led the development of J.P. Morgan’s Blockchain Research Group. They were driven by the goal of creating a scalable and secure cryptocurrency.

The development of Kadena was influenced by their work on JPM Coin, the first JPMorgan stablecoin and blockchain. After this experience, they wanted to create a completely new technology. To achieve this, they collaborated with Dr. Stuart Haber, a co-inventor of blockchain technology and a prominent author in the Bitcoin whitepaper.

To fund the project, the team used a Simple Agreement for Future Tokens (SAFT) private sale scheme, launching an Initial Coin Offering (ICO) and receiving aid from various companies and organizations. By mid-2019, they had raised a total of $17.3 million. The tokens acquired from these sales were distributed accordingly.

The Kadena mainnet was launched on November 4, 2019, and since then, the ecosystem has continued to grow, demonstrating the potential of this new blockchain. Kadena aims to provide a stable, secure environment for developers, focusing on high scalability and a powerful smart contract language to make efficient decentralized applications (dApps). It uses the Tendermint consensus protocol and the Pact programming language to achieve this goal.

KDA, the native token of the Kadena blockchain, was first released via private token sales in early 2018. The distribution of KDA includes mining, platform shares, and allocations for investors, strategic reserves, and contributors. The token has a maximum supply of 1 billion and a current circulating supply of 216,066,617. The token inflation is managed through a reward system that decreases over time.

Kadena has been integrated into various industries, such as healthcare, fund management, and fintech, providing solutions for tracking controlled substances, managing data, and offering low-cost transactions. It can be purchased at multiple crypto exchanges, including Binance, Binance.US, Kucoin, and Gate.io.

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How Kadena works

Kadena (KDA) is a hybrid blockchain that combines the security of a public blockchain with the speed and efficiency of a private blockchain. Here's how it works:

Chainweb and Kuro

Kadena's public blockchain is called Chainweb, which is a multi-braided, infinitely scalable blockchain technology. This means that Chainweb can process an incredible number of transactions per second (TPS) by adding more chains in parallel. Currently, Chainweb consists of 20 chains that operate simultaneously, allowing it to handle 480,000 TPS. This scalability is achieved through a process called "hash braiding," where each chain communicates with every other chain after each block, creating a web of interconnected chains.

In addition to Chainweb, Kadena also has a high-speed and secure private blockchain called Kuro. This private blockchain is designed for high-performance and low-latency transactions, making it ideal for applications that require fast and secure processing.

Pact Smart Contract Language

Pact is Kadena's smart contract language, which is designed to be safe, easy to use, and highly scalable. Pact is a Turing-complete language, meaning it can execute any function that can be performed by a computer. This makes it more powerful than other smart contract languages like Solidity, which are not Turing-complete. Pact is also written in Haskell, a programming language known for its robustness and security features.

Tokenomics and Mining

The KDA token is the native cryptocurrency of the Kadena ecosystem. It is used to pay transaction fees and reward miners. The maximum supply of KDA tokens is capped at 1 billion, and the circulating supply is currently around 184 million. Miners receive a portion of tokens as a reward, and the number of issued KDA per month will be reduced over time through a process called "halving," which helps maintain the token's value.

Wrapped Token (wKDA)

Kadena also has a wrapped token called wKDA, which is compatible with Ethereum and other Ethereum-compatible blockchains. This allows KDA to be used in DeFi protocols and other networks, increasing its utility and potential for growth.

Staking and APY

Kadena offers staking pools with attractive annual percentage yields (APY). For example, the crypto exchange CoinMetro has a KDA staking pool with an 18% APY. This incentivizes users to hold and stake their KDA tokens, reducing the circulating supply and potentially driving up the price.

Security and Decentralization

Kadena is a decentralized blockchain, meaning that it is not controlled by any single entity. The use of a Proof-of-Work (PoW) consensus mechanism ensures the security and integrity of the network. Additionally, Kadena's architecture is designed to be highly scalable and secure, making it suitable for large-scale financial systems and global transactions.

Overall, Kadena's unique combination of Chainweb, Kuro, Pact, and its tokenomics make it a highly scalable, secure, and efficient blockchain platform.

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Kadena's strengths

Kadena (KDA) has several strengths that make it an attractive and promising blockchain project:

  1. Scalability: Kadena's architecture, known as Chainweb, allows it to combine multiple parallel blockchains, making it infinitely scalable and capable of handling a high volume of transactions per second without compromising security.

  2. Security: Kadena operates on a Proof of Work consensus mechanism, similar to Bitcoin, ensuring a high level of security and stability. The multi-chain design also enhances security by requiring an attacker to hijack multiple chains simultaneously.

  3. Smart Contract Language: Kadena uses Pact, a human-readable and Turing-complete smart contract language that offers powerful security features and automatic bug detection. This makes it easier for developers to create secure and reliable smart contracts.

  1. Energy Efficiency: Kadena's multi-chain network and Proof of Work mechanism are designed to be energy-efficient, making it a more environmentally friendly option compared to other blockchains.

  2. Developer Tools: Kadena provides a wide range of tools for developers, including Pact, Chainweb, and other features that enable rapid and secure development of smart contracts and decentralized applications.

  3. Decentralization: Kadena aims to uphold the values of decentralization, allowing users to retain governance power over the project's code, management, and business strategies.

  1. DeFi and NFT Integration: Kadena is committed to supporting DeFi, NFT, and alternative forms of payment, making it a versatile and innovative platform.

  2. Strong Founding Team: Kadena was founded by Stuart Popejoy and William Martino, who have a strong background in blockchain development, having created JP Morgan's first blockchain, now known as Onyx.

These strengths position Kadena as a robust and scalable blockchain solution with a focus on security, decentralization, and innovation.

Kadena's risks

Kadena (KDA) is associated with several risks, including:

  1. Volatility and Liquidity Risks: KDA's value can fluctuate significantly due to market forces, and liquidity issues can make it difficult to buy or sell the token quickly and at a stable price.

  2. Short History Risk: KDA has a relatively short history, which can make it harder to predict its long-term performance and stability.

  3. Demand Risk: The success of KDA relies on its adoption by projects and developers. If demand is low, the token's value may suffer.

  1. Forking Risk: KDA, like other blockchain protocols, is susceptible to forking, which can lead to instability and potential losses for investors.

  2. Code Defects and Security Risks: KDA's code, like any other blockchain, can contain defects or vulnerabilities that can be exploited by hackers, leading to security breaches and potential losses.

  3. Regulatory Risks: Changes in laws and regulations can negatively impact the use, transfer, or value of KDA, and such changes can be sudden and without notice.

  1. Electronic Trading Risks: Trading KDA electronically carries risks such as technical issues, connectivity problems, and potential losses due to market volatility.

  2. Cybersecurity Risks: KDA, like other digital assets, is vulnerable to cyber attacks and hacking, which can result in the loss of funds or sensitive information.

  3. Competitive Risks: The Layer-1 blockchain space is highly competitive, and KDA must compete with other blockchains offering similar features and benefits.

  1. Staking Risks: Participating in Kadena staking involves the risk of loss of funds due to various factors such as technical issues or market fluctuations.

These risks highlight the importance of thorough research and risk assessment before investing in KDA or any other digital asset.

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Did Kadena raise funds?

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Kadena’s team

  • Stuart Popejoy: Co-Founder and CEO of Kadena, previously led JPMorgan's Emerging Blockchain group and developed JPM Coin.
  • Will Martino: Co-Founder and President of Kadena, previously worked at JPMorgan Chase & Co. as a Financial Technology Manager and was a Senior Science Advisor at the US Securities and Exchange Commission.

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