Kadena Goes Live, Announces New Token Sale Aiming for $20 Million

The Kadena blockchain went stay on mainnet Monday.

Formally referred to as Chainweb, Kadena’s blockchain is a evidence-of-get the job done (PoW) community related to bitcoin.

But the place bitcoin struggles with processing big transaction volumes, the Kadena community attempts to remedy the dilemma of restricted scalability by weaving multiple PoW blockchains collectively to operate concurrently. In accomplishing so, the Kadena community is capable to take care of big transaction volumes and other varieties of hefty data-processing masses.

Launched by Stuart Popejoy, the former blockchain direct at investment banking large JPMorgan, and Will Martino, the direct engineer for JPMorgan’s blockchain prototype, Juno, the challenge was to start with unveiled in 2016.

“This is the to start with time everyone has at any time scaled evidence-of-get the job done,” Martino reported in an job interview with CoinDesk, including:

“We are believers in evidence-of-get the job done. We imagine it is a confirmed protocol and the critical characteristic we required to resolve was [transaction] throughput.”

Now, there are a full of 10 PoW networks in Kadena. This selection could boost via system-large updates in the foreseeable future.

In 2018, the Kadena crew lifted a full of $15 million to launch their general public blockchain from noteworthy investors these kinds of as Multicoin Money, Coinfund and Devonshire, the private investment arm of the homeowners of Fidelity Investments.

“Kadena is the only crew in the globe that offers an remarkable alternative for scaling evidence-of-get the job done methods. That is the exciting factor about it,” reported Multicoin Money taking care of spouse Kyle Samani.

At present, token transfers and sensible-contract growth are not enabled on Kadena. Martino pointed out the complete community will support transactions and decentralized application (dapp) deployment on Dec. 5.

“The only factor you can do with mainnet release for the to start with month is mine,” reported Martino.

Outdoors of mining, Kadena is also internet hosting its third token sale starting off tomorrow Nov. 5 till Nov. 22.

Hoping to raise an added $20 million, Martino defined that the token sale will be obtainable for future investors – accredited and non-accredited – strictly by token launch system CoinList.

New raise

In truth, there are two token revenue functioning side-by-side on CoinList for Kadena cash.

There is 1 for non-accredited, non-U.S. investors in which interested events who really do not would like to mine for Kadena cash can acquire their token belongings for $1 for every coin. For the to start with 40 days of the sale, investors will be limited to buying and selling and exchanging their purchased Kadena cash completely on CoinList. Thereafter, the cash will be freely tradeable.

The other token sale is remaining executed as a Straightforward Arrangement for Future Tokens (SAFT). That sale is open to accredited investors only, possibly inside of the U.S. or abroad. However, in accordance with the pointers of a SAFT sale, these cash will be locked for a time period of 1 yr.

In return, accredited investors are capable to purchase Kadena cash at a discounted value of 50 cents.

This dual structure for Kadena’s token providing is a configuration meant to make sure regulatory compliance of the sale in the U.S. and abroad.

“It’s likely to serve Kadena and the group prolonged-term due to the fact we’re likely to have performed this sale inside of the bounds of existing regulations, situation legislation and securities legislation,” reported Martino.

It ought to be pointed out, on the other hand, that other SAFT raises have resulted in scrutiny and unexpected emergency action from the U.S. Securities and Exchange Fee in the past, with messaging application Telegram remaining asked on Oct. 11 to halt distribution of tokens marketed during its SAFT sale.

The Chainweaver wallet

Alongside with mainnet launch, Kadena is also asserting Monday the launch of its Kadena token wallet, referred to as the Chainweaver wallet.

As opposed to basically keeping and signing off on transactions, the Chainweaver wallet will most notably host a mini-server capable to interact straight with dapps.

This signifies that on a desktop laptop or computer buyers can operate dapps natively from the Chainweaver wallet.

“We required to have a simplified journey from ‘I have some coins’ to ‘I can use some dapps,’” Martino reported.

In addition, Kadena is predicted to host “community fuel stations” the place transaction charges produced by new buyers can be paid out straight by the dapp builders by themselves.

In accordance to Martino, buyers really do not have to produce their possess cryptocurrency wallets to use programs on Kadena. Developers can do it for them and preload tiny quantities of Kadena tokens on these wallets.

Later, as buyers familiarize by themselves with the application, they have the alternative to go on funding their wallets by getting Kadena tokens by themselves possibly on an exchange or somewhere else.

As declared in May, Kadena is also partnering with asset manager USCF Investments to produce new decentralized finance items on Kadena.

About the usability of the system for dapp builders, Multicoin’s Samani reported the incumbent sensible-contract blockchain, ethereum, has faced “many difficulties over the years” as a outcome of very poor style and design choices:

“It’s so considerably simpler for application builders to construct on leading of this factor. … Kadena is intended to be developer-centric. This signifies that builders can construct considerably greater good quality, additional usable programs.”

Workforce image courtesy of Kadena