Kadena’s public blockchain, which was developed at JP Morgan’s Blockchain Center for Excellence, has been fully launched as a sharded Proof of Work Layer 1 network with the ability to write smart contracts and full transactions.
Following the start of genesis mining in October 2019, Kadena has surpassed having two million blocks mined at hash rates as high as 40 TH/S. Since then, Kadena has been delivering interoperability, scalability, and security across industries including finance, healthcare, and insurance.
Kadena’s open-source, Turing-incomplete smart contract language with Formal Verification, known as Pact, is powerful enough to code complex contracts and execute multi-party transactions. The language removes the complexity and vulnerability of other smart contract languages to advance secure and legible transactions, Kadena claims.
The firm says Kadena’s architecture enhances throughput and scalability while preserving the reliability of Bitcoin. The firm also states that its private blockchain overcomes the challenges of security, scalability, and speed found in existing blockchains such as Ethereum. Kadena Kuro, the private blockchain, is listed on AWS Marketplace and Azure Marketplace with free community editions.
Stuart Popejoy, co-Founder and President at Kadena, commented: “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.”
Will Martino, co-Founder and Chief Executive Officer, said: “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.”