Kadena, the first blockchain technology firm to come out of the JPMorgan Blockchain Center for Excellence, has fully launched its public blockchain as announced by the firm in a press release on 15 January.
The launch marks the completion of what Kadena refers to as “the industry’s first hybrid blockchain platform” whose development started way back in 2016. The project started as the company’s effort to build a scalable, and secure proof-of-work alternative to Bitcoin and Ethereum. The company has raised $15 million in funding from investors over four rounds, with $12 million of that raised in April 2018.
According to the firm’s co-founder and CEO Will Martino, Kadena’s public blockchain will now be accessible including full transactions and the ability to create smart contracts. This, the company stated, is the first sharded Proof-of-Work Layer 1 network to make it to market.
The fully functional Kadena Hybrid blockchain network allows the connection between a public chain and a private network. This is achieved through a “braiding” system that combines multiple blockchains into one. This facilitates the privacy of users while at the same time allowing scalability.
On his part, Stuart Popejoy, the co-founder, and president of Kadena stated that the launch is a great achievement in blockchain capabilities. He noted that despite huge potential, the technology has limitations.
Beyond the Limits
“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,” said Stuart.
To support interoperability, Kadena hybrid blockchain uses Pact, the company’s open-source smart contract programming language. Pact is a self-validating programming language that uses a “formal validation” system of error reduction.
“We’ve solved the scaling challenges of Bitcoin with parallel Proof-of-Work chains while addressing the security issues of Ethereum with Pact,” said Martino. “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.”