Kadena founders Stuart Popejoy and Will Martino first started thinking about how blockchain could be better while working at J.P. Morgan’s Blockchain Center of Excellence. They met there while building JPM’s first blockchain, Juno. During that time, Will and Stuart researched and vetted blockchains for the bank’s potential use and strategic investment. This involved an in-depth analysis of early versions of Hyperledger, Axoni, Symbiont, Ripple, and Ethereum. It became clear that the blockchain options on the market were technologically inadequate for real enterprise use cases.
Some key questions came up while researching platforms, including: How does a blockchain’s smart contract language safely and simply express complex business rules? Can the system scale to additional participants (nodes) without drastically slowing down performance? Can you interoperate with other public and private blockchains easily?
Using these questions as a framework, Will and Stuart left J.P. Morgan in 2016 to found Kadena and deliver the solution. Now, with the full launch of its public blockchain, Kadena’s hybrid blockchain platform solves the previous scalability, security and interoperability limitations of blockchain. With the launch, Kadena’s hybrid blockchain platform is complete.
“We’ve solved the scaling challenges of Bitcoin with parallel Proof of Work chains while addressing the security issues of Ethereum with Pact, Kadena’s smart contract language,” said Founder and CEO Will Martino. “The launch of our public blockchain with full transactions, which completes our hybrid platform, advances mainstream adoption. We’re excited to see how Kadena’s blockchain will encourage application development from entrepreneurs and enterprises.”
By successfully launching a fully functional hybrid blockchain, Kadena brings blockchain technology a significant step forward. Both Kadena Kuro (Kadena’s private blockchain) and the Kadena public blockchain provide their own impressive set of features to the Kadena platform.
Kadena’s public blockchain is a parallelized, multi-chain Proof of Work network. The architecture enhances throughput and scalability while preserving the reliability of Bitcoin. As the number of chains increases on the Kadena public blockchain, it will become capable of processing 10K-50K transactions per second (TPS), a significant improvement over existing networks. Kadena’s protocol leverages a braided and parallelized architecture to utilize hash rate more efficiently than a single-chain PoW design. The increase in attack-resistance offered by braiding multiple chains together significantly lowers the required per-chain hash rate. Then, by increasing the number of chains as usage demands, the hash rate is better applied to increase throughput, utilization, and security.
Kadena Kuro, the platform’s private blockchain, is one of the most reliable and scalable enterprise blockchains on the market. The private blockchain’s proprietary BFT-consensus protocol is proven to achieve up to 8,000 TPS with latencies well below 100ms in real-world testing with 500 nodes. Leveraging symmetric encryption technology and fully blinded addressing, transactions can be securely hidden from non-transacting participants. That means multiple-participant confidentiality is assured, without sacrificing blockchain benefits such as immutability and transparency. This next-generation technology solves the challenges found in current generation blockchains such as Ethereum — issues such as speed and security limitations.
The linchpin of interoperability on Kadena’s hybrid blockchain is provided by Pact, Kadena’s open-source and Turing-incomplete smart contract language. Pact focuses on facilitating transactional logic with the optimal mix of functionality in authorization, data management, and workflow. The simple smart contract language is powerful enough to code complex contracts and execute multi-party transactions.
In addition to its power, human-readable Pact code is executed directly on the ledger and stored in its original format as an immutable transaction. This means Pact smart contracts can be read and verified by anyone, including technical executives, lawyers, and other business professionals. These are all stakeholders that need to be able to read, review, and verify smart contracts. Enterprises and developers alike will find that smart contracts once considered too difficult to understand are now decipherable with Pact. Removing the complexity and vulnerability of other smart contract languages, Pact advances secure and legible transactions.
The usability of Pact, accompanied by the security of Kadena Kuro and scalability of Kadena’s public chain, presents a hybrid platform that will redefine what businesses can do with blockchain applications in 2020 and beyond.
The successful completion of this hybrid platform comes after 2019 was full of milestones for Kadena, including the news that blockchain networks such as Cosmos and Polkadot are looking to implement the Pact smart contract language. Companies such as Rymedi and USCF (a $3 billion fund) have announced that they are adopting Kadena’s blockchain technology. Businesses looking to deploy applications on the blockchain are welcome to explore Kadena Kuro for free on Amazon’s AWS Marketplace and Microsoft’s Azure Marketplace.