The Kadena blockchain went live on mainnet Monday.
Formally called Chainweb, Kadena’s blockchain is a proof-of-work (PoW) network similar to bitcoin.
But where bitcoin struggles with processing large transaction volumes, the Kadena network attempts to solve the problem of limited scalability by weaving multiple PoW blockchains together to run concurrently. In doing so, the Kadena network is able to handle large transaction volumes and other types of heavy data-processing loads.
Founded by Stuart Popejoy, the former blockchain lead at investment banking giant JPMorgan, and Will Martino, the lead engineer for JPMorgan’s blockchain prototype, Juno, the project was first unveiled in 2016.
“This is the first time anyone has ever scaled proof-of-work,” Martino said in an interview with CoinDesk, adding:
“We are believers in proof-of-work. We believe it is a proven protocol and the key feature we needed to fix was [transaction] throughput.”
Currently, there are a total of 10 PoW networks in Kadena. This number could increase via system-wide upgrades in the future.
In 2018, the Kadena team raised a total of $15 million to launch their public blockchain from notable investors such as Multicoin Capital, Coinfund and Devonshire, the private investment arm of the owners of Fidelity Investments.
“Kadena is the only team in the world that presents an incredible solution for scaling proof-of-work systems. That’s the exciting thing about it,” said Multicoin Capital managing partner Kyle Samani.
At present, token transfers and smart-contract development are not enabled on Kadena. Martino noted the full network will support transactions and decentralized application (dapp) deployment on Dec. 5.