In 2016, Stuart Popejoy and Will Martino, who led JP Morgan’s Blockchain Center for Excellence, decided to found the start-up Kadena, with a new blockchain.
The two built the company’s first blockchain called Juno, the technology of which is used in today’s JPM Coin. As the company’s website reports, the company was created to address a number of problems with blockchain technology that no one else would address.
Kadena and the new solutions for blockchain technology
Kadena is the solution that both large companies and innovative entrepreneurs need.
This company was born, as the founders tell us, out of the realization that there was no blockchain that could adapt to the strict security measures of JP Morgan or other financial institutions.
For the first time in 2018, some of America’s leading Fortune 500 companies had started using the blockchain developed by Kadena, which allegedly overcomes one of the main obstacles to the large-scale spread of blockchain technology in certain fields.
One of the founders, Will Martino, said that the company’s goal is close, having managed to create a blockchain that can outperform all other blockchains on the market, both in terms of scalability and speed of transactions.
“This is a watershed moment for enterprises. Up until now, they’ve never had a platform that they could go and use on a public blockchain platform and know that it’s going to have the throughput they need if the product they deployed on that blockchain has legs and starts to take off”.
The first hybrid blockchain
Kadena was also the first company to create a hybrid blockchain based on smart contracts, back in January 2020.
Whereas in October 2019, Kadena had announced that it had surpassed two million blocks mined at hash rates of up to 40 TH/S. And it is precisely because of these characteristics that Kadena’s blockchain has found many applications in the security, insurance, financial and health sectors.
Kadena’s public blockchain would work thanks to the Proof of Work consensus mechanism.
Kadena Kuro, the platform’s next-generation private blockchain, would thus be able to overcome the security, scalability and speed challenges present in blockchains such as that of Ethereum.
Kadena would thus be the only PoW chain capable of bringing to life a mathematical algorithm to perform sharding (a small portion of the blockchain) through a mining system.
“We’ve solved the scaling challenges of Bitcoin with parallel Proof of Work chains while addressing the security issues of Ethereum with Pact,” said founder and CEO Will Martino a few weeks ago.
Pact is the company’s smart contract that would act as a bridge that binds the Kadena ecosystem together and is the most powerful tool for creating applications on a blockchain.
The fact that the PoW system is used, as opposed to Ethereum and Solana which use PoS (Proof of Stake), results in greater security and speed in transactions as demonstrated by the disruptions experienced by the two PoS blockchains in recent days.
What is blockchain scalability?
The scalability of a blockchain is the ability of a chain to overcome the problems still found in the speed of transactions and security of the service.
Scalability would be the last frontier to overcome before the mass adoption of the technology. Solana, the DeFi blockchain platform in response to Ethereum’s decentralized finance, is said to have solved the problem of transaction speed, but not the problem of security.
The announcement by the American start-up could, if confirmed, represent a real revolution in the blockchain world.
The post JP Morgan: two former employees invent Kadena, a new PoW blockchain appeared first on The Cryptonomist.
