Unknown cryptocurrency that borrows key features from both Bitcoin and Ethereum has just entered the top 100 crypto assets by market capitalization.
Kadena (KDA), a hybrid blockchain platform, surpassed a $3 billion market worth on Sunday, a 175 percent increase in only seven days. It is presently the 69th biggest cryptocurrency asset by market capitalization, valued at $17.45 at the time of writing.
Kadena was founded by Stuart Popejoy and Will Martino, two former JPMorgan blockchain engineers.
The project’s creators claim they’ve created a secure and scalable mechanism to construct smart contracts and compete with Ethereum while still employing Bitcoin’s proof-of-work consensus process.
Pact is the protocol’s software that enables anybody to write a smart contract.
“Pact is the first truly human-readable smart contract language. It lets anyone write clearly, directly and safely onto a blockchain – a true advance for automated contracts.
Pact automatically detects bugs and keeps the purpose of code clear… freeing you from the exploits you’ll face on Ethereum and other unsafe platforms.”
Additionally, Kadena claims they’ve discovered a means to scale the proof-of-work consensus architecture pioneered by Bitcoin.
“Unlike other platforms, Kadena is designed to power global financial systems. Our protocol continually scales to higher TPS (Transactions Per Second) as more chains are added to the network.
With its revolutionary multi-chain architecture, Kadena is the only scalable layer-1 Proof of Work (PoW) platform capable of scaling to settle the 9+ million trades executed on the NYSE [New York Stock Exchange] each day.”
Among the platform’s other benefits are zero-cost transactions, energy efficiency, and industrial scalability.