On November 5, blockchain startup Kadena went live. It launched its mainnet on Monday and announced its plan of raising $20 million via two token sales.
Founded in 2016 by JPMorgan blockchain veterans Stuart Popejoy and Will Martino, Kadena is a proof-of-work (PoW) network designed to handle large transaction volumes while maintaining the security and integrity of Bitcoin. Simply put, it wants to carry out close to 10,000 transactions in a second with great network speed and low cost, scaling to a level that bitcoin has been unable to reach.
On Monday, the company announced that its mainnet, dubbed Chainweb, is fully accessible for public mining. The release would provide miners with the opportunity to solve blocks on Kadena’s public blockchain and mine for real Kadena tokens.
While most of the Kadena tokens will be distributed through mining, Kadena also plans to distribute around 30 million tokens, from Nov 5 to Nov 22, in order to raise $20 million in token offerings on popular platform CoinList.
Kadena’s token sale will be divided into two types aimed at both accredited and non-accredited investors. Within the non-accredited token sale, overseas investors will be able to purchase a non-US token for a price of $1 per token. The tokens will trade exclusively on CoinList during the first 40 days post which they will be open to free trading.
The second token, open to accredited investors in the U.S. or abroad, will be priced at $0.50 and will come with a lock-up period of one year.
This kind of dual offering would ensure regulatory compliance across regions.
Kadena also officially announced the launch of its token wallet, Chainweaver, that will allow people on their desktops to run dapps natively using this wallet.
Till date, the company is reported to have raised $15 million of funding from notable investors such as Multicoin Capital, Coinfund and Devonshire through a SAFT structure – an investment contract that promises the delivery of tokens on a future date.