Kadena Proof of Work Network Plans to Launch Their Public Blockchain Chainweb In the Fall
- Kadena announces testing blockchain for platform.
- CEO Will Martino and CEO John Love of USCF discuss the impact that their collaboration will have on the whole fintech industry.
The CoinDesk Consensus 2019 conference has been going on this past week, and one of the startups that is preparing to launch is Kadena, which is based in Brooklyn, New York. According to their annoucement, the company’s launch of their blockchain ledger will be launched in October.
The startup was originally launched in 2016, raising over $14 million last year in their efforts to develop a proof-of-work (PoW) blockchain network. The network is being called Chainweb, and it would all users to access high transaction volumes but would not slow down the speed or increase the costs of the network.
CEO of Kadena, Will Martino, commented that the creation of Chainweb “align[s] the incentives of everyone involved,” adding that this collaborative approach involves miners, users, and businesses.
The protocol connects blockchain networks to run at the same time, and to split up the load when it begins to overload. With the different chains, the ledgers can share information, using Merkle roots for cross-chain consensus.
Ultimately, the goal of Chainweb is that there will end up being about 1,000 different blockchains, while finally getting to a speed of 10,000 transactions every second. The Chainweb platform has already been on a test network for the last two months, and preliminary users will be able to access this network sometime this month or during the summer.
In the discussion about the platform, Martino was clear about the fac that miners would not be earning tokens before the market release, even if they got involved with the test network. The press release added that the miners will only be working to learn about Chainweb’s functioning, while collaborating with the Kadena team.
Along with the announcement, Kadena announced that they would be partnering with USCF Investments, which is a provider of commodities and alternative investment products. The company manages about $3 billion in assets.
The president and CEO of USCF, John Love, spoke with CoinDesk, saying that the expertise that Kadena has in blockchain, fintech, and even regulatory policies. The partnership was far from impromptu, and instead “makes a lot of sense” to the levels of expertise that USCF and Kadena in their respective industries. The two companies plan to be the creators of the “next generation of fintech.”
USCF has consistently made history in the financial markets and has a clear “vision” for the ways that blockchain technology and other fintech could end up changing the systems in traditional finance and how they are built.