It seems like there's a new layer 1 smart contract platform in the race every other week.
But every now and then, one comes along and gains traction
because of some key features or innovations.
Kadena
It's one of the newest up-and-coming layer 1 blockchain projects
that's gathering a lot of attention because of its unique architecture,
fast speeds and deep connections to some of the major players in tech.
Let's get it!
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In this video, we're going to be doing a review of Kadena,
which has been one of the hottest crypto projects in the market this month.
Kadena is a layer 1 smart contract platform
that is secured by a unique proof-of-work consensus algorithm
that allows for high speeds and low transaction fees.
Kadena's price has exploded over the past month,
increasing in value by roughly 10X in the last 30 days.
Considering that it's already had such a strong rally,
it is extremely important to be careful about your entry points if you decide to jump in.
You don't want to dive in with a massive investment
when there might be a correction just around the corner.
When you see an interesting project like this taking off,
it's best to do some research and dollar-cost average.
Make small investments over a bit of time
if you think that the project still has potential.
With that being said,
the entire market took a massive beating on Monday,
and everything else is on sale,
so it might be a good time to go shopping.
Not financial advice, of course.
Kadena has been getting a ton of attention lately,
so let's dive in some of the research and see what's really happening.
The rally that we've seen this month was absolutely not a coincidence.
Kadena has had a few fundamental shifts
which lined up in a perfect storm to help push the price to new all-time highs.
Kadena got a massive liquidity boost with the recent listing on the Crypto.com exchange,
which has over 10 million customers.
That exchange listing certainly played a small role,
but there's a lot more going on behind the scenes as well.
Earlier this month, a lesser known exchange called CoinMetro
allowed Kadena holders to stake their KDA on the platform.
Holders rushed in to stake 730,000 KDA in just 20 minutes.
Many of the first major applications have recently gone live on Kadena.
Some of the first NFT drops on the chain have happened in the past few weeks.
Kadena also has formed a partnership with UFO Gaming,
a blockchain-based gaming platform that has plans of building a metaverse.
In a press release announcing the partnership,
UFO Gaming said that they chose Kadena because of a few important features.
First of all, Kadena's scalability and speed are already at the level needed for a blockchain game.
The team behind Kadena says this network is capable of handling 480,000 transactions per second,
which is nearly 10 times higher than Solana's 50,000.
The current design includes 20 subchains called braided chains,
which help increase the network's throughput.
And this number is expected to grow over time.
Future upgrade is expected to move that number up to 50.
Kadena's unique architecture also allows for more user-friendly app and wallet integrations,
which helps developers design applications where users can sign in
without a complicated private key,
which they say is necessary for taking this technology to mainstream gamers.
And I, for one, believe it.
Kadena also has some unique features for NFTs
including giving developers the ability to code into the backend of an NFT directly,
which expands the potential use cases of NFTs.
In addition to the low gas fees that already exist on Kadena,
it also has another feature called gas station
that allows developers the ability to entirely eliminate gas fees for their users.
A gas station is basically a pre-funded account
that pays the gas for users to be onboarded and get involved.
This is one area that Kadena seems heavily focused on,
making it easier for people to get involved
by lowering the cost and technical barriers to entry as much as possible.
Features like the gas station are possible
because there's a massive token allocation set aside to build out the network
including large grants for developers
and a majority of the tokens going to miners to make up for lower profits from fees.
Unlike Bitcoin mining,
Kadena mining does not get more difficult over time,
which means the blockchain will not need to consume more energy as it scales.
This could help them avoid some of the energy FUD
if the critics bother to listen.
This also means that mining will be more accessible to the average person
and won't be centered in massive industrial mining farms as we see with Bitcoin today.
Kadena uses a unique programming language called Pact,
which the team has described as the first truly human-readable smart contract language.
This programming language was specifically designed to simplify smart contracts
so they're easier to work with.
You might be able to tell by now that in order to achieve this level of scalability,
Kadena has taken some tradeoffs when it comes to decentralization in certain areas.
That's not necessarily a bad thing when looking at Kadena as an investment,
especially considering that it is starting out by focusing on non-financial use cases like gaming.
Don't let that fool you though.
This project has some major connections to legacy finance.
It was actually founded by two former employees at JPMorgan,
Stuart Popejoy and Will Martino,
who led the bank's Blockchain Center for Excellence when they worked there.
They also built the company's first blockchain called Juno,
which was eventually used as a model for JPM Coin.
In an article in January from Forbes,
they even said that JPMorgan spun off Kadena as a hybrid blockchain.
The reason it's called a hybrid is because there are two main chains for Kadena,
the private chain called Kuro and the open source smart contract chain called Pact.
Kadena has been working with financial cartel entities like USCF,
which is an alternative investment fund
just like our old pal Barry Slimebert and his company SecondMarket.
Kadena is also being used by Rymedi in a startup that is working with the FDA
to track various food infrastructure data.
Don't be fooled by the sexy marketing.
Kadena has deep ties to Ol-Fi,
and it's only just started its run.
Thankfully, there's still plenty of development on the DeFi side for Kadena.
There's also an official wrapped version of Kadena coming to Ethereum,
so you can use it in your favorite Ethereum-based DeFi applications.
Be careful though.
Some scammers have already created fake versions of the wKDA to cash in on the hype,
so make sure that you're only buying tokens or interacting with smart contracts
that come from official links.
As a bonus, Kadena is also planning to expand into other networks with wrapped tokens
starting with Polkadot, Cosmos and Terra LUNA.
It's the year of the smart contracts,
and Kadena is positioned to be one of the best new projects
to make it through the bear market and continue to innovate.
But that's all I got.
Be blessed.
BitBoy out.
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