An under-the-radar altcoin that utilizes key features from both Bitcoin and Ethereum just broke into the top 100 crypto assets by market cap.
Hybrid blockchain platform Kadena (KDA) reached a $3 billion market cap on Sunday, surging 175% in just seven days. It is now the 69th largest crypto asset by market cap, currently trading at $17.45.
Kadena was created by former JPMorgan blockchain developers Stuart Popejoy and Will Martino.
The project’s developers say they’ve built a safe and scalable way to implement smart contracts and compete with Ethereum while also utilizing the proof-of-work consensus model that was first introduced by Bitcoin.
The protocol’s Pact software is designed to allow anyone to create 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.”
Kadena also says they’ve found a way to scale the proof-of-work consensus model that was first introduced 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.”
Other features of the Kadena platform include no-cost transactions, energy efficiency and industrial scalability.
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Featured Image: Shutterstock/Bryan Vectorartist/Vladimir Sazonov
