Kadena is a project developing a language, Pact, and Chainweb, a blockchain aimed at financial applications. It achieves higher throughput than regular chains by using multiple chains in parallel.
Relying on proof of work for new block generation, it uses CPU for mining, though it is expected that GPU mining algorithms will be released soon by the community, making mining faster and quickly CPU mining totally useless and inefficient. Back to one GPU one vote.
Kadena follows an hybrid public-private model to achieve speed. Based on Kadena Kuro, developed from JPMorgan’s Juno blockchain prototype, it achieved 8000 TPS with 500 nodes. Most important, increasing the number of nodes didn’t degrade performances, which is usually a concern in private chains based on pBFT (practical Byzantine Fault Tolerance) consensus algorithm. BFT based consensus tend to allow faster transaction throughput (TPS) at the cost of a high increase in network complexity with the increase of verification nodes. The hybrid model solves this dilemma by allowing public miners to verify transactions, with increased decentralization and security. It supports multi-escrow transactions natively, as a basic building block and requirement for financial applications. Its own smart contract language, Pact, allows for efficient development with verifiable. It aims at being easily human readable, which allows for eaier understand and improved auditability, which are very strong requirements in the fincancial world where mistakes can have expensive consequences.
Earlier this year, the Kadena toolkit was released on Microsoft Azure as part of their BaaS (Blockchain as a Service) offer.