Kadena is creating a public blockchain using a new consensus mechanism called Chainweb which offers a scaling solution for a Proof of Work consensus based chain system.
- The blockchain space is moving at an incredibly rapid pace. With the constant development of second layers and dApps, the platforms suffer congestion and long transaction delays due to issues with scalability.
- Moreover, efforts that seek to replace PoW with new consensus models like Proof-of-Stake (PoS) or integrate the protocol with off-chain networks and processes (payment channels, side chains) degrade the assurance, censorship resistance, and trustless nature of the original PoW design.
- Therefore the space is currently at a state of uncertainty in terms of where to balance mass volume usage (necessary for mass public adoption) and security.
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- To resolve these current limitations of PoW we present Chainweb, a parallel chain PoW architecture that combines hundreds or thousands of individually mined peer chains into a single network, capable of achieving throughput in excess of 10,000 transactions per second.
- Unlike other platforms proposed form of consensus, Chainweb’s parallel network model maintains security without using side chains or only using specific part of a blockchain to process a large number of transactions. Kadena’s tests found an extremely high level of security with their proposal, which intends to produce roughly 1,000 different chains eventually for public use.
- With multiple parallel chains working simultaneously, if specific chains are congested by a dApp, a different chain can be utilized to conduct an ICO.
- Kadena’s solution gives every chain the primary chain functions, thus not a side-chain approach to solving scalability.
Video interview with Will Martino from Kadena:
Chainweb – Kadena’s “massively-parallelized public blockchain platform” will utilize the Chainweb Protocol as its consensus mechanism.
Chainweb is a Proof-of-Work Parallel-Chain Architecture for Massive Throughput.
Multiple chains integrate their Merkle roots (the Merkle root is the hash of all the hashes of all the transactions in the block) with each other, ensuring that while each individual chain acts as a unique blockchain, it can still share information and reach consensus with other chains.
Every single chain will produce Kadena’s tokens, and Chainweb’s protocol will ensure that the same coin cannot exist on two chains at the same time.
Chainweb will use a Simple Payment Verification (SPV) to delete coins that are sent to another chain before being created on the receiving chain.
This process is a trustless destructive cross-chain coin transfer through SPV which occurs at the smart contract level.
Step by Step guide on the trustless destructive cross-chain transfer process:
If Dan wants to move his coins from Chain A to Chain B, he would take the following steps:
- Step 1: Dan, who’s coins are currently on Chain A, would specify which account he is deleting the coins on & the amount of coins to be destroyed.
- Step 2 : Dan would then specify that he is sending his coins to Chain B, and also include the account on Chain B to receive those coins.
- Step 3 : Upon completion of the transaction, Dan would take that Merkle Proof to the “Creation Chain” to prove that he has indeed deleted his coins. (This step is done at the smart contract level)
- Step 4: The smart contract would then run SPV, verify that the actions in step 1 and 2 have occurred, then distributes the coins to the specified account.
- Step 5 : The “Delete Coin transaction ID” is then consumed to prevent being used twice.
- 2018 Q1 – Whitepaper Release, initial Venture round of funding.
- 2018 Q2 – Accredited Investor Private Sale begins, Testnet release mid Q2.
- 2018 Q3 – Testnet hard fork.
- 2018 Q4 – Mainnet release, main ICO is conducted.
Token Economics – Currently N/A
- Main ICO is not until Q4 of 2018, accredited investor private sale begin in May.
Team + Advisors
Stuart Popejoy – Founder UC Berkeley
- Former Executive Director of New Products Division at JP Morgan.
- Over 15 years of experience building trading systems and exchange backbones for the financial industry.
Will Martino – Founder Yale University
- Lead Engineer for JP Morgan’s blockchain prototype: Juno
- Held a Tech Lead position for the SEC’s Crypto Working Group
- Was the lead engineer for the SEC’s Forensics analysis toolkit NEAT
Monica Quaintance – Lead Engineer & Adoption Strategist Columbia University
- Quantitative Analytics Programmer for the SEC
- Investment banker at Cushman & Wakefield
- Senior Database Engineer at Rent the Runway
Ben Jessel – Head of Growth University of Reading
- Led fintech and innovation strategy at Capco, a financial service consultancy.
- Has led numerous Distributed Ledger projects for clients in the area of Syndicated Lending and Post Trade Derivatives processing.
- Worked at a variety of Big-4 consultancies including Accenture and Deloitte MCS where he was involved in operational transformation, and technology strategy.
Vivienne Chen – Social Media & Office Administration Princeton University
- Brings experience in journalism, online media, blogging and creative writing, previously working in editorial at Scholastic.
Mark Nichols – Senior Engineer
- Mark brings a wealth of experience with production Haskell development, with extensive experience in financial systems, DSL design, and big data.
Paul Giordano – Advisor, Insurance
- Paul is an industry veteran as General Counsel and Chairman at Ironshore, CEO of Syncora Holdings Ltd. and CEO of Financial Products & Services and General Counsel at XL Capital.
Wayne Martino – Legal Counsel & Business Advisor
- Wayne has decades of legal and business experience with companies and entrepreneurs in emerging growth industries including the early stages of the commercial internet, new media and nanotech and, since 2013, working in cryptocurrency ecosystem.
Partners and Investors
- Asimov Ventures – asimovventures.com
- MetaStable Capital – metastablecapital.com
- CoinFund – coinfund.io
- Kilowatt Capital – kilowattcapital.com
- Multicoin Capital – multicoin.capital
- Github – Kadena LLC
- Coindesk article
- Unlock Blockchain article
- Cryptal News article
- BTC EThereum.com article
- Sammantics article
- ChainWeb White Paper
- ChainWeb Protocol Security Calculations
Kadena compiled TG Q&A with Co-Founder Will Martino & other team members.
The Secret Art of Market Making
The Secret Art of Market Making