What is Kadena (KDA)?
Kadena is a company that is developing a layer 1 and layer 2 blockchain. Users can perform transactions on the blockchain at lightning speed and low cost, and developers can develop their dApps with the Pact programming language on the layer 2 blockchain. They don‘t need to fear low processing times, as almost half a million transactions per second can be processed.
KDA is Kadena's utility token, and after we have told you more about Kadena's blockchain, we explain how to buy the KDA cryptocurrency with iDeal, SEPA, BankContact and other payment options.
What is Kadena?
Kadena is the name of the company behind the blockchain project with the same name. The project consists of multiple blockchains, called Chainweb and Kuro. Therefore, we can also call Kadena an ecosystem.
These blockchains are designed to solve problems of speed, security, sustainability, and cost. In fact, these are problems that many other blockchains face. The team that came up with Kadena looked at the pros and cons of other blockchains, to then develop the best blockchain (in their opinion) of all others.
Who founded Kadena?
Kadena was founded by Stuart Popejoy and Will Martino. Officially, the blockchain is developed and managed by the company Kadena. The team consists of more than 20 employees, most of whom are working on blockchain development.
The founders of Kadena have both worked for the blockchain team at J.P. Morgan in the past. This is a large U.S. bank, which has been very busy in the field of blockchain and cryptocurrencies in recent years.
How does Kadena work?
Kadena is an ecosystem that consists of multiple blockchains, called Chainweb and Kuro. Chainweb is the layer 1 blockchain that transactions can be performed on, while developers can develop their own application on Kuro, the layer 2 blockchain.
The layer 1 blockchain of Kadena is called Chainweb. The network of this blockchain uses the Proof of Work (PoW) consensus algorithm. This algorithm is known for being the algorithm that is used by Bitcoin. Because of this, we know that it is a secure algorithm that requires a lot of energy to operate and is not particularly scalable.
Kadena's Proof of Work model consists of several individual mining-chains that work in parallel to perform transactions on the network. This allows many transactions to be performed, without the need for a layer 2 solution to scale. In fact, due to the design of the layer 1 network, there is no problem with scalability.
Security is guaranteed by the double-checking of all blocks. As a result, it is impossible to perform a duplicate release on Kadena. This is not at the expense of speed, as a new block is produced every 1.5 seconds.
Kadena also has a layer 2 blockchain called Kuro. This is a private blockchain on which public smart contracts can be developed. Kuro uses the Byzantine Fault Tolerance (BFT) consensus algorithm optimized for scalability.
On Kuro, programmers can develop dApps using the Pact programming language. This is a programming language developed by Kadena and should solve the problems experienced by Solidity. There are several problems with Solidity in terms of security. Pact would not have these problems. In addition, Pact smart contracts can be extended at any time without the need for a hard fork.
Developers don‘t need to fear for long processing times and high network costs. Almost half a million transactions per second can be processed on Kuro's network. Just to compare with Ethereum, 15 to 45 transactions per second can be processed on this network.
Kadena has special developer tools with which developers can develop a dApp quite easily. Think, for example, of pieces of code that are already pre-programmed. As a result, developers don't have to spend months, but a few days or weeks, developing an application.
What are the main advantages of Kadena?
Below we discuss the main benefits of Kadena.
Fast processing time. One of the biggest problems blockchains like Bitcoin and Ethereum face is transaction processing time. There are more transactions being performed than the network can handle to process. Kadena has solved this problem and can process almost half a million transactions per second.
Low transaction fees. Users pay low transaction fees to perform a transaction on Kadena's network.
Support for smart contracts and NFTs. Kadena's blockchain supports smart contracts and NFTs. This allows developers to build dApps suitable for Decentralized Finance (DeFi).
Kadena‘s KDA token
KDA is Kadena's utility token and is used as a payment method for Kadena's ecosystem. Users can use it to pay their transaction fees, but can also earn it by, for example, being active as a miner within Kadena's network.
By mining Kadena you help to ensure the safety of the network. You will ensure that transactions are verified, after which they can be added to the blockchain as new blocks. For this you will receive KDA tokens as a reward. These are the transaction fees paid by the users.
Of course, you can also use the KDA crypto currency as an investment. If you have confidence in the project, you can buy the KDA token and speculate on a rise in the price. Of course, it is important to do proper research on the project before investing in it.
Where do I buy Kadena (KDA) tokens?
You can buy KDA coins from Kadena safely and quickly at Coinmerce. If you already have an account at Coinmerce, log in and click on 'Coins' in the menu. Then search for the KDA cryptocurrency using the search bar.
At Coinmerce, it is possible to buy KDA with iDeal, SEPA, Giropay, Bankcontact, Sofort, EPS and MyBank.
Don't have an account at Coinmerce yet? No problem, because you can easily create an account by clicking here [LINK TO CREATE ACCOUNT]. After your account is created and verified, you can start buying KDA crypto.
How can I store KDA?
Because the KDA token uses the ERC20 protocol, the token can be stored in almost any wallet. When you buy KDA from Coinmerce, you can store the token in the Coinmerce software wallet. We store our customers' cryptocurrencies in cold storage, which means you don't have to worry about the security of your crypto coins.
Of course, it is also possible to store your KDA coins in your own hardware wallet. Almost every hardware wallet, such as Ledger and Trezor, supports KDA tokens. To send KDA coins from Coinmerce to a hardware wallet, you will first need to verify the address of the hardware wallet with Coinmerce.