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Consortium chain or public chain? This seems to be a dilemma in blockchain.
"Children make choices, adults want everything." This joke in life unexpectedly became the best portrayal of Kadena. Unlike projects that only focus on consortium chains or public chains, Kadena combines two sets of solutions, and different companies can build different blockchains according to their business needs.
Kadena's Chainweb is a chain network composed of many PoW parallel public chains. The generation of blocks requires the verification of the Merkle trees of other parallel chains at the same time. The entangled structure ensures the security of the network. When a public chain encounters a problem, other chains can make up for the load. Kadena's alliance chain adopts Scalable BFT consensus, which theoretically supports 500 nodes and 8000TPS. It is worth noting that Kadena's co-founder Stuart Popejoy once served as a developer of JPMorgan's blockchain.
Kadena’s smart contracts are written in Pact, an open-source, formally verifiable, human-readable, Turing-complete language. Pact is designed to be accessible to new programmers and those without a technical background.
Such a unique project has naturally attracted a lot of capital. Kadena's investment institutions include Metastable, SVangel, Multicoin Capital and other well-known cryptocurrency funds. BlockBeats reported that Kadena publicly sold its token KDA on CoinList on November 4. So what are the sales rules on CoinList and the token distribution of KDA?
According to Kadena's official white paper, KDA is the native token of the Kadena blockchain. Just like the role of ETH 1.0 in Ethereum, KDA is both a block reward for miners and a transaction fee in the network and a fuel for running smart contracts.
The total amount of KDA is 1 billion, of which 700 million are rewarded to miners in the network, 200 million are reserved by the Kadena platform, the remaining 56.7 million are sold to investors, and 43.3 million are used to incentivize employees, consultants, partners, etc.
Mining rewards (700 million, 70%)
Kadena is a PoW network that relies on the decentralization of mining to facilitate network functionality. Miners receive block rewards after generating or verifying blocks, and can also receive KDA transaction fees or smart contract fuel. The largest proportion of Kadena token distribution belongs to miners, and half of the remaining tokens are released every 20 years. It is expected that there will be about 200 million KDA in circulation in early 2021.
Platform reserved (200 million, 20%)
The Kadena blockchain will reserve a portion of tokens to stabilize the network, develop the ecosystem, and establish a mechanism similar to the Ethereum Gas Station. Kadena said it will treat these tokens with a long-term perspective and will not unlock and sell them within 2 to 5 years after going online.
Stakeholders (100 million, 10%)
The remaining 100 million Kadena tokens will be distributed to investors, employees, consultants, partners, etc., of which 5 million KDA are expected to be sold after CoinList, but BlockBeats has not yet found the sales plan for this part of the tokens. However, we have counted the information of Kadena's previous two rounds of token pre-sales and this CoinList sale.
SAFT two rounds of pre-sale (21.7 million, 2.17%)
So far, Kadena has completed two rounds of SAFT token pre-sales, raising approximately $15.15 million. In Q4 2017, the first round of SAFT sold 4.5 million tokens at a unit price of $0.5. In Q1 and Q2 2018, the second round of SAFT sold 17.2 million tokens at a unit price of $0.75.
CoinList sale (30 million, 3%)
This time, CoinList's Kadena token sale is divided into two channels: Non-US and Global.
CoinList Non-US will be available to buyers in non-US regions. Post-purchase circulation is similar to IEO. KDA tokens can be traded immediately after the CoinList sale ends. The unit price of KDA tokens purchased through the Non-US channel is US$1.
CoinList Global allows all types of qualified investors, including US buyers, to purchase KDA tokens through the Global channel at a unit price of only US$0.5, which is even equivalent to the cost price of the first round of SAFT. However, the price is that the KDA tokens of the Global channel have the longest lock-up period - this part of the KDA tokens will be released linearly for 3 months starting after the SAFT round, and investors will not be able to get all the tokens back until February 2021.
In short, Kadena is a blockchain platform that integrates public chain and consortium chain solutions, and pioneered the smart contract language Pact that supports both formal verification and human readability, which has strong ideological innovation. Unlike the previous blockchains that "developed a technology into a certain product", Kadena is more like starting from real-life scenarios and working backwards to figure out what blockchain innovations we need most.
Technically, the Chainweb chain network architecture has the shadow of DAG directed acyclic graph. 10 PoW chains have been deployed. The security still needs to be tested in practice. The alliance chain may be Kadena’s strong point. Several Fortune 500 companies have conducted tests.
However, Kadena's valuation is not cheap. Based on the 50% return rate ($1.5) on a $1 cost from CoinList Non-US, KDA's circulating market value is about $300 million at the beginning of 2021, and the current circulating market value of $300 million can already rank among the top 30 cryptocurrencies in the world. Previously, Hedera Hashgraph, which had a high reputation before its launch, had a consortium chain design similar to Libra and a professional star team, but in fact the ecological status and community management of the project are relatively general, and the current circulating market value is only $23 million. Therefore, KDA token investors need to continue to pay attention to whether there are more practical use cases or greater community promotion efforts.
More information
Kadena official website: https://kadena.io/
Github: https://github.com/kadena-io/
Twitter: https://twitter.com/kadena_io
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