Digital asset firm Okcoin notes that they are the first US licensed exchange to offer Kadena’s token, KDA, “against USD.”
You can now deposit KDA on Okcoin. This offer is for all customers including those in the United States, “except for residents of the EU, the UK, Singapore, and Brunei.”
Deposits are “live as of March 17.” Withdrawals and trading “will be live shortly” (as posted on March 17).
What’s the Kadena (KDA) token?
As explained by Okcoin, most blockchains face the same challenge: “It’s very difficult to optimize at the same time for security, decentralization, and scalability.” The solution is usually “to focus on two of these features, at the expense of the remaining one.” This problem is called the ‘blockchain trilemma’.”
Kadena is “a decentralized ecosystem aiming to solve this problem” with a combination of technological features:
- Decentralization. Kadena’s public blockchain, Chainweb, “runs on a proof-of-work consensus mechanism, like Bitcoin does.”
- Scalability. Chainweb’s architecture “allows Kadena to add additional blockchains as it scales.” This “allows for both high throughput and low transaction fees.”
- Security. Kadena’s Pact smart contract language “offers upgradable decentralized applications (dApps) while automatically detecting bugs and vulnerabilities.”
This structure already “allows Kadena to offer a wide range of use cases, from payments to decentralized finance (DeFi) and NFTs.” There are still “some key developments in the ecosystem’s pipeline however, with three specific focuses:”
As noted by Okcoin, here are some other features:
- Governance. Kadena is going to organize itself in a DAO “in order to manage the development of the network in a decentralized manner.”
- Interoperability. Bridges for cross-chain transfers “are being built between Kadena and Ethereum, Terra, and Celo.”
- Enterprise integration. Kadena aims “to power enterprise grade financial services and will develop partnerships with industry leading platforms through an ecosystem fund.”
KDA is Kadena’s native token. Similar to Bitcoin, KDA “is distributed as a reward for mining blocks and can be used to pay for transaction fees on the network.”
In an interview with CI back in September 2020, Kadena Co-founder Stuart Popejoy had noted:
“I think a big thing coming for blockchain is when the technology finally realizes a concrete advantage for enterprise. When my co-founder Will Martino and I were working at the JP Morgan blockchain group, the promise of blockchain for enterprise was a no-brainer. Blockchain is a technology that can allow independent and even adversarial firms to be able to interact on a shared platform robust enough to prevent any data corruption or malicious tampering. The potential cost savings alone for so many industries is immense.”
During a detailed conversation with CI, Popejoy had also shared:
“Less mentioned but equally valuable is the nature of smart contracts as “hot-deploy” technology solutions where the network is already there so you just deploy the app. Portals like Salesforce offer this but in a walled, opaque garden where you’re blindly trusting their infra capabilities, whereas a real blockchain combines robust resilience with total transparency of consensus.”
He concluded:
“The combination of these two features — incorruptible shared data, hot deploy of apps, unmatched resilience — will eventually transform enterprise applications. It’s just taking longer than any of us imagined it would to reach broad business adoption.”
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