The two leading developers Will Martino and Stuart Popejoy left the blockchain project, JPMorgan, Juno, in June 2016 and started developing their own platform for smart contracts Kadena. White paper of the project promises that users will be able to carry out private transactions privately so that competitors will not receive information about activities in the network.
During the private placement of a simple agreement for future tokens (SAFT), the start-up Kadena attracted $ 2.25 million to develop the new Chainweb project. In the investment round, Metastable, Kilowatt Capital, Coinfund and Multicoin Capital participated.
Stuart Popejoy, the co-founder of the project, said that Chainweb is aimed at scalability and security improvement by using a combination of several blockchains to process transactions instead of a single decentralized blockchain-type Bitcoin: “Applications like crypt kittens can work on their own 5-6 circuits, and more voluminous activities, such as ICO, will take place on a different circuit, without slowing each other. ” Chains are intertwined with the roots of a hash tree and thus interact in a single blockchain system.
With the help of the parallel blockchain model, Kadena plans to increase the transaction speed to 10,000 per second while retaining low commissions. In addition, the use of parallel blockchain, rather than sidechain, makes it possible to achieve an extremely high level of security.
A lot of chains also allow protecting the user from traditional blockchain risks related to privacy issues. Popejoy said that the tests showed an extremely high level of anonymity, thanks to the separation of approximately 1,000 different circuits.
Each chain will produce Kadena tokens, but the mechanisms that determine the amount and time of emissions need to be modified. The Chainweb protocol will ensure that the identical coin does not exist at once in two chains: “This is a single currency, and when you transfer tokens from one chain to another SPV (Simple Payment Verification) confirms that the token was removed on the primary chain before it appeared on the required chain, “Popejoy told.