What is Kadena Network? Introduction of Kadena protocol and KDA
The claim of offering a system with cost-effective transactions while adopting a PoW mechanism seems a bit contradictory in the first place.
➡️While most blockchain projects lay the groundwork for translating their infrastructure into proof of work (PoS), platforms such as Kadena focus on blockchain triple warfare (scalability, security, and non-scalability) while using proof of work with modern network architecture.
In this article, we discuss what the Kadena network is and how it can process 480,000 transactions per second.
What is Kadena Network?
➡️Kadena is a blockchain network that, like Bitcoin, uses a Proof of Work (PoW) mechanism to reach consensus between nodes and secure its decentralized system.
The structure of this network is designed in such a way that while maintaining the operational capacity and scalability, it maintains the security of the bitcoin blockchain.
But how can the scalability of evidence-based networks be addressed?
#Kadena provides the tools and infrastructure to develop Defi platforms and blockchain products.
One of these tools is the Pact programming language; Pact is the first intelligent contract programming language designed in a human-readable format.
Anyone with any level of experience and knowledge can read smart contacts written in this language.
The developers of Kadena have provided a free training package for learning the Pact language at three levels: beginner, intermediate and advanced.
How does the Kadena network work?
🔗In the Bitcoin network, each new block that is extracted also contains the previous hash block of the chain.
In order to extract new blocks, network miners compete with each other to solve a mathematical problem.
This is called proof of work, which is the first method to prove the accuracy of transactions and ensure the security of decentralized networks.
⛓️In Kadena, each new block, in addition to connecting to the previous block of its chain, is connected to 3 blocks of peer-to-peer chains, and the Merkle tree also contains peer-to-peer chains.
This increases the network's ability to spread and distribute data across the network.
None of the Kadena chains are side chains. Because there is no main chain in Kadena and they are all peers.
How to extract KDA
🪙In yesterday's news, the KDA coin was introduced as the most profitable cryptocurrency in the field of mining in November 2021 and it was announced that Kadena mining is more profitable than bitcoin mining.
This news raised the question for users, what is Kadena extraction algorithm?
How are Kadena currency extraction bonuses determined?
How can we become a KDA digital currency miner❔
➡️The Kadena network uses a different algorithm than Bitcoin in order to validate transactions and extract passwords while using proof of work.
The hash algorithm used for Kadena mining is called Blake2s_256.
➡️Unlike blockchains that are made of a single chain, Kadena is made up of parallel chains.
Thus, miners can distribute the computing power of their devices across several different chains and drive each one equally. This reduces competition between extractors and wasteful costs.
Kadena network extraction bonuses are set according to a set schedule every six months.
About once every 20 years, about half of the remaining coins are offered for reward. You can see the full extraction bonus schedule here.
➡️Kadena network developers recommend that you use the official Kadena software, chainweb-mining-client, for extraction.
🧑💻You need ASIC devices for KDA mining.
CPU, graphics card and emulators are only suitable for testing.
One of the founders of the Kadena project announced on Twitter that with this software, miners will no longer need to participate in mining pools.
What is Kadena Network Services?
In addition to useful tools for developers, the Kadena Network provides an Ambassodor Program for users active in the crypto community.
In these programs, users earn money by participating in the Kadena social networking channel as a blogger, educating new users about Kadena projects, and helping with ecosystem advertising and branding.
See this page for more information.
In addition, Kadena has a service called Kadena Balance Checker for checking inventory, in which you can check your balance by entering the server type, token name and account name.
Kadena transfer service also offers features such as transfer to different chains, finalization of cross-border transfer and construction of private and public keys.
KADDEX decentralized exchange
The Kaddex platform is the first decentralized exchange created on the Kadena network.
With Kadena Gas Stations, users never have to pay for Gas to use Kaddex.
The native token of this exchange is called KDX and has a fixed total supply of 100 million units.
In addition, 40% of the total network is dedicated to motivating network users.
0.3% of the transaction amount is allocated to liquidity providers and each user receives his reward in proportion to his share of the liquidity pool.
Chainweaver wallet
Chainweaver OS wallet is available in three different formats:
Dmg format. For Mac
Deb format. For Linux
Format ova. For Windows, Linux and Mac
You can use this wallet to receive and send KDA.
Another feature of Chainweaver is an environment for writing smart contacts, deploying and calling code, making it a comprehensive tool for blockchain development.
In fact, an IDE is provided for you to develop and test smart contracts under the package.
You can also interact with decentralized applications through the API.
What is Kadena Coin?
The native coin of the Kadena network is called the KDA and is used to pay for Kadena public blockchain calculations.
KDA in Kadena has a similar role to ETH in ethereum.
This means that users have to pay for Kadena coin to process transactions on the network, and miners receive it as a reward for extracting blocks.
As you can see in the image below, 70% of KDA coin offerings are allocated to miners, 20% to platforms, 7% to investors and others, and 3% to contributors.
What platforms has the Kadena project collaborated with?
On March 4, 2021, Kadena and Tokensoft Wrapped announced their partnership to launch wrapped Bitcoin and ethereum tokens on Kadenaswap.
On December 15, 2020, the Celo and Kadena platforms also announced a partnership program that would enable the transfer of cUSD and KDA tokens by a facilitator bridge.
Other Kadena partner platforms can be seen in the image below:
Conclusion
In my opinion, we should always be up to date on technology. Especially the digital currency industry.
I hope this article was useful.
Thanks
hello @hosseinrad,
at this point BTC mining is not something that is profitable for everyone, the rewards for mining are getting lower and lower so mining other chains is a good idea as long as the coins you are mining have a good project and a good growth projection, good information.
Thank you for reading my article and commenting.
I agree with you
very useful writing
You downvoted my post and now you say this is useful?
GREAT IDEA TO HAVE MINING IN CHAIN OTHER SITES ARE MORE DANGERROUS FRIEND THANKS FOR YOUR POST