Blockchain startup Kadena, the company developing the new proof-of-work (PoW) blockchain network called Chainweb, recently announced that it will launch a public blockchain this October.
Chainweb is a new protocol that aims to enable high transaction volumes without affecting network speeds and without raising users’ network costs. The company raised over $14 million last year to fund Chainweb’s development.
Chainweb will link multiple blockchain networks, run them concurrently, and split up the considerable computation loads. These chains will then share information using Merkle roots in order to reach cross-chain consensus.
The company plans for Chainweb to eventually produce around 1,000 different blockchains and reach network speeds of up to 10,000 transactions per second.
“Chainweb is built to align the incentives of everyone involved in the network,” said Kadena CEO Will Martino. “For the first time, miners, users and businesses can all agree on what network success means and how to get there from launch.”
Test network opening this month
Martino also revealed that Chainweb has already been running on a test network since March 2019. The company will open the test network up to preliminary users this month.
“We have a mining queue that we will slowly begin on-boarding to test the user experience and the process of hooking up to the network,” he explained.
The preliminary test network, however, will strictly be for users to learn how Chainweb works and for them to be able to collaborate with Kadena’s developers on how to most effectively scale the network.
Early miners will not be earning tokens on the preliminary test network ahead of their market release.
The next generation of fintech
Kadena further revealed that it is partnering up with investment management firm USCF Investments. According to Martino, Kadena and USCF Investments will be working together to build the next generation of fintech using products like Chainweb.
“The key is that USCF brings this history of innovating in financial markets and a vision for how a new technology [like blockchain] could fundamentally advance how these systems and these products are built [in fintech],” he said.
“One of the things that attracted us to Kadena was their expertise beyond just blockchain and fintech including…regulatory understanding,” said John Love, president and CEO of USCF.
“To our business, this [partnership] wasn’t something coming from left field. This collaboration makes a lot of sense to tie our respective areas of expertise together.”