It is among the cryptocurrencies with the highest growth rate of the last two days. Few had heard of it before, but Kadena could reserve some surprises for those looking for the impossible synthesis of the world of cryptocurrencies.
Let’s talk about a protocol in PoW but it points to scalability – two concepts that might seem like one contradiction in terms – but which can actually become the soul of KDA, which has more than doubled its price in the past week.
What is Kadena and why it would be appropriate to follow its evolution
Kadena is first and foremost a PoW protocol, or that works for the validation of transactions in Proof of Work, to be clear the family of protocols to which it also refers BTC – and to which the world of ETH, at least until the next step towards PoS.
At the time of writing the cryptocurrency is worth the 48th place in the special ranking of market capitalization cryptocurrencies – and it would not seem to be satisfied with the position reached yet, despite an unexciting day for the whole sector.
What does this protocol propose? In the first place smart contract which are safer, given that a system is integrated that detects bugs automatically – thus making it (although it seems to us for now a promise to verify) devoid of bug.
Secondly the protocol also delivers transactions at no cost for the business activities – which would make it one of the first protocols in the world to offer access to the world of Dapps with no associated costs.
All seasoned with scalability and of energy efficiency – two issues that are at the center of the discussion on cryptocurrencies for months now. It doesn’t hurt the presence of the founders of the project that they once were from JP Morgan, one of the most important banking groups in the world and certainly, at least in some circles, an excellent business card.
Why does the price keep going up?
There are several reasons, although the most concrete is the arrival on the protocol of important projects NFT, in particular The Ufo Token, which will use the network of Kadena and his smart contract to create not only gods collectibles but also a linked game in play to earn – and therefore in style Axie Infinity, at least as far as the revenue mechanisms for the players are concerned.
The project is very interesting – and given that an upcoming initiative has been announced that will allow it to support too chain external, choices among the most interesting of the moment, among which Earth Moon, Celo, Cosmos And Polkadot it could make sense both to continue following the project and to evaluate it for a possible addition to our portfolio.
The idea is smart, there could be space in the market and the reach travels at a good pace. We will probably continue to hear about Kadena.