After working on its development for quite some time, Kadena marked a new milestone on 4 November 2019 after its platform went live on mainnet.
However, besides going live on mainnet, Kadena also unveiled its token wallet dubbed Chainweaver and also touched on its upcoming token sale. From its token sale, Kadena hopes to raise $20 million. Tokens will be available from today, 5 November until 22 November 2019.
For its token sale, Kadena is working with CoinList to make sure its tokens are available to both non-accredited investors and accredited investors. For the latter, they will access the tokens through a Simple Agreement for Future Tokens (SAFT) agreement while the other form will cater for non-accredited investors. In the case of accredited investors, the SAFT agreement will take care of investor’s needs, whether based in the US or abroad. However, the coins will be locked for one year per requirements under SAFT, but investors will buy the coins at a discounted price.
On the other hand, non-accredited investors also have their investment needs taken care of since tokens will be available to them at $1 per coin. However, there is a catch. Since they aren’t interested in mining the coins, in the first 40 days of the sale, they can only exchange or trade the tokens via CoinList only.
Kadena Platform’s Concept is the Only Platform Providing a Solution to Proof-of-Work Systems Scaling Problem
Founded by Stuart Popejoy and Will Martino ex-employees of JPMorgan, the two come up with the idea of weaving multiple PoW blockchains to operate alongside each other. Through the latter, the Kadena platform can process heavy data processing loads but also handle large transactional volumes. By doing so, the platform is solving the limited scalability issue affecting the processing of large volumes of Bitcoin transactions.
Although the platform on mainnet only supports mining at the moment, Kadena’s achievements have reached far and wide leading to Kyle Samani, Multicoin Capital managing partner saying;
“The exciting thing about the team at Kadena ecosystem at the moment is they are the only ones who have the best solution to solve scaling of proof of work systems.”
However, the above is just a start since more developments are underway. Besides the platform only supporting mining at the moment, by 5 December, developers can use Kadena to handle DApp deployment and also support transactions.