Kadena raised $2.25 million up in a pre-A financing private-placement SAFT round for its new blockchain venture.
As indicated by the startup, Metastable, Kilowatt Capital, Coinfund and Multicoin Capital all put resources into Kadena through a private-arrangement SAFT round.
The financing goes to help Chainweb, an undertaking concentrated on scaling and security issues and acknowledged through the blend of various companion blockchains to process exchanges, instead of the utilization of one single decentralized blockchain like the one that underlies bitcoin, said Kadena prime supporter Stuart Popejoy.
The different chains integrate their Merkle roots with each other, ensuring that while they each act as a unique blockchain, they can still share information and create a consensus among the ledgers.
Unlike other scaling proposals, Chainweb’s parallel network model maintains security without using side channels or only using part of a blockchain to process a large number of transactions. Popejoy said Kadena’s tests found an extremely high level of security with their proposal, which intends to produce roughly 1,000 different chains eventually.
In addition, each chain will produce Kadena’s token, though the exact function that determines how many tokens are released and what timeline they will be released over has not yet been determined, Popejoy said.
That being said, the Chainweb protocol will ensure that the same coin cannot exist on two chains at once.
“It is a single currency, when you want to move coins from one chain to the next it’s a [Simple Payment Verification] so coins are deleted on one chain before being created on the other,” he continued.
The project began as a way to develop better smart contract language for users, Popejoy said. It integrates with Pact, the smart contract’s service already offered by Kadena to enterprise customers.
However, Chainweb will go beyond businesses and become a public network, he said.
Using Chainweb’s parallel network model, Kadena hopes to increase volume for a single token up to 10,000 transactions per second while maintaining low transaction fees, according to the press release.