JP Morgan Declares Launch Date Of Its Hybrid Blockchain Project Kadena
Kadena, a hybrid blockchain project, on Tuesday, declared its forthcoming launch date on January 15. Neither public or private, hybrid blockchains builds a link between the two, facilitating the sharing of private data to a distinct set of users. At the same time, the blockchain can be accessed publicly.
Established by two leads at JP Morgan’s blockchain group, Will Martino and Stuart Popejoy in 2016, the blockchain project raised $15 million from various venture capital and angel investors, including SV Angel and Asimov Ventures.
After three and a half years of the growth process, the platform is now claiming to leapfrog surviving smart contract blockchain solutions like Ethereum and solving the proof of work scalability problems with Bitcoin.
According to the announcement, the hybrid blockchain can process 750 transactions per second, related to only 7 and 15 transactions per second for Bitcoin and Ethereum, respectively.
Besides, the blockchain is cooperative with existing private and public blockchains and is based on a novel braided architecture, which makes mining of the blockchain’s native currency very useful, the company stated.
While JP Morgan has dived entirely into the blockchain space, though the head of the bank is still antagonistic towards Bitcoin, he is adopting the technology on which the original digital currency is based.
Last year, the Wall Street giant published JPM coin, a private digital currency, to make its in-house operations efficient. Nonetheless, only a limited number of bank’s clients will have access to the cryptocurrency, and unlike most of the cryptos, it will be fully regulated by the bank.
The bank has also started a peer-to-peer network based on its primary blockchain, Quorum, and on-boarded a sum of 365 international banks.
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