While the overall crypto market is slowly recovering from the recent slump, a secluded altcoin is showing a faster turnaround than Bitcoin (BTC).
A hybrid blockchain platform Kadena (KDA)It broke the $2 billion market cap, starting a massive rally from Monday’s weekly low of $8.78. KDA jumped as high as $13.86 during the day today.
Kadena was created by two former JPMorgan blockchain developers. The Layer-1 protocol’s Pact software allows anyone to create a smart contract, allowing the platform to compete with Ethereum (ETH).
According to the project website, Kadena’s proprietary chain architecture will help facilitate mass adoption of blockchain technology.
“Pact is the first truly human-readable smart contract language. It allows anyone to write on a blockchain in a clear, direct and secure way – a significant improvement for automated contracts.
Pact automatically detects bugs and keeps the purpose of the code clear… it saves you from the exploits you would encounter on Ethereum and other insecure platforms.”
Kadena’s developers; they say they also include the Proof-of-Work (PoW) consensus model that powers BTC, but on a much larger scale.
“Unlike other platforms, Kadena is designed to power global financial systems. Our protocol continually scales to higher TPS (transactions per second) as more chains are added to the network.
Traditional PoW is not scalable. Kadena with its revolutionary multi-chain architecture, on NYSE every day [New York Menkul Kıymetler Borsası] It is the only scalable layer-1 Proof-of-Work platform that can scale to handle 9+ million transactions.”
Other features of the Kadena platform include free transactions, energy efficiency and industrial scalability.
The 75th-ranked altcoin has pulled back slightly from its weekly high of $13.86, but the KDA is above 35% on the day and is trading at $12.66 at the time of writing.
Bitcoin continues to struggle to reclaim and hold the $50,000 level and is trading at $47,860, down nearly 3 percent on the day at the time of writing. Ethereum, on the other hand, has increased by over 2% in the past hour and is trading at $ 4,006.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.