Blockchain startup Kadena announced it is launching a public blockchain this October, CoinDesk writes.
Kadena has been working on Chainweb, a proof-of-work (PoW) blockchain network, since last year, with testnet trials reportedly beginning in March. The network aims to offer up to 10,000 transactions per second while maintaining high network speed and low costs. To achieve this, Chainweb’s protocol works by connecting and running various blockchain networks simultaneously and sharing the transaction volumes between them, planning to produce as many as 1,000 blockchains per second.
“Chainweb is built to align the incentives of everyone involved in the network,” said Will Martino, CEO of Kadena. “For the first time, miners, users and businesses can all agree on what network success means and how to get there from launch.”
Martino suggested initial on-boarding would begin this month “to test the user experience and the process of hooking up to the network." However, miners who choose to join the network before the launch to learn about it won’t earn tokens until the release.
Speaking at the Consensus 2019 conference, Kadena also revealed it is partnering with USCF Investments, which manages approximately $3 billion in assets, to explore Chainweb's utility in the fintech space.