proof of work is a feature, not a flaw

When taking its blockchain public, “there was an adjustment interval the place we needed to study to like crypto,” Kadena founder and CEO Stuart Popejoy mentioned. The admission sounded extra like a technical adjustment than a surge of emotion on his lips, however he added, “The individuals who take part in your ecosystem actually are your community and that is clearly not a very enterprise-y factor, that’s very grassroots.” 

The deserves of personal blockchains remain a matter of debate, however Kadena transitioned from a private JPMorgan blockchain in 2016 to a public spinoff in 2020, taking Popejoy, former a JPMorgan govt, with it.

“There was some innovation in personal blockchain for a second, and that sort of represents us.” However, “there was this concept that we wanted one thing […] that might serve business-scale wants, and that’s how we arrived at our model of a public blockchain,” Popejoy mentioned in an interview with Cointelegraph, including:

“This stuff is by no means going to take off if it might’t deal with industrial masses.”

Kadena has horizontal scaling as a characteristic. “We targeted on secure good contracts and scalability as a security factor, within the sense of threat administration, like if it’s a must to wait a day in your Bitcoin transaction undergo,” when the system is backed up, Popejoy mentioned.

Popejoy talked about Bitcoin incessantly. He mentioned:

“We had been very thrilled by the elemental design of Bitcoin.”

“We consider that the true downside with proof of work is not that it makes use of power, it’s that it makes use of power inefficiently,” he added. “Bitcoin: there’s all this power getting used and it’s not enhancing the system. It’s the identical gradual system it was 15 years in the past.”

Related: The blockchain trilemma: Can it ever be tackled?

Like Bitcoin, Kadena makes use of a proof-of-work consensus mechanism, “but it surely scales it in order that we even have horizontal scaling for proof of work,” Popejoy mentioned. “We prefer to say, and it’s true, as a result of I understand how these things really works, we may settle the complete U.S. inventory market at present, each day, on Kadena.”

Not everybody sees that speed as a benefit, however Popejoy identified that clawbacks might be programmed into smart contracts and security tokens.

Kadena at the moment has 20 chains operating in parallel, however extra chains would use the identical quantity of power.

The actual subject with proof of work is the distribution of cash. “Proof of stake produces cash after which it makes use of possession of cash to find out who runs the system,” Popejoy mentioned. Proof of work “is the fairest distribution for getting cash into individuals’s fingers.”