Vivienne Chen, Communications and Media Manager at Kadena.io conveyed information on 14 May that their blockchain, Chainweb, would be launching mainnet in late October this year.
Vivienne introduced Chainweb as a scalable Proof of Work (PoW) public blockchain. She also mentioned about updates from their testnet including an offer for miners to participate in this development. Vivienne noted the significance of this news considering it was Kadena’s first blockchain. A point of distinction is that Chainweb would launch with a mining-powered and a multi-chain environment, setting it apart from traditional systems like Bitcoin and Ethereum.
Vivienne cited on the build-up as –
“After a successful launch of Chainweb Testnet v0 in March, we are making substantial updates to push towards v1. Of special interest to our community, we will begin accepting applications and approve select external miners into our test network. We’ve already seen interest with signups to our mining waitlist, and on May 30, we will open up our testnet with a whitelist queue.”
Kadena had managed to raise over 14 million U.S. dollars last year to develop their PoW product. The key innovation would be to offer users high transaction volumes without slowing down the network and streamlining the network cost for users. Chainweb’s protocol links multiple blockchain networks to run in parallel and share large computation loads. The different chains share information through Merkle roots to achieve cross-chain confirmation.
Chainweb is expected to produce approximately 1000 different blockchains and reach networks speed of up to 10,000 transactions per second. The test network would be opened up to preliminary users with an intention only to learn. The miners would not be earning tokens in the preliminary phase but would only learn how Chainweb works. This would also be an opportunity to collaborate with Kadena’s team to scale the network.
Recently, the US Commodities Fund Investments (USCF), a leading provider of commodities and alternative investment products, announced its collaboration with Kadena. The potential to leverage blockchain in the investment space and identify new opportunities for innovation in asset management was envisioned. It was noted that Kadena had solved the scalability and security constraints previously associated with blockchains.
Vivienne indicated that in order to be a testnet miner, users must keep a tab on the application during late May. If selected, the role would be to help run nodes as well as test the functionality, syncing and the consensus. Vivienne also offered that if users are not selected, they must hold on till the next version becomes public.