Kadena Blockchain to Launch This October With $3 Billion Asset Manager Onboard

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Brooklyn-based startup Kadena will launch a public blockchain this October, the company announced Monday at CoinDesk's Consensus 2019 conference in New York.

Founded in 2016, Kadena raised over $14 million last year to develop a new proof-of-work blockchain network called Chainweb that would seek to offer users high transaction volumes without slowing down network speed and ramping up network cost for users.

"Chainweb is built to align the incentives of everyone involved in the network. For the first time, miners, users and businesses can all agree on what network success means and how to get there from launch."

Chainweb's protocol, the company said, links multiple blockchain networks to run concurrently and split up large computation loads.

The envisioned goal of Chainweb is to produce roughly 1,000 different blockchains and reach networks speed of up to 10,000 transactions per second.

According to Kadena CEO Will Martino, Chainweb has been running on a test network since March.

"We have a mining queue that we will slowly begin on-boarding to test the user experience and the process of hooking up to the network," said Martino to CoinDesk.

Today's press release notes that miners will strictly "Get to learn how Chainweb works and collaborate with our team to scale the network."

Along with today's announcement, the team at Kadena further revealed a partnership with commodities and alternative investment products provider USCF Investments, a manager of approximately $3 billion in assets.

As Martino put, the two will be working together to build "The next generation of fintech" by leveraging Kadena products like Chainweb.

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