The former JPMorgan executive explained how he loved crypto and why Kadena’s blockchain would not give up its firm adherence to proof of work. When he released his blockchain, “there was a period of adjustment where we had to learn to love crypto,” said Kadena founder and CEO Stuart Popejoy. The admission felt more like a technical adjustment, only to a surge of emotion on his lips, but he added, “The people participating in your ecosystem are really your network and it’s obviously not a very corporate thing, it.” is very popular.”
The merits of private blockchains remain controversial, but Kadena went from a private JPMorgan blockchain in 2016 to a public spinoff in 2020, taking former JPMorgan executive Popejoy with it.
“There was some innovation in the private blockchain for a second, and that kind of represents us.” Blockchain,” Popejoy said in an interview with Cointelegraph, adding:
“This thing will never take off unless it can handle industrial loads.”
Kadena features horizontal scaling. “We focused on secure smart contracts and scalability as a security aspect, in the sense of risk management, like you have to wait a day for your bitcoin transaction to complete,” Popejoy said of securing the system.
Popejoy frequently mentioned bitcoin. He said:
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“We were very excited about the basic design of Bitcoin.”
“We believe the real problem with proof-of-work is not that it consumes energy, but that it uses energy inefficiently,” he added. “Bitcoin: All this energy is consumed and does not improve the system. It’s the same slow system as it was 10 years ago.
Related: The Blockchain Trilemma: Can It Ever Be Addressed?
Like Bitcoin, Kadena uses a proof-of-work consensus mechanism, “but it scales it in such a way that we actually have horizontal scaling for proof-of-work,” Popejoy said. “We like to say, and that’s true because I know how it actually works, we could settle the entire US stock market daily on Kadena today.”
Not everyone sees this speed as an advantage, but Popejoy pointed out that calls can be programmed into smart contracts and security tokens.
Kadena currently has 20 strings running in parallel, but multiple strings would consume the same amount of power.
The real problem with Proof of Work is how the money is distributed. “Proof-of-Stake produces money and then uses ownership of the money to determine who is running the system,” Popejoy said. Proof of Work “is the fairest distribution to get coins into people’s hands.”
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