Proof-Of-Work Is A Feature, Not A Flaw Says Kadena CEO Stuart Popejoy On Blockchain Design
The founder of Kadena, Stuart Popejoy said that there will always be an adjustment period in which we have to learn to love crypto. The new blockchain was the topic and in the same context, he was sharing a valuable idea.
Literally what he said is the technical way of the interpretation more than the emotional meaning hiding in it. He added by saying that the people who participate in your ecosystem are really the network and cannot be considered as a thing that is so enterprising but to clearly understand the meaning of it is of great importance.
As the merits and demerits of blockchain still remain a debatable topic, but as a matter-of-fact Kadena slowly evolved from a private JP Morgan blockchain in 2016 to a public spin-off in the year 2020 taking the executive of JP Morgan, Popejoy with it.
This was introduced as part of innovation in the private blockchain and there was also a need for something that could serve business-scale needs. That’s how they reached the idea of a public blockchain.
Popejoy said these words in an interview with Cointelegraph. He also added that it is never going to take off if it can’t handle industrial loads. Horizontal scaling is a feature of Kadena.
Popejoy said that they focused on safe and smart contracts in the case of risk management. Also, he mentioned Bitcoin frequently and said that they were thrilled by the fundamental design of Bitcoin.
The drawbacks can be programmed into contracts and security tokens. Kadena has presently 20 chains running but more chains added will use the same amount of energy.
What Is Block Chain?
Especially for readers who have very little knowledge about blockchains, A blockchain is a shared, unchangeable ledger that clears the way for recording transactions and asset tracking in a business network.
An asset can be tangible like a car or house or intangible like intellectual property or branding. Anything that has value can be traded and tracked virtually in a blockchain network thus reducing the risk and the cost-cutting for all of it that is involved.
What Is The Importance Of A Block Chain?
Business, whatever it is, always runs on information. The faster the information is received the more accurate it will be.
The purpose of the Blockchain is to deliver that information mainly because it provides immediate, shared and completely transparent information that can be accessed only by the permitted network members.
The network of blockchain can track payments, accounts, orders, production, and much more. All members share a single view so it will be very easy to understand and see all the details of the transaction end to end which gives greater confidence, efficiency, and transparency.
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Types Of Blockchain Networks
There are different ways of building a blockchain network. It can be public, private, permitted, or built by a consortium.
- Public Blockchain networks
It is the one in which anyone can join the network and participate just like Bitcoin. However, some drawbacks can be listed as computational power being required and also there being very little privacy for transactions.
- Private Blockchain Networks
It is almost the same as the Public Blockchain. It is a decentralized and peer-to-peer network. This Blockchain can significantly boost trust and confidence among the participants.
- Permissioned Blockchain Networks
Those who set up a private Blockchain will generally set up a permission one. Participants need an invitation or permission to join the network.