Kadena coin – price prediction and more
The cryptocurrency market is alive and well as we see Kadena coins and others trend recently. It truly is a great place for new ideas as we see more of them come and go. Kadena is the latest to go under the spotlight, but how does it compare to the other coins? Well, it might improve your favorite cryptos by helping them become faster and larger!
If you’re not that interested in the technology, perhaps you want to know if this deserves a spot in your portfolio. Kadena grabbed the crypto space’s attention as its value truly skyrocketed three weeks ago! However, it’s not a good idea to rely on short-term price jumps like this for your investments. That’s why you should also learn how Kadana works.
We’ll start by talking more about the origins of Kadena, and then we’ll provide more details about its network. After that, we’ll cover the recent events that increased its price and caught the attention of investors from around the world. More importantly, we’ll determine whether Kadena is a good investment or not.
What is Kadena?
It’s usually a good sign that an asset is good when it comes from a reputable source. Kadena passed in that aspect from two experts from JPMorgan and the SEC!
Stuart Popejoy and Will Martino founded Kadena in 2016. Popejoy led JPMorgan’s blockchain group, and Martino was a tech lead for the SEC’s Cryptocurrency Steering Committee.
Together, they made JPMorgan’s first blockchain called JPM Coin. Martino left eventually, leaving Popejoy to solve all sorts of problems with Kadena.
Specifically, Kadena tries to fix network congestion, one of the biggest issues of the second-largest cryptocurrency: Ethereum (ETH).
Simply put, Ethereum is having a hard time expanding to bring in more users. As a result, its GAS fees or transaction fees are some of the highest right now.
The problem lies in how Ethereum works. The usual blockchain model needs nodes or computers working independently to confirm transactions.
As a result, the ETH network can only take so many. In response, Kadena’s solution comprises three parts: the Chain web, Merkle trees, and sharding.
- Chain web refers to Kadena’s “braiding” together multiple blockchains with the same cryptocurrency. Instead of just one handling the transaction, many of them could work together. As a result, it does the job much faster than other cryptos.
- Merkle trees are a new system found in recent crypto upgrades. It makes a “fingerprint” of a blockchain’s entire set of operations, allowing users to match transactions with the networks where they belong. This helps the network organize all the exchanges and speed itself up even more.
- Sharding refers to breaking up data into smaller pieces. Back then, exchanges took a long time because they made copies of entire transactions each time.
Kadena lumps blockchains together with Chainweb, while Merkle trees help identify which ones belong to which groups. They share bits of the transaction data via sharding.
Processing time and power are spread across the chains, allowing Kadena to work faster and expand further. These are not the only things it can do, though.
Read More: How To Buy Ethereum (ETH)
Other features of Kadena
1/ Announcing @Kadena_io’s website revamp!
— Kadena (@kadena_io) October 19, 2021
It works like Ethereum because it lets people make NFTs and smart contracts. The ETH network is the number one go-to for these features, but Kadena is improving.
Just to keep everyone up to speed, NFTs or non-fungible tokens are digital media with ownership tied to blockchains. If you have one, a crypto network records you as its owner.
As a result, your NFT will become unique despite so many copies. It’s usual art, but it can be movies, music, and even tweets! Kadena lets people issue and trade NFTs.
Unlike Ethereum, Kadena offers zero-fee transactions to attract more users soon. What’s more, it helps people make smart contracts.
These agreements work by themselves as long as the conditions are met. Let’s say someone has an unpaid credit card balance.
Back then, you would have to submit your payment, and then another person would have to receive your money and record that it happened. Smart contracts skip this long step!
It could just take the payment from another account, so you won’t have to submit it yourself. Kadena’s smart contracts are much easier to make, though.
Kadena uses the Pact smart contract language that people can easily read. It’s simple yet highly secure too. You may compare it to coding with Python.
KDA lets people pay for smart contracts. It uses KDA coins as its native crypto. Even better, you can mine Kadena coins too! You will need an ASCII miner, though.
Why is Kadena trending lately?
Big day for @kadena_io NFTs with the launch of https://t.co/qVZDw1DLiR! Learn all about it with the first article in a series about how creators can "mint marketplaces" with the first enforceable sale standard for NFTs! https://t.co/yXQKTIacay
— Stuart Popejoy (@SirLensALot) December 2, 2021
You might be wondering why you’ve just heard of Kadena right now. Well, the price of KDA grew by 500% around three weeks ago due to three events:
- The first factor was the launch of wKDA, a wrapped token version that works on the Ethereum network. Now, people can swap KDA with the wrapped version for decentralized finance.
- Then, the NFT features became popular after releasing so many projects with Kadena. For example, it tweeted on October 30 that the UFO token will make a new NFT game with Kadena.
- Kadena is also listed on major crypto exchanges like Crypto.com and CoinMetro. Even better, those platforms let people stake their Kadena coins. If you don’t want to spend on mining, this will also let you earn from Kadena.
That’s right, the Kadena public blockchain uses a proof-of-work model, so you can mine more KDA coins. As we’ve covered, its scalable layer provides security and throughput.
In other words, investors and developers can do so much with Kadena! At the time of writing, it might be hard to feel positive because the KDA price is dropping.
At the time of writing, the price of KDA tokens was $10.26 each. The circulating supply was 160,924,358 KDA while the 24-hour trading volume was $88,215,842.91.
Note that these details may change within less than 24 hours. You may buy KDA coins from these cryptocurrency exchanges: KuCoin, gate.io, Bittrex, Hotbit, and CoinEx.
Should you invest?
— Kadena (@kadena_io) November 24, 2021
You’re probably more interested in learning if you should get KDA for your portfolio as an investor. That’s something you should figure out by yourself, though.
Looking at all the features and news, it’s easy to think you should buy some now. If you’ve been investing for a long time, you would know that a spike like this isn’t enough.
So many coins came and went, with their prices rising at first and falling at the end. That hype might fade soon, so you will have to choose your coins based on other factors.
Start by having an investment plan with clear goals. Why do you want to invest in the first place? Do you want to make money now? Or do you want funds for the future?
This will change how you choose your cryptos. Kadena and most cryptocurrencies might not be the best pick if you want long-term funds because the prices move so much.
If you look deeper into Kadena, you might find that I missed something, so it’s truly a good investment. This is why I always tell readers to research by themselves.
Again, this article doesn’t give investment advice. I used it to explain how Kadena works, but it’s up to readers to think for themselves if they should invest or not.
That’s why investing should always start with the “why.” You must be sure about the reasons behind your investments. Then, look at all the options that may fit your plan.
Start by reading the other stuff on Inquirer USA. Look at the other coins for your portfolio. Even better, look at other choices like stocks and bonds.