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Okcoin, a leading digital asset management firm, has announced its plans to list the Kadena (KDA) token. Okcoin will be the first cryptocurrency exchange regulated in the US offering KDA token.
Okcoin lists Kadena (KDA)
In the announcement, Okcoin stated that it was now possible for users in the exchange to deposit KDA. The offer will be available for all registered users on the platform, including those registered in the United States. However, it will exempt users in the EU, UK, Brunei and Singapore.
Deposits went live on March 17, while withdrawals and trading would be followed later. Okcoin noted the benefits of adding KDA as one of the assets that users can trade on the exchange. It noted that the focus of many blockchain networks is to offer security, decentralization and scalability. Kadena was offering a combination of all three.
In its explanation, Okcoin noted that Kadena's blockchain, Chainweb, used a proof-of-work consensus similar to what Bitcoin uses. The blockchain also provides a high throughput and charges low transaction fees. In terms of security, the network uses the pact smart contract language that detects bugs and vulnerabilities, allowing them to be solved before they interfere with the network.
Given Kadena's wide range of benefits, the network has become popular with decentralized finance (DeFi) and non-fungible tokens (NFTs). The announcement further noted that key developments were expected on the blockchain, which added to the benefits that were possible to those that used the network.
The Kadena network has also added to its decentralization by offering governance. The Kadena network has organized its services into a DAO. This allows it to manage the developments happening within the network. Governance allows token holders to vote on several aspects of the blockchain, boosting engagements and boosting decentralization.
The network has also focused on interoperability. Interoperability is a feature that allows for creating bridges that will facilitate cross-chain transfers. The Kadena network plans to be interoperable with Ethereum, Terra and Celo.
Kadena focuses on enterprise integration
Kadena is also committed to providing enterprise-grade financial services and creating partnerships within the sector using an ecosystem fund. The co-founder of Kadena, Stuart Popejoy, has previously stated that a major use case for blockchain was when it could be adopted for enterprise.
“When my co-founder Will Martino and I were working at the JPMorgan blockchain group, the promise of blockchain for enterprise was a no-brainer. Blockchain is a technology that can allow independent and even adversarial firms to be able to interact on a shared platform robust enough to prevent any data corruption or malicious tampering. The potential cost savings alone for so many industries is immense,” he said.
Popejoy has also praised smart contracts for the convenience they gave to innovators. He stated that smart contracts provided a ready technology that a developer could use to launch their apps. He noted that this was a major advantage of blockchain technology compared to the traditional sector.
He compared this to traditional systems such as Salesforce noted that they provided similar services but “In a walled, opaque garden where you're blindly trusting their infra capabilities.” He noted that blockchain technology provided a robust, resilient and transparent system that could be used to boost transaction processing. This provides major benefits to those developing using smart contracts.
“The combination of these two features – incorruptible shared data, hot deploy of apps, unmatched resilience – will eventually transform enterprise applications. It's just taking longer than any of us imagined it would reach broad business adoption,” he added.
To learn more visit our Investing in Kadena guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.