Kadena, a hybrid blockchain project, on Tuesday, announced its upcoming launch date on January 15.
Neither public or private, hybrid blockchains create a bridge between the two, enabling the sharing of private data to a specific set of users, while the blockchain can be accessed publicly.
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Founded by two leads at JP Morgan’s blockchain group – Stuart Popejoy and Will Martino – in 2016, the blockchain project raised $15 million from a number of venture capital and angel investors, including SV Angel and Asimov Ventures.
After three and a half years of the development process, the platform is now claiming to leapfrog existing smart contract blockchain solutions like Ethereum and solving the proof of work scalability issues with Bitcoin.
Per the announcement shared with Finance Magnates, the hybrid blockchain can process 750 transactions per second, compared to only 7 and 15 transactions per second for Bitcoin and Ethereum, respectively.
In addition, the blockchain is compatible with existing private and public blockchains and is based on a unique braided architecture, which makes mining of the blockchain’s native currency very efficient, the company stated.
Big banks adopting blockchain
Meanwhile, JP Morgan has dived completely into the blockchain space. Though the head of the bank is still hostile towards Bitcoin, he is embracing the technology on which the original digital currency is based.
Last year, the Wall Street giant announced JPM coin, a private digital currency, to make its internal operations efficient. However, only a limited number of bank’s clients will have access to the cryptocurrency, and unlike most of the cryptos, it will be fully controlled by the bank.
The bank has also launched a peer-to-peer network based on its native blockchain, Quorum, and on-boarded a total of 365 international banks.