Former JP Morgan DLT Leads to Launch a Hybrid Blockchain

Wednesday, 01/01/2020 | 07:07 GMT by Arnab Shome
  • Hybrid blockchains connect both private and public blockchains.
Former JP Morgan DLT Leads to Launch a Hybrid Blockchain
blockchain

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.

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.

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.

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.

About the Author: Arnab Shome
Arnab Shome
  • 6584 Articles
  • 94 Followers
About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6584 Articles
  • 94 Followers

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