proof of work is a feature, not a defect

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When releasing its blockchain, there was a period of adjustment where we had to learn to love crypto, said Kadena Founder and CEO Stuart Popejoy. The admission sounded more like a technical adjustment than a wave of emotion on his lips, but he added, “The people who participate in your ecosystem are really your network and that’s obviously not a very corporate thing, it is very popular.

The merits of private blockchains remain a matter of debate, but Kadena went from a private JPMorgan blockchain in 2016 to a public spinoff in 2020, taking former JPMorgan executive Popejoy with her.

There has been some innovation in private blockchain for a second, and that kind of represents us. However, there was this idea that we needed something [] that could meet enterprise-wide needs, and that’s how we arrived at our version of a public blockchain, Popejoy said in an interview with Cointelegraph, adding:

This thing will never take off if it can’t handle industrial loads.

Kadena has horizontal scaling as a feature. We focused on safe smart contracts and scalability as a security thing, in the sense of risk management, like you have to wait a day for your bitcoin transaction to go through, when the system is backed up, has said Popejoy.

Popejoy frequently mentioned Bitcoin. He said:

We were very excited about the fundamental design of Bitcoin.

We think the real problem with proof-of-work isn’t that it uses energy, it’s that it uses energy inefficiently, he added. Bitcoin: all this energy is used and does not improve the system. It’s the same slow system as 15 years ago.

Related: The Blockchain Trilemma: Can It Ever Be Addressed?

Like Bitcoin, Kadena uses a proof-of-work consensus mechanism, but it scales it so that we actually have horizontal scaling for proof-of-work, Popejoy said. We like to say, and it’s true, because I know how it actually works, we could settle the entire US stock market today, daily, on Kadena.

.@Kadena_io aims to bring real scalability to blockchain, #DeFi, #NFT and smart contracts, leveraging PoW’s proven unbeatable security and reliability. We are building the future of blockchain. https://t.co/fCmzn0n6U3

— Stuart Popejoy (@SirLensALot) December 9, 2022

Not everyone sees this speed as an advantage, but Popejoy pointed out that retrievals can be programmed into smart contracts and security tokens.

Kadena currently has 20 strings running in parallel, but multiple strings would use the same amount of energy.

The real problem with proof of work is the distribution of money. Proof-of-stake produces money and then uses ownership of the money to determine who runs the system, Popejoy said. Proof of work is the fairest distribution for getting coins into people’s hands.

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