Crypto NewsEthereum (ETH)

New Ethereum Competitor Exceeds $ 2,000,000,000 Market Cap as Layer 1 Altcoins Show Strength

An altcoin under the radar recovers faster than Bitcoin (BTC)as crypto markets rebound from their recent slump.
The hybrid BlockchainPlatform Kadena (KDA) has the Market capitalization surpassed $ 2 billion after rebounding from a weekly low of $ 8.78 on Monday. KDA rose as high as $ 13.50 today.

Kadena was created by two former JPMorgan blockchain developers. The Pact software of the Layer 1 protocol competes with Ethereum (ETH)by allowing anyone to create a smart contract.

According to the project website, Kadena’s proprietary chain architecture will help facilitate the mass adoption of blockchain technology.

“Pact is the first truly legible intelligent contract language. This means that everyone can write clearly, directly and securely on a blockchain – a real step forward for automated contracts.

Pact automatically detects bugs and keeps the purpose of the code clear … and frees you from the exploits you will be exposed to on Ethereum and other unsafe platforms. “

The makers of Kadena say they also use the consensus model of proof-of-work (PoW) that powers BTC, but on a much larger scale.

“Unlike other platforms, Kadena is designed to power global financial systems. Our protocol continuously scales to higher TPS (transactions per second) as more chains are added to the network.

Conventional PoW is not scalable. With its revolutionary multi-chain architecture, Kadena is the only scalable Layer 1 proof-of-work platform that can scale to fulfill the over 9 million trades executed on the NYSE [New York Stock Exchange] every day.”

Other features of the Kadena platform include free transactions, energy efficiency, and industrial scalability.

The altcoin at number 75 is down slightly from its weekly high, but KDA remains up over 34% on the day, trading at $ 12.66.

Bitcoin continues its battle to recapture and hold the $ 50,000 benchmark and is up 3.36% to $ 48,180 at the time of writing for the day.

Meanwhile, Ethereum is up over 10% today and stands at $ 4,051.
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Source: Crypto News Deutsch

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