By Doug Beardsley, Technical Advisor to Kadena Eco and Director of Engineering, Kadena
When we look back on the evolution of the blockchain industry 10 years from now, I believe that 2021 will stand out as a major inflection point. It was the first year that the blockchain world noticed that Kadena had solved the biggest problem in the industry: scaling the proof of work consensus method to meet global transaction loads without sacrificing decentralization and openness.
Developers and end users alike started to see that Kadena provided a genuinely better system, which fully realized the potential of blockchain technology, and freed the industry from the problems by which it had been plagued for years. As a result, we’ve experienced an exponential rise in the number of projects being built on Kadena.
Here’s an example of what this means for you.
Exorbitant transaction fees will be a thing of the past. With Kadena, DeFi users won’t be crushed by having to spend hundreds of dollars to do simple things like exchange tokens, use multisig wallets and mint NFTs.
During the summer of 2021, transaction fees on the ETH network increased by as much as 470% compared with earlier in the year. According to Arcane Research, the mean transaction fee was more than $50 on certain days last year. Token swaps cost users more than $200.
These fees have more or less minimized DeFi use to a club of whales for whom a few hundred dollars isn’t even a blip on their account balance.
High fees are without question a leading limiting factor to the widespread adoption of blockchain technology. Vitalik Buterin, founder of Ethereum, has pointed to the dampening effect of high fees on adoption. “[T]he only solution to high tx fees is scaling,” tweeted Buterin. “Tether, Gitcoin and other apps are doing the right thing by migrating to ZK rollups today. I’m excited about the soon-upcoming optimistic rollups that will generalize rollup scaling to full EVM contracts.” Scaling is seen as the accepted solution.
In 2021, Kadena became recognized as having solved the high fee problem, opening up a huge addressable market.
Kadena: the foundation for enduring innovations
A blockchain ecosystem, like Rome, can’t be built in a day. Kadena has put in place the foundational infrastructure — the roads and aqueducts — but we still need to build the cities and society. This cannot be done by a single entity. Despite the legend about the building of Rome, it took more than Romulus and Remus — twin sons of Mars, the god of war — to build.
Reliable and robust blockchain ecosystems will likewise be built by an entire community of people that spans regions and even generations. This is where Kadena Eco comes in.
Kadena Eco: empowering developers with resources, expertise and funding
Kadena Eco drives the development of a whole ecosystem that will become the decentralized financial system of the future; a world where dice and a little math are the only things needed to open a bank account.
For builders, Kadena Eco provides access to the best set of knowledge, tools, and development practices to get them up to speed with Kadena’s innovative concepts and development practices. Companies funded by Kadena Eco will be positioned to deliver superior value in less time than the competition.
Additionally, this relationship will allow Kadena to stay abreast of what builders are encountering in the real world and allow us to continue to evolve the core blockchain infrastructure to meet their needs.
I am excited to be taking on the role of technical advisor to Kadena Eco. In combination with my role as Kadena’s Director of Engineering, this opens up a two-way flow of information between those building on Kadena and the engineering team designing and maintaining the system. Working together, we’ll gain insights from your vision and help you achieve them. Let’s connect.
Join the Kadena Eco community
For Web2 builders looking to learn from tutorials or get involved with starter projects, get started with Kadena: https://kadena.io/build/
For Web3 builders seeking to take projects to new levels of security, scalability and decentralization, connect with our world-class experts and advisors: https://kadena.io/eco/
Find out why developers prefer Kadena: https://savedby.kadena.network/.