Kadena launches mainnet and aims to raise $20 million in token sale

The Kadena ($KDA) blockchain is now live on mainnet along with a new native token wallet called Chainweaver and plans to raise up to $20 million. Since the soft launch of mainnet at the end of Oct. miners have been able to mine on the blockchain, though token transfers and other features have not been unlocked. Those features will come on Dec. 5 along with full smart contract and transaction support according to the team. A new round of token sales will launch on Nov. 5 allowing both accredited and non-accredited investors to participate through CoinList.

Why it matters:

• Kadena takes a unique approach to scaling by weaving multiple Proof-of-Work (PoW) networks together instead of using an alternative consensus mechanism like Proof-of-Stake (PoS). As multiple scaling alternatives look to launch over the next year it will be worth watching how this structure compares to others.
• Even as the overall initial coin offering (ICO) market has contracted CoinList continues to put out big-name offerings with Kadena adding to sales from Algorand ($ALGO) and Nervos Network ($CKB), each of which raised more than $60 million.