Bitcoin Daily: Crypto Startup Kadena Introduces Public Blockchain, NBA’s Kings Auction Jersey Using Blockchain

Bitcoin Daily: Crypto Startup Kadena Introduces Public Blockchain, NBA’s Kings Auction Jersey Using Blockchain

Kadena, a crypto startup that’s an offshoot of JPMorgan’s blockchain center, has launched a public blockchain that can interact through public and private sections, according to a report Wednesday (Jan. 15) by Coindesk.

Kadena will also integrate its Chainweaver wallet into the Cosmos Network, which is what would allow the two blockchains to communicate with each other. The whole process will be done by March.

When customers use Kadena, they’ll be able to look at projects that use “a fully-scalable base layer as a piece of public infrastructure,” but that also have privacy features and address regulatory concerns, according to Founder and President Stuart Popejoy.

Kadena uses a smart contract language that’s in-house, called Pact, and it said it has introduced a “hybrid blockchain” model that can process 750 transactions a second, and that’s just a conservative estimate, the company said.

“Kadena’s whole goal is to solve the scaling problems of bitcoin and the security problems of ethereum,” Popejoy said.

In other news, NBA team the Sacramento Kings have announced that they’re going to auction off the jersey of starting guard Buddy Hield using a blockchain-powered marketplace, according to a separate report Wednesday by Coindesk.  

The team is working with ethereum project incubator ConsenSys, and it will use an ethereum-based platform run by supply-chain product Treum.

Tyler Mulvihill, Treum’s co-founder, said that the platform is going to make sure that everything is authentic.

“We’ve seen time and time again and instances of this exact problem, right? This is the jersey, [is it] real, was it game-worn, how do I know?” he said. “We’re working with the Kings to solve each and every one of those problems.”

Mulvihill said that he wanted to enhance fan experiences, because a lot of fans don’t usually get to make it to games regularly.

“We wanted to create an application that does something real right now, [that] adds enthusiasm,” said Bradley Feinstein, head of business development at ConsenSys. People get to “participate live in the game [and] ultimately give them this experience where they can participate with verifiable proof. … [They] understand that what they are about to get is real.”