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Blockchain technology has taken the digital world by storm and is slowly percolating into real-world businesses and enterprises. However, issues like security and scalability prevent blockchain technology’s adoption on a mass scale.
While decentralization, immutability, and transparency are inherent characteristics of every blockchain, each of them serves a unique purpose. For instance, Bitcoin offers the best in class security on its blockchain. However, it suffers from high scalability and speed issues. On the other hand, Ethereum is the largest network for dApps and smart contracts-based applications. But Ethereum’s blockchain suffers from high gas fees and low transaction throughput. In November 2021, the average gas fee on the Ethereum network hit a whopping $63.
What if we tell you there’s one blockchain that brings the best of both worlds and supersedes the obstacles faced by both ETH and BTC? Kadena has come up with a unique solution to solve these issues and bring together distinct utilities in the current blockchain networks.
Kadena is a public blockchain platform that provides users with a one-of-a-kind blend of scalability and security. Yes, Kadena brings together the security of the Bitcoin network and the programmability of Ethereum to create a more scalable, secure, and developer-friendly blockchain. Kadena offers its users marginal to zero transaction processing fees. Further, Kadena has introduced the first crypto gas station on its blockchain. This allows businesses to eliminate all transaction fees for their customers, removing a major barrier to dApp mass adoption.
This article will take you through the complete guide on how to buy Kadena in India and everything you need to know before buying the Kadena cryptocurrency.
What is Kadena (KDA)?
Stuart Popejoy and Will Martino founded the Kadena network in 2016. The network was found with the sole purpose of providing businesses with a scalable and efficient service. Stuart Popejoy previously led JPMorgan Chase & Co.’s blockchain group, and Will Martino served as the SEC’s crypto steering committee’s tech lead.
Kadena is a Layer-1 network that uses Proof-of-Work (PoW) consensus with a new smart contract language, “Pact,” that allows formal verification and upgradeable smart contracts. Pact is a human-readable smart contract language. According to Will Martino, “Lawyers with Microsoft Excel programming skills can use Pact to write contracts and publish them on the blockchain.”
Pact is believed to be the safest smart contract language for developers to write directly on the blockchain. Moreover, it also simplifies transactional logic by combining authorization, data management, and workflow functions. Kadena’s unique architecture eliminates the need for any Layer-2 scalability functionality or external solutions needed by market leaders like Ethereum. As Will Martino explained in an interview after Kadena’s launch,
“The key here, with this launch, is that for the first time ever, we figured out how to have a scaled proof of work network. We figured out how to shard proof of work.”
KDA is the native cryptocurrency of the Kadena ecosystem. Like Ethereum, miners are compensated for mining blocks on the network using the KDA coins as rewards. The transaction fee users pay to have their transactions included in a block is also paid using KDA coins.
At the time of writing, KDA has a market capitalization of $286.72 million and ranks at 100. The total supply of KDA coins is fixed at 1 billion that are aimed to be mined over a span of more than 120 years. Miners will receive 70% of the total KDA supply. The platform’s share is 20% of the total KDA supply. The remaining 7% and 3% of the total Kadena cryptocurrency supply are allocated to investors and contributors.
How does Kadena (KDA) work?
As mentioned earlier, KDA is the native cryptocurrency of Kadena. Kadena’s public blockchain network is known as ChainWeb. Developers on Kadena have brought together the blocks and hashes between multiple chains together to create ChainWeb. ChainWeb is a new parallel-chain Proof-of-Work (PoW) architecture comprised of braided blockchains. On braided blockchains, if one blockchain can perform x transactions, then two blockchains can perform 2x transactions, three can perform 3x transactions, and so on.
ChainWeb’s braided chains mine the same native cryptocurrency, KDA. These braided chains can transfer liquidity between each other and provide extremely high throughput without increasing the network’s overall hash power. ChainWeb has the potential to operate across over 1,000 blockchains. Each such chain is capable of processing up to 10,000 transactions per second. Therefore, even with increasing demand, the energy use on Kadena remains the same, making the network more energy-efficient than others.
Further, Kadena uses a unique combination of programmable smart contracts and Bitcoin’s Simple Payment Verification capability (SPV). This allows the users to verify individual transactions without the need to process the entire blockchain. Kadena also uses a sharded architecture to provide developers with nearly infinite storage capacity. On Kadena’s sharded network, developers are given access to virtually limitless expandability, storage, and upgradeability. Moreover, Marmalade, built on the Kadena blockchain, provides a platform to launch and run NFT marketplaces with 100% on-chain transactions, high-quality provenance, low gas fees, and shared ownership.
How to Buy KadenaCoins in India?
If you are wondering how to buy Kadena coin in India, then WazirX can be your best choice. You can buy Kadena coin in India via WazirX, India’s most trusted cryptocurrency exchange, by following the few simple steps listed below:
#1 Sign Up on WazirX
To begin with, create an account on WazirX by clicking here.
#2 Fill in the Required Details
Put in your email address and choose a secure password.
#3 Email Verification and Account Security Setup
Next, verify the email address by clicking on the verification link you received in your inbox. Following that, you have two options to ensure the security of your account – the authenticator app and mobile SMS.
Remember that the authenticator app is more secure than mobile SMS because there is a risk of delayed reception or SIM card hacking.
#4 Choose Your Country and Complete KYC
After selecting your country, complete the KYC process. Without completing your KYC, you can not trade peer-to-peer or withdraw funds on the WazirX app.
To complete your KYC, you need to submit the following details:
- Your full name as it appears on your Aadhaar or any other ID proof
- Your birth date as stated on your Aadhaar or any other ID proof
- Your address as it appears on your Aadhaar any other ID proof
- A scanned copy of the document
- A selfie of yours to finish the procedure
And you are done creating your account! Within 24 to 48 hours, the account is usually validated.
Buy Kadena on WazirX via P2P
WazirX allows you to check the Kadena coin price in India before you proceed to buy Kadena crypto via WazirX. Check Kadena coin price in INR on WazirX here. You can buy Kadena using USDT or INR.
To buy USDT, you can use the WazirX P2P route. This is fast, secure, and free. Follow these simple steps to buy USDT and then your Kadena crypto:
- Log in to your WazirX account on the web/mobile app and select “P2P” from the “exchange” option.
- Next, click on the ‘Convert INR into USDT’ option.
- Add the INR price at which you want to purchase USDT. Next, add the number of USDT tokens you want to purchase and click on “BUY”. However, the minimum purchase should be 14.5 USDT.
Once you click on the buy button, WazirX will match you with sellers. However, if you wish to purchase the USDT from a specific seller, you can add the XID of that person and complete the transaction.
- You need to select a preferred mode of payment next. UPI and IMPS mode are the two options available. Please note that IMPS linking is mandatory on the WazirX platform; however, UPI linking is optional.
- Once you confirm and click on the message “YES, I WILL PAY’, you will get 60 additional minutes to complete your payment. In case of non-payment, after confirmation, a minimum penalty of 10 USDT or 1.2% of trade value will be levied. False confirmations can also cause your account to get locked.
- Complete the payment as per the payment details on the screen (seller’s bank/UPI details). Once the payment is complete, upload the payment proof and click on the checkbox “I HAVE PAID”.
Once the seller confirms the receipt of payment, your order will be marked complete, and the USDT purchase will be reflected in your “funds”.
- Now you can use this newly acquired USDT balance to purchase Kadena crypto on WazirX exchange. Go to the “exchange” option on the web/mobile app and select Kadena crypto from the list of the tokens available in the USDT market. All price charts, order book data, and an order input form are visible on the right side of the screen.
Fill out the buy order form and click on buy Kadena. Wait for some time. It will only be a short while before your order is executed. Once it’s done, you will receive the Kadena coins you purchased in your WazirX wallet.
Learn how to buy crypto safely and securely via WazirX P2P:
Future of Kadena
As the world moves towards the next iteration of the web – web3 – blockchains like Kadena hold even more relevance, for they will serve the infrastructure of the new decentralized digital world. It offers interoperability and third-party integrations with some of the well-known networks like Celo, Cosmos, PolkaDot, Flux, Terra, etc. Kadena will soon allow its users to execute transactions seamlessly across Ethereum, Celo, and Terra (secured by KDA bonding) in the future with the help of Kadena’s Chain Relay Bridge.
Kadena’s team is working hard to upgrade the platform and bringing in great web3 utilities like gas-free token swaps, lending, staking, bridges, oracles, and key infrastructures like a user-friendly wallet and fairer DAO governance. At the time of writing, Kadena cryptocurrency (KDA) is priced at $1.57. Experts predict that Kadena’s crypto price may trade around $12.04 by the end of 2024.
Frequently Asked Questions
How To Invest In Cryptocurrency?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.
Is Cryptocurrency Safe To Invest In?
Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.
Which Cryptocurrency Is Best To Invest In 2021?
Many altcoins are flourishing to invest in. Some cryptocurrencies with great potential are Ether, Ripple, Tron, and more. Investors are trying to diversify their portfolios and are flocking to the leading cryptocurrencies. Many growing businesses are already accepting cryptocurrency as acceptable payment methods.
What Is The Safest Cryptocurrency To Invest In?
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
Are Cryptocurrencies Legal In India?
In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.
Is Mining Cryptocurrency Legal?
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
Who Invented Cryptocurrency?
Satoshi Nakamoto invented cryptocurrencies and the technology that makes them function in 2009. The presumed pseudonymous individual or persons who invented Bitcoin used this identity. In addition, Nakamoto created the first blockchain database. Even though many people have claimed to be Satoshi Nakamoto, the person's identity remains unknown.
What Is Cryptocurrency?
A cryptocurrency is a digital currency secured by encryption, due to which chances of activities such as counterfeiting and double-spending taking place get close to impossible. Cryptocurrencies get created on blockchain technology ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are unique in that they do not get issued by any central authority. The term "cryptocurrency" comes from the encryption techniques used to keep digital currencies and the network safe.
How To Invest In Cryptocurrency Stocks?
Cryptocurrency can be purchased in two ways: through mining or exchanges. The process of confirming and adding transactions to the blockchain public ledger is known as cryptocurrency mining. Cryptocurrency exchanges are another option. Exchanges make money by charging transaction fees, but there are alternative platforms where you may communicate directly with other cryptocurrency traders.
Is Bitcoin And Cryptocurrency The Same Thing?
Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
