New York based smart contract language startup has raised a $12m SAFT from Devonshire Investors, SIG, Asimov Investments, Multicoin Capital and others.
The firm's Chainweb protocol aims to use parallel blockchains with shared Merkle roots to tackle scaling and security issues, as previously reported. The different chains can be dedicated to different use cases without congesting the whole network. However, there are "a bunch of things that have to be in place" before the public protocol will be ready for launch later this year, said Popejoy, who was previously a blockchain developer at JPMorgan Chase. To that end, Kadena intends to begin releasing tools for the broader community to test, including a formal verification toolkit to help identify bugs, he said. "Formal verification is something that's come up at various times in the blockchain discussion, usually after a huge ethereum bug," he said, noting that smart contracts, in particular, often involve the handling of large sums of money.