Dear Readers and Kana Knights,
Kana Labs has now evolved into a true chain agnostic multi-chain ecosystem. This is clearly evident from our recent product updates and roadmap milestones. Before I proceed further, to those new to blockchain and the crypto environment, Let me explain what a multi-chain ecosystem is.
Any blockchain network by its default design is a set of encrypted shared databases that hold immutable transaction records/data. Today, various blockchain networks are designed by public and private entities to suit a wide range of needs. Some of the most prevalent industries where blockchain is highly active include logistics management, hospitality industry data storage, hospital patient records/staff database and the financial services industry.
In each of these industries, each blockchain network is designed to suit a certain set of needs and requirements. But this also brings along with various limitations as the market and data become highly fragmented. This fragmented scenario can be resolved by enabling communication between different blockchain networks using cross-chain technology.
A multi-chain ecosystem is a platform/environment where multiple networks come together and interact with each other helping overcome the fragmented scenario to a certain degree. This multi-chain communication is facilitated by various cross-chain bridges that allow these networks to easily exchange data between them.
Here at Kana Labs, we use our liquidity aggregation and cross-chain capabilities to create a true multi-chain ecosystem that focuses on the Decentralised Finance (DeFi) industry. In our platform, users both new and experienced will be able to experience and interact with a wide range of blockchain networks and dApps at any given time frame and perform various popular DeFi operations such as Swap, Stake/Unstake, Lend and Borrow, Yield Generation, Send and Receive tokens all from a single point in a simplified and user-friendly way. Our product suite currently features Solana, Aptos and Polygon in Mainnet and Neon-EVM in the Testnet environment. Work is in progress to add Shardeum and a few other blockchains in the next couple of weeks.
Solana — Solana is one of the leading standalone layer-1 blockchains with its own cryptocurrency. This network is known for its speed, efficiency, dApps scalability and user-friendliness when it comes to creating/developing new dApps. The main language used in the design and creation of the Solana network is Rust and it used a dual validation mechanism that involves Proof of Stake and Proof of History algorithms. The key advantages that developers look for in Solana are cost-effectiveness and scalability capabilities. But, Solana is also renowned for its fast transaction processing capabilities it gains from its parallel smart contract processing feature.
Aptos — Aptos is one of the most production-ready blockchain networks. Created using Move language it is yet another independent L1 blockchain network. The main mission of Aptos is to provide billions of people with fair access to decentralised assets. The network achieves this by emphasizing on absolute safety, extensible scalability and credible neutrality values. Similar to Solana, Aptos also provides super-fast transactions with its own proprietary parallel smart contract processing feature. Aptos has one of the lowest latency available in the market today and an optimistically responsive BFT protocol making it a better alternative for those developers who are looking for a cost-effective and user-friendly alternative to develop DeFi-focusing smart contracts outside of Ethereum.
Neon EVM — Neon EVM is a blockchain network that brings together the best of both worlds from Solana and Ethereum. Solana has an entirely different underlying architecture and core language compared to Ethereum. This blockchain creates a synergistic environment where EVM-compatible dApps can be scaled onto the Solana network. By using Solidity-based smart contracts, Neon EVM provides dApps with access to Ethereum network features such as accounts & signatures, Tools & infrastructure and Ethereum-like Web3 RPC API. These are combined with some of the best features from the Solana ecosystem such as its vibrant user base, lower transaction cost, liquidity and higher transaction speeds.
Polygon — Polygon formerly known as MATIC is a network that aims to create a multi-chain environment focusing on Ethereum. Ethereum is one of the earliest blockchains in existence and the primary founder of smart contracts geared towards DeFi. But, the growth of the industry led to huge scalability issues in the network. Polygon is a layer 2 network that focuses on negating Ethereum ecosystems’ cons while accommodating the best parts of the Ethereum blockchain. This means that a user gets access to faster transaction speeds and lower transaction costs alongside scalability, security, sovereignty, interoperability and modularity. Polygon blockchain works based on a modified proof of staking concept in which consensus can be gained with each block as opposed to the traditional method which involves multiple blocks to validate transactions.
Shardeum — Shardeum is an EVM based layer-1 blockchain. This network uses its “dynamic state sharding” mechanism to facilitate linear scaling thereby providing transactions with perpetual low costs. When each node is added to the network, its overall validator capacity of the network keeps increasing allowing the other nodes to transfer some of their total transaction load. To maintain fairness, the network processes transactions on a first come first serve basis with immediate finality. Shardeum ecosystem primarily focuses on any dApps ready to be deployed in an EVM and aims to do its best to hasten the emergence of Web3. (Note — Shardeum ecosystem integrations with our platform are still in development stages and will be made live in the next couple of weeks.)
