Last Updated on May 16, 2022 by Arty Fisher
Kadena is a decentralized public ledger with guaranteed message ordering. Kadena is based on the Byzantine Fault Tolerant consensus algorithm and achieves scalability without sacrificing security.
How to buy Kadena (KDA)?
The easiest way to buy Kadena (KDA) is to first buy Bitcoin (BTC), then trade BTC for KDA on an exchange.
The following sections will show you how to do this using Coinbase, Binance and Kraken.
If you already own Bitcoin, skip step 1 and go straight to step 2.
Step 1: Buy Bitcoin (BTC)
In order to purchase any cryptocurrency, you must first buy Bitcoin (BTC) as it is the most widely traded coin and acts as the base currency for all other coins. You can do this by registering at Coinbase and completing a few of their identity verification steps in order to get approved for purchasing Bitcoin through their platform. It’s that simple! Once you have your BTC in your Coinbase wallet, go ahead and move onto the next step!
Step 2: Exchange BTC for KDA
Once you have your BTC ready to trade on an exchange, it’s time to get your KDA! The easiest place to start would be Binance since it offers one of the largest selections of cryptocurrencies available today including Kadena (KDA). If you want more details about this exchange, check out our review here. Once registered on Binance, simply search for KDA tokens on the exchange.
Step 3: Store your KDA
If you want to store your KDA tokens on the exchange, you can use a wallet connected to the exchange. However, we recommend withdrawing your KDA tokens to a desktop or mobile wallet where you control your private keys.
Where to buy Kadena (KDA)
You can buy from cryptocurrency exchanges like Coinbene and OKEx using fiat currency like USD. These can be easily bought using your credit card or debit card. You can also use other cryptocurrencies like Bitcoin or Ether for buying Kadena (KDA).
You can also buy on Binance
The easiest way to buy Kadena (KDA) is through Binance. You can also use Binance to trade for KDA, but if you want to do that, make sure you have a wallet set up first.
To buy KDA on Binance:
- Set up an account on Binance. Verify your email address and log in.
- Go to the “Exchange” tab on the top navigation bar, then select ETH from the drop-down menu at the top of the page.
- Select “ETH” as your base currency and enter the amount of ETH you’d like to spend. Click “Buy KDA.”
Digging deeper into Kadena
The Kadena (KDA) cryptocurrency is an ERC-20 token. This means that it is built on the Ethereum blockchain and can be stored in any Ethereum compatible wallet.
The Kadena team created a new consensus algorithm called Proof of Elapsed Time (PoET) to replace the more energy-intensive Proof of Work algorithm. PoET is more energy efficient because it does not require miners to solve complex mathematical puzzles in order to earn rewards as they do with Bitcoin, for example. Instead, PoET uses a lottery system where miners are randomly selected and rewarded based on their time spent mining.
The Kadena system has the following features:
– Byzantine Fault Tolerance: Consensus protocol that provides high availability even when some nodes are faulty or malicious
– Scalable: Kadena can process many more transactions per second than Bitcoin or Ethereum
– Privacy: Kadena supports confidential transactions, which allow senders to reveal as little or as much of their transaction details as they want
– Readable Ledger: Kadena’s blockchain maintains an immutable and publicly readable record of transactions.
Should you buy Kadena (KDA)?
Kadena’s main goal is to provide a high-speed network for commercial enterprises. It also facilitates private transactions between its users. There are several ways to buy Kadena (KDA) and each way has its own advantages. Some methods of buying Kadena (KDA) will be more convenient than others, so choose the best way for you.
The Kadena team believes that this approach will allow them to achieve scalability while maintaining decentralization because it doesn’t require miners or stakers to process transactions between users and businesses; all of those functions are handled by OTPL nodes instead of miners or stakers.