- Bithumb reveals plans to enter the industry of decentralized finance.
- Bithumb’s proprietary blockchain will use an exchange-as-a-service business model.
The South Korean cryptocurrency trading venue Bithumb plans to launch proprietary blockchain platform that will be based on exchange-as-a-service business model, CoinDesk reports.
The platform called Bithumb Chain will allow users and developers to create decentralized financial applications (DeFi) with open source code that will eventually create a foundation for a new financial ecosystem.
Currently, the new blockchain is at the development stage. The testnet is scheduled for launch by the end of the year, while the mainnet will go live in the first quarter of 2020.
According to Javier Sim, co-founder and managing director of Bithumb Global, the new blockchain will be based on a “revolutionary consensus model,” called OBFT hybrid consensus mechanism. The company plans to patent this mechanism, though Sim refused to reveal more details.
The company wants to use Bithumb Chain, to capitalise on its technologies and know-how protocols that are yet to be developed. The proposed exchange-as-a-service will allow Bithumb to compete with other cryptocurrencies that launched their proprietary chains.
Notably, the head of the US-based cryptocurrency exchange Brian Armstrong noted that the industry of decentralized finances was growing exponentially. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.