Bithumb Global Launches Open Blockchain Protocol 'Bithumb Chain'
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In what could open up a once closed ecosystem to the world and offer an all-in-one solution for all DeFi use cases, Bithumb Global has come up with Bithumb Chain. The company claims that Bithumb Chain is a core infrastructure which connects many moving pieces in a finance ecosystem.
Bithumb Global, one of the leading cryptocurrency exchanges in the world, launched the product at the Bithumb Family Conference in Seoul, South Korea on Wednesday.
How is the solution different?
Bithumb Chain will enable transfer of value, the flow of information and vertical business integration within a shared blockchain ecosystem. It is designed as a supplement to existing products, services, and infrastructure which will help every product and platform of the Bithumb Family to capture value from both upstream and downstream of the trading business.
The Chain integrates a variety of technologies, such as an innovative exchange-as-a-service, a protocol profit sharing protocol, ValueNet Domain Name System, an exclusive OBFT hybrid consensus model, PK-based authority control system, blockchain network settlement and other features that enable usability into the value network of the blockchain.
The company claims Bithumb Chain will be helpful for developers, traders and entrepreneurs alike. By connecting one of the world’s largest community hubs with a decentralized open protocol equipped with all the features required to build a new financial ecosystem, the blockchain solution seems to have the potential to become a tipping point for mass blockchain technology adoption.