Bithumb Chain is Releasing a New ‘Exchange-as-a-Service' to Allow Users to Create DeFi Apps

Bithumb's new blockchain platform, Bithumb Chain, is launching a new exchange-as-a-service platform that enables users to create their own decentralized exchanges and develop DeFi applications.

Bithumb, a prominent South Korean crypto exchange, has recently announced its new “exchange-as-a-service” platform, which is powered by the company’s own blockchain tech, Bithumb Chain. The product was announced this week and the idea is to allow the users to create their own decentralized finance applications using it.

Right now, the platform is still being tested and the official testnet will be live by the end of the year, with the launch of the mainnet some months later.

The co-founder of Bithumb Global, Javier Sim, said that the new blockchain ecosystem will feature a consensus model that can be deemed as really revolutionary, the OBFT hybrid consensus mechanism. He did not share any more specifics on it, though.

Other representatives from the crypto company affirmed during the announcement that Bithumb will patent the mechanism. However, there are plans to make the technology open-source at some point in the future.

With this new project, the crypto exchange wants to capitalize on its new technology to offer a wide variety of services to its customers. One of the most interesting services would be to let the users create their own decentralized exchanges. This way, they would trade on a platform that would cater to their tastes using the technology provided by the firm.

Obviously, it is clear that the ecosystem will have a big competition. Other chains such as Ethereum, Binance Chain, EOS and Tron are also pretty popular right now, so a real effort has to be made to offer something that the other companies are not really offering at this time if the company is to stand out in the crowd.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Silvia A
Silvia A
Though relatively new to the cryptocurrency and blockchain space, Silvia has a strong interest in the field and a love of writing as well. She brings an interesting take to current happenings in the industry and enjoys introducing the latest developments to cryptocurrency and blockchain enthusiasts alike. She’s excited to promote a vibrant and fresh discussion as the industry continues to develop and move forward.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,467FansLike
2,795FollowersFollow
4,230FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Compound Protocol to Roll Out Decentralized Oracles Dubbed ‘Open Price Feed'

Compound, one of the most popular defi protocol, is all set to introduce open price feeds for lending on its platform using a decentralized...

$2 Million Slippage & Surge in Ether Price on Uniswap Helps Net $40k in Profit

A Uniswap user was able to profit $40,000 thanks to $2 million of slippage and the price of Ether surging north of 15%. It all...

Irish Govt to Target Cryptocurrencies Use in Money Laundering And Terror Financing

The Irish government aims to implement stricter and more stringent laws to curb money laundering and terrorism financing in its financial system, including digital...

Interactive Brokers to Settle $38 Million in Penalties for Violating AML Procedures

Interactive Brokers LLC, a U.S based brokerage that skyrocketed between 2013 and 2018, has agreed to settle a total of $38 million with the...

Ethereum Gas Price Hasn’t Been This High Since its Launch

The price of Ether is back to making its way to $400 level as it hovers around $391 in the green with just $840...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today