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.