Bithumb Will Launch Service for Users to Create Custom DEXs
South Korean Bithumb will launch an exchange-as-a-service platform on its new blockchain.
According to the exchange, Bithumb Chain will allow users and developers to build decentralized finance (DeFi) applications based on the open-source blockchain, which they hope will form the basis of the new financial ecosystem.
The company is currently preparing to launch the network. The test version should be presented to the general public by the end of this year, and the mainnet in the first quarter of 2020.
Co-founder and Bithumb Global Managing Director Javier Sim says the Bithumb Chain will be based on OBFT’s hybrid “revolutionary consensus model”. He refused to disclose details. The company intends to patent its mechanism using a “verifiable random function”, which makes it similar to the Algorand protocol and the Byzantine Fault Tolerance (BFT) consensus algorithm in general.
The operator Bithumb plans to use the Bithumb Chain to launch a number of new services, including the aforementioned “exchange-as-a-service”, with which users can create their own decentralized exchanges.
According to Sim, Bithumb Chain will compete with other solutions of a similar plan.
Shortly before today’s announcement, the media reported that the South Korean company IOK had begun the acquisition of Bithumb. According to the Korea Times, IOK expects to become Bithumb’s largest shareholder by investing in Vidente, which also owns a share of the exchange.
Author: Marko Vidrih