Bithumb exchange to launch new ecosystem for DeFi apps

Bithumb exchange to launch new ecosystem for DeFi apps

South Korean cryptocurrency exchange Bithumb will launch a new platform running on its own Bithumb Chain blockchain.

On Bithumb Chain, users and developers will be able to create decentralized financial applications (DeFi) based on the open source blockchain. The exchange’s management believes that such applications will create the Foundation for a new financial ecosystem.

At the moment, the exchange is developing a blockchain, and at the end of the year it will present a test version. The launch of the main network is scheduled for the first quarter of next year.

Javier Sim, co-founder and managing Director of Bithumb Global, believes that the new blockchain will be a hybrid mechanism based on the” revolutionary consensus model ” of OBFT. According to SIM, Bithumb Chain will be able to compete with other blockchains of cryptocurrency exchanges.

In addition, Bithumb is going to patent its mechanism by the end of this year. The head of the exchange added that the consensus algorithm will use a “provably random function”, which will give it a similarity to the Algorand Protocol and the Byzantine consensus. The exchange intends to use Bithumb Chain along with various services, including the “exchange as a service” service, which will allow users to create their own decentralized exchange.

Recall that last month Bithumb launched the platform in Russia. The exchange’s management is interested in the Russian market, considering it one of the most promising areas.