Bithumb to Launch Blockchain For Users' DeFi Apps

A new blockchain is currently under development but the testnet is scheduled to be launched by the end of the year and mainnet in next quarter
07 November 2019   358

The South Korean trading platform Bithumb will launch on its own blockchain platform operating on the principle of “exchange as a service,” CoinDesk reports.

The Bithumb Chain blockchain will allow users and developers to create open source decentralized financial applications (DeFi), which developers hope will form the basis of the new financial ecosystem.

A new blockchain is currently under development. The launch of the testnet is expected before the end of the year, and the main network in the next quarter.

Javier Sim, co-founder and managing director of Bithumb Global, noted that the new blockchain will be based on the OBFT hybrid “revolutionary consensus model”. He did not specify the details of the new mechanism, but it is known that the company intends to patent it, and that it uses a “provably random function”. Thus, OBFT is similar to the technology of the Algorand project, which uses its approach to the Byzantine consensus (Byzantine Fault Tolerant, BFT).

Earlier, the head of the American company Coinbase Brian Armstrong said that the growth of decentralized finance is becoming exponential.

US Crypto Companies to Support TON in Case With SEC

The Blockchain Association said Telegram taken sufficient measures to ensure that the Gram token offer met SEC requirements
23 January 2020   122

The Blockchain Association, which combines companies such as Coinbase, Circle, 0x and Ripple, issued an expert opinion as part of the ongoing proceedings of the US Securities and Exchange Commission (SEC) with Telegram.

Previously, the Digital Commerce Chamber launched a similar initiative. The blockchain association, however, was more straightforward and stated that Telegram had taken sufficient measures to ensure that the Gram token offer met SEC requirements. According to members of the organization, the actions of the SEC can damage not only Telegram, but the market as a whole.

The Court should not block a long-planned, highly anticipated product launch by interfering with a contract between sophisticated private parties. Doing so would needlessly harm the investors that securities laws were designed to protect.

 

The Blockchain Association

The Blockchain Association notes that for many years it has not been possible for SEC to obtain clear and unambiguous guidance for conducting activities in the cryptocurrency space, while the claims of the regulator make the current situation even more ambiguous. 

The SEC’s lawsuit also raises novel questions regarding whether companies are forbidden from raising funds from sophisticated U.S. investors, under well-established regulatory provisions, to build blockchain networks.

 

The Blockchain Association

They cite examples of startups TurnKey Jet and Pocketful of Quarters, in respect of which the regulator recommended not to apply legal measures, adding that such litigations inevitably involve high costs and do not guarantee industry participants that they will not be prosecuted in the future.

Telegram discussed its plans with SEC staff for a year and a half, provided copious information and responded to limited feedback by adjusting the design of its transaction. Yet, at the end, the SEC has sued, and the SEC’s briefs thus far say nothing about the substance of those discussions. 

 

The Blockchain Association

In conclusion, the group asks the court to “reject the SEC’s arguments that the not-yet-in-existence Grams were securities at the time of the Purchase Agreements.”