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   167

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.

LocalEthereum to be LocalCryptos Now

Exchange's team believes they have advantages over LocalBitcoins, which "looks the same today as it did in 2012"
19 November 2019   129

LocalEthereum's P2P platform changed its name to LocalCryptos to support more cryptocurrencies, starting with bitcoin.

The possibility of buying / selling BTC has already been added, in the near future EOS, DASH and Litecoin (LTC), as well as Ethereum-based tokens are indicated.

According to the statement, the platform has more than 100 thousand users around the world.

With rebranding and the addition of bitcoin trading, the site competes with the popular P2P platform LocalBitcoins, and LocalCryptos believes that they have advantages. They include the non-custodian BTC escrow system and end-to-end message encryption.

Platforms like LocalBitcoins are centralized, custodial, and a far cry from private. These platforms are vulnerable to hacks and thefts like a centralized exchange.
 

LocalCryptos Team

Hackers have stolen several billion dollars from the past, and at least two incidents related to LocalBitcoins traders, the statement said.

LocalCryptos does not store user private keys and declares that it gives them full control over the funds.