Bithumb to Launch Blockchain For Users’ DeFi Apps

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.