Per the announcement, the open-source Bithumb Chain would enable developers and users to create DeFi (decentralized finance) applications. The network hopes that such projects would pave the way for the establishment of a new financial environment.
The network’s development is currently ongoing. However, Bithumb confirmed that a testnet would take place before this year ends. Meanwhile, the launch of the mainnet could happen in the first quarter of 2020.
In a recent press release, announced new consensus model dubbed the OBFT hybrid consensus mechanism. Bithumb is seeking to file a patent around the new mechanism, with an initial plan of fully open-sourcing the code before the end of this year. It was further revealed that the consensus algorithm would employ verifiable random function (VRF), a setup similar to Byzantine Fault Tolerance (BTF) and Algorand’s protocol.
VRF is a kind of system wherein a function is responsible for publicly verifying its output. BTF, on the other hand, targets one of Byzantine’s most pressing issues. One must obtain agreement from different actors playing in a hostile environment. BTF is designed to ensure that the system wouldn’t stop, despite some actors trying to go against it.
Bithumb hopes that the development of the new Blockchain would allow the firm to capitalize on a variety of services such as exchange-as-a-service, a function that would enable developers to build their own DEX (decentralized exchange.) However, it’s too early to tell whether the crypto exchange would achieve its goal since their protocols are still unknown as of the moment.