Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Wednesday, 11 December 2019, 01:00 HKT/SGT

Source: Bityuan Foundation Ltd
Bityuan's blockchain, the first public chain to realize parachain technology

HANGZHOU, CHINA, Dec 11, 2019 - (ACN Newswire) - Bityuan is a simple blockchain network, but the first public chain in the world to realize parallel chain (parachain) technology. Parachain stands for 'parallel public chain', an independent public chain that shares the Bityuan consensus network, with a decentralized operating system that is fair, shared, free. Bityuan team implemented parachain architecture 3.0 in 2018, having started 5 years earlier, and aim in future to create a public chain alliance, with nearly 6,000 shared consensus nodes around the world and still growing, with higher performance, making blockchain a type of cloud service.

Li Bin, an original architect of Bityuan, worked on applied chain projects of HNA Group, Midea Finance and JD Finance. In the Midea project, Mr. Li identified key problems in inter-connectivity. He found that there were obstacles among different chains, leading him to research that would become parachain architecture. Li Bin and his team actively began this research during the process of projects for Midea Finance, HNA Group and JD Finance.

According to Li, an early prototype of Parachain is called flexible blockchain architecture, based on work by the Ethereum foundation. The original idea is to separate the smart contract and virtual machine from the main chain. Li Bin and team adapted a Chain33 framework and soon offered Midea solutions with parachain. On May 17, 2018, Bityuan 3.0 launched on the mainnet, with BTY mapping later that year. Bityuan's parachain solution is implemented in more than 50 projects.

Li Bin says, "Cosmos and Polkadot are the major alternatives to Bityuan. Cosmos emphasizes inclusiveness and decentralization, but doesn't pay enough attention to security. Polkadot focuses on security, but lacks flexibility. Bityuan focuses on balancing both security and flexibility." Li Bin and his team are further committed to the following infrastructure:

ShoppingToGo : the blockchain e-commerce platform.
SourceChain : the blockchain evidence preservation platform.
B-Wallet : wallet for mainstream currencies, as BTC, ETH and BTY.

Due to their work for Midea Finance, Li Bin and his team maintain credibility in the industry. But turnover in company technical personnel was high at the beginning. "We are growing with these experiences," Li Bin said. "The reasons that Bityuan keeps moving forward are not only the patents and technology that we have, but the trust and support of the team and the community."

Edwin, Bityuan Foundation
e: [email protected]

Dec 11, 2019 01:00 HKT/SGT
Topic: Press release summary
Sectors: FX & Digital Currencies, FinTech/Chains
From the Asia Corporate News Network

Copyright © 2020 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

Latest Press Releases
ITES 2020: An Exhibition of World-class Brands Leading the Smart Factory Revolution  
Jan 20, 2020 08:30 HKT/SGT
Phar-East 2020 Names Keynote Speakers  
Jan 20, 2020 08:02 HKT/SGT
The Roads & Traffic Expo Thailand 2020 to Gather Over 2,000 Attendees  
Jan 20, 2020 08:00 HKT/SGT
Toyota Indiana Completes $1.3 Billion Modernization Project; Includes 550 New Jobs  
Jan 20, 2020 07:46 HKT/SGT Announces 2020 Lunar New Year Event with New Mining Plans and Rebates  
Jan 17, 2020 22:00 HKT/SGT
Toyota Yaris WRC Trio Start a New Chapter with a Classic Challenge  
Jan 17, 2020 19:05 HKT/SGT
China Tonghai Financial is Honoured with Best Privatization at The Asset Triple A Country Awards 2019  
Jan 17, 2020 17:44 HKT/SGT
Blockpass Featured in Forrester Research Report  
Jan 17, 2020 17:00 HKT/SGT
DOCOMO Conducts World's First Successful Trial of Transparent Dynamic Metasurface  
Jan 17, 2020 15:05 HKT/SGT
Circle Fund Poised to Capitalize on Renewed Market Strength in 2020 and Beyond  
Jan 17, 2020 13:00 HKT/SGT
More Press release >>
More >>
 News Alerts
Copyright © 2020 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 400 879 3881 | Hong Kong: +852 2217 2912 | Singapore: +65 6304 8926 | Tokyo: +81 3 6859 8575

Connect With us: