Press Release

BitPAX unveils ‘Crosschain’, a commercial blockchian technology adopting ‘Atomic SWAP’ method for the first time

◎ Speed and stability making decentralization possible realized ... “A success made in commercialization with differentiated technology”

BitPAX (CEO Tae-cheol Kim), a blockchian specialist, unveiled Crosschain, a commercial blockchian technology based on Atomic SWAP method for the first time.

On February 13, BitPAX held a meetup in Paxnet head office located in Nonhyeon-dong in order to introduce its independently developed ‘Crosschain’ technology and demonstrations. In the event attended by 100 officials involved in the blockchian industry, principles of the Crosschain and its expandability were explained in detail.

The Crosschain technology unveiled by BitPAX is based on speed, stability and expandability that make different blockchians linked to one another. BitPAX blockchian platform to which the Crosschain technology is applied was designed to process data at the speed of 4000TPS per second, which is the fastest speed in the industry. In particular, the Crosschain developed with Haskell, an adapter language in the early protocol that makes it possible for differently developed blockchian platforms to be connected to one another, boasts of excellent expandability and stability, which makes it possible to smartly process sharding, a traditional method of processing big data.

Starting with the introduction of the Crosschain technology, BitPAX plans to launch beta service while expanding the scope of Atomic SWAP and opening mobile services based on continuous update. In the meantime, the company will establish sophisticated ecosystem by sharing opinions with developers through technical meetups in earnest at the end of February.

Tae-cheol Kim, CEO of BitPAX, said, “BitPAX plans to have carefully selected blockchian companies participate in projects based on the Crosschain technology in the first half of this year while launching various global remittance services and advancing into the U.S. market.” He went on to say, “In addition, as it can be comprehensively applied to various areas including online market services and e-Commerce-related systems, BitPAX will come up with diverse measures to expand business projects by adopting unprecedented new concepts.”

BitPAX has operated a research and development office in Moscow in Russia with an aim to grow into a blockchian technology-centered company. In order to unveil the technology, the company had the Computer Science Department of the Moscow State University well-known to have world-renowned experts in the blockchian sector verify its technology. Currently, a total of 38 employees including foreign developers are making proactive efforts to develop blockchian platforms and commercialize them.

Posted on Feb 13, 2019