Bitfury, which has maintained its position as the second largest mining pool in the market for a long time, released its first enterprise-grade Blockchain software for commercial companies.
Bitfury’s involvement in Bitcoin innovation
Since early 2016, Bitfury and its development team have been focusing on testing, developing and implementing innovative Blockchain-based solutions. Bitfury has been at the forefront of Bitcoin and Blockchain development over the past few years, developing applications surrounding Bitcoin and two-layer solutions including the Lightning Network.
For instance, In September, Bitfury announced that it tested its algorithm solution for payment routing on the Lightning Network (Flare) with French startup ACINQ. At the time, ACINQ CEO Marie Padiou described the company’s collaborative effort with Bitfury as the first promising step in the development of a scalable framework for Lightning.
“Bitfury’s Flare is so far the most advanced proposal on routing, which is one of the major remaining challenges for the Lightning Network. We used this algorithm in Eclair because we wanted to go beyond simulations and see how well it would perform in a real deployment. We are happy with the results, and see this test as a promising first step in the development of a scalable routing framework for the Lightning Network,” said Padiou.
Bitfury’s involvement in the development of innovative solutions including Flare will be crucial in the upcoming phases of Bitcoin development, especially post Segregated Witness (SegWit). Because the deployment of SegWit activates an infrastructure for two-layer solutions such as Lightning, frameworks including Flare will be utilized by startups, trading platforms and service providers.
Outside of Bitcoin, Blockchain development
Outside the realm of Bitcoin, Bitfury has also been actively focusing on the development of a Blockchain-based platform that can be used by large scale commercial companies and organizations.
On July 17, Bitfury officially announced the launch of its open source enterprise-grade Blockchain framework called Exonum, which the company intends to utilize to encourage governments and businesses to implement Blockchain.
The Bitfury development team and the company’s CEO Valery Vavilov emphasized that Exonum was developed and coded around transparency and immutability. More importantly, Bitfury focused on flexibility to enable users, companies and governments to build Blockchain systems that can automate and optimize existing operations.
Vavilov stated:
“We have spent almost two years working to create our Exonum Blockchain platform, deeply analyzing and modeling different Blockchain concepts. Exonum is the direct result of extensive research and testing by our elite team of best-in-class mathematicians, scientists, developers and analysts coming together to create this inimitable platform.”
At the moment, Exonum-based smart contracts can handle 3,000 transactions per second with a clearing time of 2.5 seconds. In comparison to Bitcoin and other public Blockchain networks, the clearing and settlement speed of Exonum is significantly faster.
Starting this week, Bitfury aims to collaborate with major corporations and organizations to demonstrate the potential of Exonum and increase the adoption of Blockchain-based smart contracts.