A look inside the mysterious project “Tritium” from Bitcoin e-commerce company Purse.io

Not long ago, Purse.io, a Bitcoin e-commerce startup, announced a $1 million financing. At the same time, the company also revealed its ongoing mysterious project "Tritium", but did not provide specific details of the project. Recently, the company's co-founder Kent Liu wrote an article on Medium. Although the article is not specifically about "Tritium", we can still get a glimpse of the company's mysterious project through this article.

According to Kent Liu, the new platform will be an "open and flexible" smart contract application that provides some functions that fiat currency cannot provide. The focus here seems to be to enable digital currency to create something with other forms of value, not just an online currency, which has a unique and disruptive nature. Smart contracts are a protocol based on blockchain technology that is used to encrypt various contracts reached between two parties. There are already many people engaged in the development of smart contract projects, but the concept is still in its early stages.

Kent Liu said in the article that Bitcoin has faced some difficulties. Excessive speculative trading has led to a transaction volume that exceeds the transaction volume that the transaction network can handle, which has triggered an ongoing block size debate. He explained, "If ordinary people only need to use Visa/Venmo, does the block size still matter?" Purse wants to do more than just provide people with currency alternatives. It also hopes to create projects that will impress and attract ordinary people. He believes that "Tritium" is a project that meets the above conditions. Liu explained:

“Purse’s mission is to create a product that is persuasive enough for ordinary people to become Bitcoiners, and we expect Tritium to help us move towards this goal.

Purse has already achieved its goal of saving people money using Bitcoin on Amazon, and recently created a two-way e-commerce marketplace for merchants. They hope to move forward and build the next powerful account system. Liu said, "The goal of Tritium is to spawn a new transaction market that is completely unrelated to traditional payment methods. Let ordinary people really fall in love with digital currency."

Purse has hired Christopher "JJ" Jeffrey, a former BitPay developer and open source advocate, to help the project move forward. Jeffrey has been involved in the development of various digital currency projects. Tritium's mission is to highlight "what Bitcoin can do that fiat cannot do (such as trustless custody services)", and Purse hopes that projects like this can be at the forefront of the industry.

Liu said:

Our space is saturated, there is no room for Bitcoin (insert existing services). We (the Bitcoin community, businesses, the currency itself) are not doing anything to break out of the existing space.

But the "Tritium" project allows them to integrate new ideas into the Bitcoin ecosystem. The project has received $1 million in investment, and they will focus on the development of new application architectures. Purse claims that this new platform will be open source and its interface will be easy for users and developers to use.

Original article: http://bitcoinist.net/purse-io-reveals-its-secret-platform-tritium/
By Jamie Redman
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information (http://www.8btc.com/purse-tritium)