Blockchain company Coinprism launches Openchain: an open source distributed ledger

Blockchain technology company Coinprism has released an open-source distributed permissioned ledger called “Openchain”, targeting enterprises and financial institutions.

Unlike Bitcoin, Openchain is based on a unique distributed ledger technology that helps users deploy their own version of the blockchain, reducing their transaction costs and settlement time.

弗莱温•查隆, founder and CEO of Coinprism, said of Openchain:

“Typically, the settlement of a trade takes place some time after the trade occurs. For example, stock trades take three days to settle. Openchain can process trades and settlements simultaneously, which reduces transaction costs and counterparty risk.”

Openchain vs Bitcoin

According to Charon, Openchain handles different types of assets than the bitcoin blockchain, which is the main difference between the two.

Charon, a former software developer at Microsoft, said Bitcoin is a unique asset that is "censorship-resistant."

“The entire design of Bitcoin comes from this requirement of censorship immunity, and the core of Bitcoin is the proof of work mechanism. Of course, we should thank Bitcoin for its incredible and innovative proof of work and censorship immunity mechanism, but when banks talk about blockchain technology, they are not interested in the censorship immunity mechanism of the Bitcoin blockchain.”

Charon claims that Openchain is as transparent and verifiable as the Bitcoin blockchain.

“Anyone can connect to a validating node and receive a real-time copy of the transaction verification, which Openchain also protects through digital signatures, making the transaction unforgeable.”

Charon said that one of the significant differences between Openchain and Bitcoin is the ability to avoid delays in transaction confirmations:

“Openchain removes the blocks and directly connects transactions to each other, which means transactions can be confirmed instantly.”

compete

Distributed ledger technology has become increasingly popular in recent months, with many companies entering the field, such as Digital Asset Holdings' acquisition of Hyperledger.

itBit also revealed details of its confidential project “Bankchain”, which is a project based on a private consensus ledger system and its target customers are also financial institutions.

Speaking about these competitors, Charon said:

"The first big difference with all these companies is that our product is open source and actually available. These companies haven't released anything about their projects until now, and most, if not all, of them are proprietary."

According to Charon, some companies are already using Openchain for internal testing, but Charon did not provide specific details on these internal tests.

"We have received very positive feedback from some companies. However, I cannot disclose the names of these companies at this time."

Original article: http://www.coindesk.com/coinprism-launches-open-source-distributed-ledger/
By Yessi Bello Perez
Translator: Bibit
Editor: printemps
Source (translation): Babbitt Information