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

The Crosschain technology unveiled by BitPAX is based on speed, stability and expandability that make differentblock chains linked to one another. BitPAX block chain platform to which the Crosschain technology is applied wasdesigned 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 fordifferently developed block chain platforms to be connected to one another, boasts of excellent expandability andstability, 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 block chain 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 block chain 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 block chain sector verify its technology. Currently, a total of 38 employees including foreign developers are making proactive efforts to develop block chain platforms and commercialize them.