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In Milestone Release, Chain Open-Sources its Blockchain Tech

October 24, 2016 at 10:49 AM | By Jit Sutradhar News

chain, ludwin

“We’re going to have to have a tremendous amount of support.”

Somewhere in the middle of a Las Vegas sports bar, Adam Ludwin finally explains why he’s been talking about spending $10,000 on a Slack channel. Two years after starting as a bitcoin API provider, pivoting to focus on enterprise blockchains and fighting for partners against the likes of R3CEV, the CEO of blockchain startup Chain is ready to make his big move.

On Monday, Chain is officially open-sourcing its blockchain platform, Chain Protocol, at Money2020, at which point the technology the startup has built with select partners (and first announced as ChainOS) will be freely available to developers worldwide to download and install.

The release further coincides with the unveiling of extensive new resources for developers, offerings that filled Ludwin with a enthusiasm as he scrolled through page after page of a 100-page specification and 24-page white paper. (For a time, the only thing longer as the pages fly by seems to be the pennant drought the Chicago Cubs are poised to break on the TV behind him).

But if Ludwin succeeds on his vision, he believes the release of Chain Protocol could be just as big a part of history. Indeed, he went so far as to call the release the “biggest yet” for the company, one that he hopes will drive blockchain adoption among financial firms globally.

Ludwin told CoinDesk:

“I don’t want to be a gatekeeper. I want people to go from PowerPoint to pilot. Now most banks will say, ‘Yes we’re doing something’. What are they doing? They have a strategy in a PowerPoint and they’re trying to figure out how to build it.”

In this way, Ludwin sees this release of 30,000 lines of code as one that will enable enterprise firms to begin using a blockchain built for business without permission. He argues that Chain Protocol offers something truly novel in a market where more mature public blockchains “aren’t fit for purpose” and other permissioned ledger systems remain in the development phase.

To drive the point home, Ludwin said that Chain recently tested its software by attempting to see if Chain Protocol could process “the entire day’s trades for the Nasdaq” on its ledger system in real time, a test he said it passed.

While limited (the test only explored whether Chain could sign and get a single validation for each trade), Ludwin asserted that the trial proved his startup’s technology can meet the demands that will be placed on live networks.


Article Source: http://www.coindesk.com

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