Cube System, blockchain research and development platform announced that its new Cube Chain based public blockchain has launched. This development was on 03 July.
Cube System commenced by informing that Cube Chain is a singular blockchain ecosystem that works on self-developed technology leading to the formation of cubes. The blockchain R&D platform further added that the cubing process combines 27 blocks at a time. Ultimately, a cube is formed with 24 data blocks containing transaction ledger histories. There are three other special cubes – data index block, data statistics processing block, and escrow function block.
Kim, Dong-oh, CEO of Cube System cited –
“Cube Chain is a blockchain platform. By focusing on ecommerce, Cube Chain can be applied to various industries” and “with our multiple security system and fast processing speed, it can be used very widely.”
Cube System further added on the offerings of Cube Chain. Cube Chain offers users a blockchain-based social network (Qblog), peer-to-peer transaction messenger (CubeChat), AI Service Manager (ASM), integrated login system (SignOne), and a service that verifies the authenticity of products sold on its eCommerce platform (Cube Chain Product). Cube System also asserted that Cube Chain has high transactions per second (TPS) rate.
Cube System in a bid to highlight the statistics quoted that Cube Chain while operating in test reached speeds of around 12,900 TPS. Cube System noted that this number proves that CubeChain is faster than both VISA (3,536 TPS) and MASTER (2,061 TPS). Cube System expressed that the main point of the actual launch is the linkage between Cube Chain’s mining device with Proof-Of-Work (PoW) method.
Cube System clarified that an enhanced security vault function would keep Cube Chain safer with doubled security. Cube System noted that Cube Chain wallet provided basic to advanced functionalities. Basic functions such as transfer, coin storage, and escrow trade would be seamlessly provided. Advanced functions such as creation and storage of tokens or coupon issue would also be provided.
In March, there were reports of a blockchain-based eCommerce firm collaborating with UPS. The US-based multinational package delivery and supply chain management giant had collaborated with e-commerce technology firm Inxeption. Both firms were aiming to build a new blockchain integration platform called Inxeption Zippy.
Cube System concluded on a note capturing Cube Chain’s patent application. Cube Chain endeavored to patent its data connection structure and method in cube form. Cube Chain had tried this beside fifteen other technologies. Before its main launch, Cube System was going through a token-coin swap process.