FUKUOKA, Japan, Nov. 14, 2019 /PRNewswire-PRWeb/ -- Chaintope Inc., a Japanese blockchain startup, has launched a public blockchain protocol named 'Tapyrus', pioneered by the in-house development team led by Chaintope's renowned Chief Technology Officer, Shigeyuki Azuchi. Tapyrus is open source and available from today.
Over the past few years, the number of blockchain-powered applications has been increasing, but the underlying technologies have unsolved challenges. Bitcoin, for instance, is probably the most decentralised blockchain among other public and private chains. However, having a decentralised network without a proactive central authority makes it difficult to add new functionality or to completely recover from unexpected incidents. Also, public blockchains which allow anyone to participate in verification and block generation are struggling with slow transaction speeds and privacy concerns.
To avoid these major constraints of public blockchains, many organizations opt to implement private blockchains whose network accessibility is limited to permissioned participants. Governance, in the context of private blockchains, is in fact better understood and therefore more manageable than in public blockchains. However, some technical advantages that public blockchains are generally known for, such as transparency and resistance to data falsification, are neglected.
Tapyrus is therefore designed to overcome these governance-related challenges. While maintaining permissionless participation and data transparency, a platform built on Tapyrus can be effectively operated by selected federations. The rest of the network participants are able to verify and view transactions recorded on blocks, which prevents federations from tampering with protocols or data within their network. This type of governance was found effective through an ongoing Proof of Concept conducted by Chaintope in the Malaysian supply chain industry. For example, suppliers, shippers, and retailers serve as federations who are responsible for item data while consumers are able to verify the data with a mobile application. By launching this new type of blockchain, Chaintope intends to assist businesses and organisations in moving their blockchain experimentations forward to the next stage across industry.
Additionally, Tapyrus allows various new types of functionality to be added according to specific business needs. Chaintope's blockchain solutions work together to form a multi-layer protocol in which traceability and transaction speed are greatly improved, while at the same time solving the governance problem – things which were previously mutually exclusive.
"We hope that Tapyrus will be a successful model for tackling the long-standing governance issue on public blockchains. Combining Tapyrus with the other tools that Chaintope offers on layers one and two, our focus is on taking a holistic approach to the mass adoption of blockchain technology and overcoming current technical limitations." says Hideki Shoda, CEO of Chaintope.
With the launch of Tapyrus, there are further plans to add features to the Tapyrus ecosystem in the near future.
Technical documentation and toolkits for Tapyrus are available on GitHub (https://github.com/chaintope). For future use cases and technical updates, please subscribe to our newsletter or contact us via email or reach out to us on social media.
Chaintope is a Japan capital MSC Status company specialized in blockchain technology. Our focus is on development of blockchain-based systems for both FinTech and non-FinTech sectors. We are committed to the research and development of the public blockchain, the technology at the heart of Bitcoin and our mission is to implement blockchain in societies. We hope that our efforts will lead to a future where both individuals and companies can interact directly utilizing more direct trust relationships, and we believe that this will help lead to the construction of a more completely optimized social infrastructure. For more information on our latest technology, please visit us at https://www.chaintope.com/en/ or follow us on Facebook https://www.facebook.com/chaintopeglobal/ and Twitter https://twitter.com/chaintopeglobal
SOURCE Chaintope, Inc.