Bitfury Releases Enterprise Blockchain Exonum

Announcements, Blockchain, FinTech, Innovation | July 18, 2017 By:

Blockchain company Bitfury Group has released its open source enterprise-grade blockchain framework Exonum. The software aims to leverage the security of bitcoin while also allowing for the privacy required for permissioned blockchains.

Exonum enables any company, institution or government to build their own cryptocurrency, store/exchange digitized assets, or code smart-contracts that interact with many other entities. Bitfury stated that Exonum-based smart contracts are able to handle up to 3,000 transactions per second with an unprecedented 2.5 seconds of clearing time, and up to 15,000 transactions per second in custom situations.

Exonum is based on Rust, a highly secure programming language similar to C++, with emphasis given to thorough memory management, which protects against many common errors in programming. Rust is currently faster than Java, Go, C and C++ programming languages.

The company is already using Exonum in some of its pilot projects for governments, and presented a version of the software during its pitch for the EY Startup Challenge. Bitfury will seek to update the software ahead of the release of an enterprise version of Exonum in the coming months.

“Exonum is the next step to blockchain, offering robust and unparalleled blockchain capabilities for asset management and security,” said Bitfury Group CEO Valery Vavilov. “We have spent almost two years working to create our Exonum blockchain platform, deeply analyzing and modeling different blockchain concepts. Respecting the open and collaborative nature of the blockchain and bitcoin communities, we elected to make this software available to anyone developing blockchain-based applications.”