Crypto Exchange Upbit Operator Unveils Blockchain Developer Tool Luniverse

Announcements, Blockchain, News | September 17, 2018 By:

South Korean FinTech firm Dunamu, operator of crypto exchange Upbit, has announced that its blockchain research unit Lamda256 has created a new blockchain developer tool that allows anyone to develop decentralized applications (DApps).

Founded in 2012, Dunamu started as a news aggregator, but quickly pivoted to FinTech. In 2013, the firm attracted Kakao, when it won $187,000 in backing from its holding company K Cube Ventures, and then $3.8 million directly from the firm two years later. The partnership led to the creation of KakaoStock, a mobile stock trading app.

Called “Luniverse,” the new tool is Lamda256’s proprietary blockchain service development platform that lets developers build various dApps and run token economy systems in an easier and faster manner. The tool includes the main blockchain “Luniverse Network” and a sidechain service linking to the ethereum public blockchain network.

“With Luniverse, you can build the key structure of a dApp in just 30 minutes,” said Lambda256. “We want developers to focus on their blockchain-based service development, rather than worry about technology issues. Using Luniverse, developers can immediately launch their planned blockchain services and bypass much of the technical development process, which can be costly. The development solution is also available as a pay-by-use system, offering economic benefits.”

Suh Joon-yong, the team leader in charge of development at lambda256, said that commercializing ethereum is difficult at the moment because of poor performance resulting from the fact that ethereum network gas prices are so volatile and only eight transactions are conducted per second.

“Ethereum is lagging behind considering that Visa Card and PayPal show transactions of 10 to 10,000 times per second (TPS),” Suh said. “These gaps are difficult for individual developers or ordinary teams to resolve and many Korean companies also grapple with the supply and demand imbalance of developers.”

Suh added that Luniverse will utilize sidechains to address the TPS problem and carry out a periodic update to prevent the problem of discrepancy with the mainnet. He said the ethereum-based testnet will be launched on September 18, and they will officially debut the solution by the end of the year.

“On Sept. 18, the testnet and partners will be open to the public,” Suh said. “Lambda256 plans to reveal its sophisticated public service in the fourth quarter of this year.”