Bitfury launches open source enterprise-grade blockchain framework ‘Exonum’

News and Analysis

The Bitfury Group, a Blockchain technology company, has officially announced the launch of its open source enterprise-grade blockchain framework, Exonum, which will help businesses and governments bring their blockchain ideas and solutions to life.

Bitfury explained that Exonum has been custom designed to enable users, companies, and governments to build a blockchain system that solves their challenges, while enjoying the unmatched security of the Bitcoin Blockchain and offering the technology’s unique features like transparency and smart contracts. Importantly, Exonum will help users build an authentic and functional Blockchain, as opposed to a distributed ledger, where the history of the ledger can be rewritten if the nodes or actors collude to do so.

“Exonum is the next step to Blockchain, offering robust and unparalleled Blockchain capabilities for asset management and security,” said Valery Vavilov, CEO of The Bitfury Group. “We have spent almost two years working to create our Exonum Blockchain platform, deeply analyzing and modeling different Blockchain concepts. Exonum is the direct result of extensive research and testing by our elite team of best-in-class mathematicians, scientists, developers and analysts coming together to create this inimitable platform. 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, helping more organizations, governments and businesses benefit from the incredible potential of Blockchain.”

According to the official release, Exonum uses a custom-built Byzantine consensus algorithm that keeps user data safe without needing to “mine” blocks, even if the nodes malfunction or become susceptible to bad actors. This also makes it near impossible to manipulate data or change the history in the Exonum Blockchain. Based on Rust, Exonum Blockchain benefits from the security of bitcoin by “anchoring” (process of saving a “snapshot” of a system state to a public source) to the safe Bitcoin Blockchain, as any changes to the Exonum Blockchain would be recorded and immediately noticeable.

Bitfury further stated that Exonum delivers smart contract efficiency. 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.

The software framework was first exhibited at RustFest 2017. The company now plans to showcase Exonum to the wider IT community in a global roadshow including webinars and events, set to begin July 17. Roadshow highlights include Amsterdam, London, Berlin, Washington, D.C., Moscow, San Francisco, Boston, Austin, Astana, Beijing, and Kiev.

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