Bitfury launches enterprise Bitcoin-anchored blockchain software framework

Bitfury launches enterprise Bitcoin-anchored blockchain software framework


The Bitfury Group, a leading full-service blockchain technology company, announced today the launch of its open source enterprise-grade blockchain framework, Exonum. Exonum is a software framework that will help businesses and governments securely and easily bring their blockchain ideas and solutions to life.

Anchored to Bitcoin

Unanchored private blockchains are susceptible to hacks given their smaller network, but the Exonum blockchain enhances security by relying on strong, cryptographically proven systems.

The Exonum blockchain benefits from the security of Bitcoin by anchoring to the safe Bitcoin blockchain. Anchoring is the process of saving a “snapshot” of a system state to a public source, removing the need to trust the administrator of the blockchain unconditionally, while keeping sensitive data private. The anchoring service periodically saves a cryptographic hash reflecting the state of the Exonum blockchain to the Bitcoin blockchain.

Even if a bad actor were to infiltrate a majority of the nodes, any changes to the Exonum blockchain would be recorded and immediately noticeable.

Many solutions exist for businesses to create a distributed ledger or use distributed ledger technology, called DLT. DLT, while a marked improvement from current systems, bears a nearly identical resemblance to a distributed database. A distributed database does not have the same benefits or security of a true blockchain. In a distributed ledger, the history of the ledger can be rewritten if the nodes or actors collude to do so; further, there’s no way to automatically audit the system for a client, as the system operates just like a database.

Secure Programming Language
Exonum is based on Rust, the most secure programming language to date. Rust is a systems programming language designed to be safe, concurrent and practical. It is 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 and continues to improve.

Smart contract efficiency
Exonum’s smart contracts are the best option for enterprise-level needs. Just like other smart contract platforms, like Ethereum and Fabric, Exonum smart contracts represent business logic that can capably add to a blockchain immediately. Exonum-based smart contracts also have the highest performance in terms of transaction processing, 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.

Valery Vavilov. Co-founder and CEO at Bitfury Group

Valery Vavilov, CEO of The Bitfury Group said:

“We have seen interest and enthusiasm for blockchain solutions grow every day as businesses, governments, and institutions look for the easiest and most secure way to take their next step. Exonum is the next step to blockchain, offering robust and unparalleled blockchain capabilities for asset management and security.”

“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.”

The source code for Exonum can be accessed through the product’s official website and on Github. Developers are free to incorporate, adapt and extend the Exonum source code according to their needs.



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