eXeBlock to begin development of bitcoin payment sidechain

eXeBlock, today has announced the development of a blockchain sidechain that will allow all bitcoin owners direct access to the company’s decentralized applications (DApps) and DApps being developed by third-party developers. eXeBlock has invested nearly 1,000 hours in programmer and development time on the sidechain, which is nearing completion. Once operational, eXeBlock will earn revenue on a fee per transaction basis.

Sidechaining is a term used to describe any mechanism that allows digital assets to be directly transferred between separate blockchains. As the number of independent blockchains grows, so does the need for interoperability solutions. To date, the only option available has been to convert cryptocurrencies and tokens via third-party payment gateways or centralized exchanges. eXeBlock’s sidechain reduces the time, cost and risk associated with these transfers.

“It is a powerful technology that helps establish the necessary communication and trust between two different blockchains. eXeBlock’s sidechain is a key part of our strategic plan to enable mass adoption of DApps and will exponentially increase our potential customer base.”

Ian Klassen, President, and CEO of eXeBlock

DApps running on Bitcoin and Ethereum face severe challenges in regard to scalability due to the high transaction cost and limited speed currently available. eXeBlock’s DApp’s are designed to be capable of tens of thousands of transactions per second (TPS).

The source code used to develop the sidechain will be made available to the Peerplays Blockchain Standards Association (PBSA) as part of eXeBlock’s commitment to developing four DApps in exchange for receiving approximately 940,000 Peerplays (PPY) tokens. This will provide Bitcoin payment support to the DApps currently in development by PBSA and other third-party DApps, as well as eXeBlock’s upcoming 50/50 Labs DApp, which will be available for launch on PeerPlays at the end of Q2 – 2018.

eXeBlock anticipates node operators completing the protocol update sometime in Q3. Bitcoin can be used to access DApps and can also be traded with other users as payments. Users on the PeerPlays network, as an example, will be able to transact within a few seconds, compared to substantially longer per transaction times on other networks. This is a major step forward in eXeBlock’s mission to bring blockchain technology to a point where mass scaling of DApps is technically feasible. Deposits to Bitcoin wallets will be free, and eXeBlock will earn transaction fees when users transfer

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