Chain Partners is planning to introduce cryptocurrency storage service for institutional investors in the future based on an exchange called ‘David’ that is equipped with its wallet.
“A wallet to an exchange is like a smelting furnace to a steel mill and other exchanges are dependent on foreign companies.” said CEO Pyo Cheol-min of Chain Partners. “Unlike other exchanges, David established its own wallet by bringing in Bitcoin and Ethereum (ERC-20).”
David has improved speed in listing of new tokens, issue of deposit address of tokens, and Airdrop through its own wallet.
CEO Pyo explained that the fact that EOS is still not listed on David is related to David having its own wallet as significant amount of time has been invested to develop wallets that can store not just EOS but also EOS-based tokens. He is expecting that EOS will be listed on David sometime during next week.
His goal is to develop David into an exchange that can cover B2C (Business to Consumer) and B2B (Business to Business) transactions by applying wallet technologies and OTC (Over The Counter) services. He is also planning to introduce cryptocurrency consignment service for institutional investors during next spring.
CEO Pyo also talked about the background of how ‘David’ was developed. David is the world’s first Elixir-based cryptocurrency exchange. Elixir is a language developed by Ericsson, a Swedish telecommunication business, process large capacity. Based on Elixir, David is able to produce speed that is 20 times faster than Java-based exchanges.
However, a problem is that there are not even 20 developers who use Elixir.
“It was difficult to hire developers who know how to use Elixir as half of them were already hired by our company when I was looking for them on LinkedIn.” said CEO Pyo. “I was not able to register David at one point since ___.”
Socket, which is a telecommunication standard protocol, supports bidirectional telecommunication for browsers and servers.”
“Socket API used by David is same level as the ones used by South Korean exchanges and stock firms.” said CEO Pyo. “Through this socket API, we are able to put in advanced orders.”
However, he does not want David to be known as a ‘mining exchange’. He stated that David’s reward program that provides its own ‘Day’ tokens only acts as priming water and he predicted that mining of Day tokens will be finished after 3 years considering current amount and mining speed.
He is also going to introduce new services as an EOS BP (Block Producer) ‘EOSYS’. ‘EOS Hub’ is a place where EOS users can produce accounts, vote, purchase RAMs, distribute resources, and check breakdown of transactions.
“We are going to link David and EOS Hub together so that EOS users can perform every work related to EOS through David.” said CEO Pyo.
Staff Reporter Ham, Jihyun | goham@etnews.com