PureChain, a ledger-free blockchain running on an inter-device communication system, seeks to tokenize its first business that it expects to shape the “gift economy,” its developers said Thursday.
Called “Colorchain,” the new decentralized platform by Singapore-headquartered Pax Datatech will have its tokens distributed using PureChain’s technology that does not require a third-party consensus or a process for user authentication.
Choe Young-kyu, co-founder and chief technology officer of Singapore-based blockchain startup Pax Datatech, speaks at a press conference held in Seoul Thursday. (ICTK)
PureChain is a decentralized system powered by physical unclonable functions chips mounted in electronic devices. It was developed through business-academia collaboration led by Korean payment technology company ICTK Holdings since 2016.
PureChain’s cutting-edge PUF chips used in Colorchain do not require an error correction code in its cryptographic applications, said Justin Lee, chief operating officer of ICTK Holdings, therefore its vulnerability to cyberattacks will be lowered.
The token plans to open main token generation event in July in Singapore. Colorchain developers plan to unveil an initial commercial version by the first half of 2019, according to Pax Datatech.
Colorchain’s ultimate goal is to create a blockchain community where each participant trades a component called “Pixel.” An act of sending a Pixel from a digital wallet will create a coin called “Color,” and the coin holding an intrinsic value will be handed to a receiver.
By Son Ji-hyoung