INTERBIT LTD. is pleased to provide an update on the development of the Interbit platform, its proprietary technology platform. On April 25th the Company announced it would focus exclusively on the development of the platform and testing its performance to enable support of the commercial opportunities created by GDPR mandates and the emergence of Edge computing.
“The Interbit platform’s fundamental building blocks have been structured to form the basis of a lightweight and practical infrastructure that provides both the ability to segregate and delete data in a transparent manner, to meet the growing concerns around privacy and the right to remove data that is now being demanded from the market,” said Scott Maxwell, COO of the Company.
In Q2, Company developers completed numerous data reconciliation functions and performance tests and demonstrated that a single multi-chain installation of the InterbitTM platform was capable of supporting up to 5 concurrent nodes, with up to 100 Blockchains on each node. These tests also demonstrated the Interbit platform’s unique chain-joining technology with a chain-join throughput of 300 transactions per second per chain-join, similar to current enterprise single blockchain solutions, while allowing for multiple chain-joins that when combined yield yet higher performance. The focus is now to demonstrate that additional nodes will distribute data over multiple blockchains to continue increasing the chain-joining throughput rate and enabling extended scalability going forward.
These advances are enabling the Company to progress the Interbit platform to the next stage of its development and as a result the Company has entered into a service agreement with Xinova, LLC (“Xinova”) to complete a review of the code and build upon the functionality and market readiness for the platform for the solutions required by the CitizenOS project (see the Company’s November 29, 2018 press release), along with other commercial opportunities. The review, which is expected to be completed early Q4 2019, will be conducted by Xinova and its global network of experts who focus on accelerating innovation by developing solutions to the problems or challenges faced by major corporations and governments.
Scott Maxwell, COO of the Company added, “Given the advantages that our multi-blockchain aims to provide, our primary focus now is to advance the InterbitTM platform to a point where it can support commercial applications and satisfy the demands of Xinova, its network and others. Xinova’s review will not only provide us with external validation of our platform but also accelerate our commercial deployment and the identification of further opportunities.”
Chal Davidson, Xinova’s VP Business development added, “Xinova’s smart and trusted network of innovators is as diverse in expertise and disciplines as it is geographically, having innovators in more than 100 countries around the world. We’re excited to put the mind of the network to work and build on Interbit’s recent advances towards a commercial platform.”