Bityuan, the leading Parachain technology company in China, is committed to solving the problem of secure Messaging among different blockchains. Li Bin, the founder of Bityuan, is an expert on blockchain technology. He participated in the blockchain application projects of HNA Group, Midea Finance and JD Finance.
In Midea Finance’s project, Mr. Li identified a key problem. His team built three blockchain projects for Midea Finance to serve three different departments. However, there are interconnection problems. They find that there are obstacles in the secure Messaging among different blockchain projects. This matter led Li Bin into the research of the Parachain solution. Then, Li Bin and his team began to actively start their Parachain study during the process of projects for Midea Finance, HNA Group and JD Finance.
According to Li, the earliest prototype of Parachain is called flexible blockchain architecture. This architecture is based on the Ethereum foundation. The original idea is to separate the smart contract and virtual machine from the main chain. Libin and his team adopted the open source framework chain33 and soon solved the problems in Midea Finance projects by Parachain solution. Five years later, Bityuan was founded in May 2018. Nowadays, Bityuan’s Parachain solution has been implemented on more than 50 projects.
Speaking of foreign competitors, Li Bin said: “Cosmos and Polkadot are the major international competitors of Bityuan. Cosmos emphasizes inclusiveness and decentralization, but it doesn’t pay enough attention to security. Polkadot focuses on security, but it lacks of flexibility. Bityuan focuses on the balancing of both security and flexibility. Bityuan is committed to building the following three parts of infrastructure:
ShoppingToGo: the blockchain e-commerce platform;
SourceChain: the blockchain evidence preservation platform;
B-Wallet: crypto-currency wallet supporting mainstream currencies such as BTC, ETH and BTY.
Due to the achievements in Midea Finance, Li Bin and his team quickly gained popularity in the industry. However, the turnover rate of the company’s technical personnel was high at the beginning. “We are growing with these experiences,” Li Bin said. “The reasons why Bityuan keeps moving forward are not only the patents and technology we have, but also the trust and support of the team and the community.”