Chaintope Establishes Public Blockchain Protocol to Overcome Governance Challenges
Chaintope, a Japanese blockchain startup, has developed a public blockchain protocol known as Tapyrus to tackle some of the governance issues currently being witnessed in the blockchain space. For instance, some of the challenges noted in public blockchains include privacy concerns and sluggish transaction speeds.
These considerable constraints have, therefore, made many companies opt for private blockchains that have a limitation of permissioned participants. Nevertheless, public blockchains are technically advantageous because they are transparent and resistant to data falsification.
Tapyrus to mitigate governance issues
Tapyrus has been designed in such a way that it will avert governance difficulties. Expressly, it has the capability of instigating data transparency and permissionless participation even if selected federations operate it.
Through the Tapyrus platform, the network participants are able to view and verify transactions stored on blocks. This, therefore, averts federations from manipulating data or protocols within their network.
The public blockchain protocol will also permit new functionality to be incorporated depending on specific business requirements.
Hideki Shoda, Chaintope’s CEO, acknowledged: “We hope that Tapyrus will be a successful model for tackling the long-standing governance issue on public blockchains. Combining Tapyrus with the other tools that Chaintope offers on layers one and two, our focus is on taking a holistic approach to the mass adoption of blockchain technology and overcoming current technical limitations.”
Tapyrus has been developed in such a way that a multi-layer protocol is formed and this improves transaction speeds and traceability, as well as tackling governance challenges.
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