Korea’s Cube Systems Rolls Out New Blockchain eCommerce Platform

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Blockchain research and development platform Cube System is rolling out its new Cube Chain based public blockchain mainnet, WAVE 1.0 today – July 3, 2019.

Kim, Dong-oh, CEO of Cube System, said: 

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“Cube Chain is a blockchain platform. By focusing on ecommerce, Cube Chain can be applied to various industries and with our multiple security systems and fast processing speed, it can be used very widely.”

Cube Chain is a unique blockchain ecosystem based on a self-developed technology that forms blocks into a cube-shaped structure using a “cubing” process and connects those cubes together. Cube Chain’s developers created a unique algorithm to build the platform and services offering users a one of a kind experience.

The “cubing” process combines 27 blocks at a time, before creating a cube with 24 data blocks – containing transaction ledger histories – and three other special cubes, made up of a data index block, data statistics processing block, and an escrow function block.

Cube Chain offers users a blockchain-based social network (Qblog), peer-to-peer transaction messenger (CubeChat), AI Service Manager (ASM), integrated login system (SignOne), and a service that verifies the authenticity of products sold on its ecommerce platform (Cube Chain Product).

It has a high transactions per second (TPS) rate and enables fast searching when using blockchain. Currently operating in a test net, it is reaching around 12,900 TPS, demonstrating that CubeChain is faster than both VISA (3,536 TPS) and MASTER (2,061 TPS) for Bank for International Settlements (BIS).

The central feature of the mainnet launch is the operational linkage between Cube Chain’s exclusive mining device -known as Q10- with Cube System’s main net which is Proof-of-work(POW) method. Cube Chain coin (QUB) can be mined using the Proof-Of-Stake (POS) method as well and in Cube Chain Wallet, anyone holding 5000 QUB or more in their wallet can participate in POS mining.

Additionally, an enhanced security vault function will keep Cube Chain safer with doubled security. Cube Chain Wallet provides basic functions such as coin storage, transfer and escrow trade, while also allowing for creation and storage of tokens, coupon issue, and messaging management.

Cube Chain has applied to patent it’s “data connection structure and method in cube form” alongside fifteen other technologies. Prior to its mainnet launch, the company is going through a token-coin swap process. Swap application started on 24 June and can be accessed via the Cube Chain website at cubechain.io.

About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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