- Bitpoint Japan to collaborate with Stake Technologies for blockchain platform development
- Stake Technologies holds experience in developing their own Plasma Network from the use of Substrat
- Bitpoint Japan is planning to develop their native tokens which will be exchanged for specific cryptocurrencies
Cryptocurrency exchange Bitpoint Japan (BPJ) announced on their website that they will develop their blockchain platform with Parity Substrate. This will be a joint venture with Stake technologies. Stake technologies will assist with the technical end of the platform development by providing their experience in the field.
Stake Technologies holds experience in developing their own Plasma Network from the use of Substrate, their valuable contributions in the Polkadot ecosystem and even implementations of Ethereum based smart contracts. Through this joint venture, Stake Technolgie’s role will be to assist the BPJ’s technical team for proper implementation of architecture designs, reviews of code, and infrastructure of the platform.
BPJ’s Plan of Development
Through this venture, Bitpoint Japan is planning to develop their native tokens which will be exchanged for specific cryptocurrencies, Decentralized Finance, foundations for Peer-to-peer (P2P) network for Power trading and Non-Suitable Tokens (NFTs). DeFi is gaining momentum and various technological advancements are already underway in this field. Similar is the case for NFTs along with the development of one’s blockchain platform.
BPJ’s are looking to work on the building of a powerful platform for an automated process that will be connecting the generation and the demand side through blockchain technology. Stake Technologies experience towards the use of Web3.0 and in-house development of public blockchain Plasma Network are the key factors that will drive the collaboration.
Motive Behind Joint Venture
Based on recent trends, the demands for the contactless services is at a peak due to the world pandemic event. And digital transformation (DX) is growing rapidly. BPJ realising that digital asset’s ownership and exchange is the factor that connects both real and the virtual worlds. This concept is also known as the “Internet of Value”. And hence, the decision for developing a blockchain-based platform for the same.