Cryptonomex Inc. Introduces SmartChain Technology With The Graphene Toolkit

Cryptonomex Inc. based in Blacksburg, Virgina, has annouced the creation of a new crypto-technology called SmartChain technology, built on what the core development team has dubbed the "Graphene Toolkit". WIth the Graphene toolkit, crypto-companies can develop applications, run existing cryptocurrency exchanges or services on top of the technology, and more.

The first company to take advantage of this is BitShares, who has announced the upgrade to BitShares 2.0 ran entirely on the new technology. BitShares is currently the #4 Cryptocurrency according to CoinMarketCap.com, and is poised to take advantage of the rich benefits and features the SmartChain technology will provide them.

"BitShares 2.0 is based upon the Graphene Toolkit", stated Stan Larimer, President of Cryptonomex Inc.

"Anyone may provide and distribute an alternative implementation of the protocol and use the protocol for any other blockchain. The Graphene Toolkit produced by Cryptonomex Inc. is only one possible implementation of the protocol".

As announced on the Bitshares website, Cryptonomex will license the Graphene Toolkit for use with the BitShares (BTS) blockchain. The terms of the license will allow the Graphene Toolkit and any derivatives thereof to be used with the BitShares blockchain without any restrictions.

Cryptonomex, Inc retains all rights to the Graphene Toolkit and any derivatives thereof for any other use. The BitShares blockchain is defined as exactly one global ledger.  There are many other possiblities for the new SmartChain technology, since this toolkit will be able to be licensed to any party willing to pay the fee to create a new business or app, and run their business to this new type of crypto-technology.

What happens next?

As soon as the software is ready, it will enter a public testing period for gathering community feedback. This testing period will last until the community is satisfied with the new system, after which an upgrade snapshot date will be announced with at least 30 days notice.

At the snapshot, the current BitShares network will stop producing blocks and BitShares 2.0 will be launched within hours. All accounts and balances will be fully migrated to BitShares 2.0.