CoinBank’s Stable Digital Asset CK.USD Runs on the New Open Source Blockchain

On December 4, 2018, CoinBank officially announced the recent update of the open source blockchain that CK.USD runs on. The upgraded CNET address has now replaced the previous one and API access is now available.

As a digital bank headquartered in Dubai, CoinBank provides global digital financial services to younger generations. In August of this year, CoinBank announced its acquisition of the stable digital asset CK.USD, which is anchored with the U.S. dollar. After the completion of the acquisition, CoinBank set about to reorganize it and launched a new application solution, including the replacement of the open source public chain, which realizes a better access for third parties and expand the scope of circulation.

CNET is a global digital asset payment network technology that enables consumption payment via digital currencies. On November 10, CNET announced a major upgrade to the main network and allowed users to download and use the new version of the wallet. In this upgrade, CNET reserved the API documentation and opened the source code. Knowing the upgrade by CNET, CoinBank contacted the CNET team immediately and set about to replace the open source public chain.

The updated CNET main network adopts a more rigorous reinforced UTXO accounting model to adapt to the strict requirements of digital assets, stable assets and STO on digital financial scenarios. The new network also adopts the original multi-asset model and integrates a targeted instruction system. Compared with the old CNET network, the new one will provide stronger performance and higher speed. At the same time, it further reduces the transfer cost and improves the system stability.

FanKe Meng, the CTO of CoinBank, said “After changing to the new main chain, CK.USD will be compatible with more existing protocols and integrates more interfaces, improving its adaptability to digital financial application scenarios. The upgrade coincides with CoinBank’s current development needs and will benefit our cooperation with ecological partners.”

At present, the CNET open source code and wallet of the new main network can be downloaded through CNET.GLOBAL. The exchanges that previously supported CK.USD such as BCEX ALLCOIN and CoinBank OTC have actively responded to the upgrade. CoinBank continues promoting the new network, which will enjoy a rosy outlook in the future.

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