VANCOUVER, British Columbia and LONDON, Sept. 20, 2018 (GLOBE NEWSWIRE) -- BTL GROUP LTD. (TSX Venture: BTL) (“BTL” or the “Company”) announces that it has filed a sixth patent application - or the “Hyperconvergence Application” - as the latest strategic patent filing for the InterbitTM platform, the 3rd generation blockchain platform being developed by the Company with the intention of being a mega-chain platform (supporting millions of blockchains), that will overcome the limitations of single blockchain platforms. BTL began development of the InterbitTM platform following insights and learnings from projects undertaken with major financial services companies and energy companies based in Europe.
“While our patent strategy has remained unchanged, the vision for the mechanics and functionality of our InterbitTM platform has expanded to millions of blockchains being supported, along with targeted applications and blockchain solutions,” said Tom Thompson, CTO of BTL and inventor of the InterbitTM platform. “Since the InterbitTM platform’s release in April for feedback and testing, we have been presented with demand scenarios that require scaling up to millions of blockchains and accordingly we are taking steps to upgrade the platform’s capabilities to attempt to meet those challenges.”
The Hyperconvergence functionality set forth in this Hyperconvergence Application allows a single application blockchain to control different hypervisors, across different nodes, and to control the hypervisor it is running on, allowing a single blockchain direct control of all the hardware those hypervisors are running on.
“In the last 12 months we have seen new demand for complex mega-chain scale solutions running millions of blockchains that we intend to address by unique features in our InterbitTM platform," said Dominic McCann, CEO of BTL.
The first two of the six patent applications filed for the InterbitTM platform were submitted in October 2017 and define the platform’s chain joining capability and the underlying Hypervisor architecture.
In conjunction with the InterbitTM platform’s release feedback and testing, three additional patent applications were also filed:
- Payload Layer – conventionally, storing a very large file on a blockchain takes time and prevents that blockchain from processing tasks while the file is being stored. The Payload Layer allows large file transfer with only a small reference file being stored on the blockchain, thereby allowing the blockchain to continue normal processing during the large file transfer.
- Chainception – Interbit blockchains can spawn new blockchains, and this application covers automatically distributing these new chains across multiple hardware hosts as children of the parent chain.
- Side Effects – Side Effects refer to hardware interactions effected by blockchains. The results of those interactions may be obtained in two ways: they can be delegated to a single node to perform, or delegated to multiple nodes to perform with the results from those nodes being, for example, averaged.
The patent pending InterbitTM blockchain platform and its underlying Hypervisor architecture address scalability and privacy, which remain as two key challenges that blockchain technology faces as demand scenarios for blockchain solutions rapidly increase in complexity. The InterbitTM platform’s advantages address these challenges as follows:
- The Hypervisor architecture seeks to enable thousands and then millions of blockchains per server to operate and connect efficiently with one another.
- Connecting blockchains allows:
- solutions to scale horizontally, targeting combined network throughput rates in the hundreds of thousands of transactions per second;
- solutions to hold enterprise scale data volumes targeting the petabyte range; and
- networks of Interbit blockchains to directly communicate with one another.
- solutions to scale horizontally, targeting combined network throughput rates in the hundreds of thousands of transactions per second;
- The Hypervisor was built to address one of the main challenges for blockchain technology, ease of use. Developers use familiar tools and languages when building on the InterbitTM platform.
- Written in pure Javascript, the Hypervisor runs natively in modern browsers allowing direct access to blockchains without needing to first connect to a server - the browser becomes one of the nodes.
ABOUT BTLTM AND INTERBITTM
Listed on the TSX Venture Exchange (TSX Venture: BTL) and operating from both Canada and the UK with offices in Vancouver, Calgary and London, BTL is a technology platform provider that owns the InterbitTM platform, a 3rd generation blockchain platform which enables business applications to be built quickly, easily and securely.
The InterbitTM platform can be licensed by developers and businesses who can build and share their own applications in a trusted ecosystem, allowing them to embrace new revenue generating opportunities. Interbit meets the speed, scale and privacy that older generations of blockchain technology cannot achieve by using its chain joining technology to connect multiple blockchains. It offers a simpler, more secure, new way of computing.
Website: www.btl.co & www.interbit.io
Twitter: https://twitter.com/blockchainltd & https://twitter.com/interbit
Videos: https://youtu.be/YFOH0YEHLak & https://youtu.be/eWI-0AXaZgc
For further information please contact:
Dominic McCann, CEO
Phone: +1 855 256 5246
Email: dominic@btl.co
Certain statements in this release are forward-looking statements, which include further development of BTL’s business relationships and business and the timing, development and success of BTL’s technologies and products (including, without limitation, successful development of the Interbit platform such that it can support millions of blockchains), approval of the patent applications filed by BTL and the patents granted in connection therewith, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, the development of competitive technologies, the marketplace acceptance of BTL’s technologies and products, as well as those risk factors discussed or referred to in BTL's annual Management's Discussion and Analysis for the year ended December 31, 2017 available at www.sedar.com, many of which are beyond the control of BTL. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, BTL disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, BTL undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.