Equibit To Beta Test Blockchain-Based OTC Platform, Plans Crowdsale

Equibit Development Corporation (EDC), which is building a block-chain-based securities register that manages OTC equity and offers the ability to use BTC-denominated dividends and distributions, has completed its Supernode installation, a cryptocurrency node that performs all cryptographic operations in hardware rather than software. The installation means EDC will soon begin beta testing its blockchain-based OTC securities platform.

The beta testing group will consist of financial institutions and other users.

A Novel Cryptocurrency Node

The Supernode is the first cryptocurrency node that performs all cryptographic operations — encryption, decryption, private key generation and digital signatures — in hardware rather than software. It is certified FIPS (Federal Information Processing Standard) 140-2 Level II compliant under the Crypto Module Validation Program.

“Supernodes are the foundation of our institutional product line, providing great speed and industry-leading security to firms wanting to use the Equibit network, but not necessarily wanting to be concerned with maintaining the IT infrastructure and dealing with the compliance and security challenges that come along with that,” said Chris Horlacher, CEO of EDC.

Equinix Hosts Supernode

Equinix, which operates over 145 facilities with more than 14 million square feet of space around the globe, will be a hosting partner for the Supernode. The first Supernode has been placed in Equinix’s TR2 data center located in downtown Toronto. It is a tier 3+ facility with over 100,000 square feet of colocation space.

AirGate Technologies, a cloud solutions provider, will assist EDC in distributing the Equibit software through Amazon Web Services, Microsoft Azure and Google Cloud Platform. This will enable companies to deploy regular Equibit nodes in the cloud and secure the network by adding to its total computing power.

EDC Plans Crowdsale

EDC also plans to launch a crowdsale of its Equibit tokens in January. There will be a total 21 million units available with a pre-sale opportunity on the first million. Each unit will be divisible to eight decimal places and will be required to create equity units on the network and for transaction fees.

EDC recently opened a seed round of funding with 10 million common shares available to investors.

Images from Shutterstock.

Last modified: October 3, 2020 9:12 AM

Lester Coleman

Lester Coleman is a media relations consultant for the payments and automated retailing industries.