Blockchain research lab lambda256 has unveiled “Luniverse,” its first project to build an ecosystem for blockchain. Lambda256 is affiliated with Dunamu, which is operating the cryptocurrency exchange Upbit.

In the Seoul Ethereum Meetup held at KAIST Saturday, Suh Joon-yong, the team leader in charge of development at lambda256, presented the Luniverse project, a Blockchain as a Service (BaaS) his company is preparing now.

Luniverse is lambda256’s own blockchain platform that helps companies create their private blockchain networks for providing services. It is linked to the Ethereum blockchain. Through the platform’s BaaS scheme can businesses use the Luniverse network and Product Chain, a sidechain connected by six nodes.

“Commercializing Ethereum is difficult at the moment because of poor performance resulting from the fact that gas (a special unit used in Ethereum) prices are so volatile and only eight transactions are conducted per second,” Suh said, adding that “Ethereum is lagging behind considering that Visa Card and PayPal show transactions of 10 to 10,000 times per second (TPS).” “These gaps are difficult for individual developers or ordinary teams to resolve and many Korean companies also grapple with the supply and demand imbalance of developers.”

He expected lambda256 to offer a BaaS platform, namely the Luniverse network, which can generate decentralized applications (DApps) and produce and run tokens although it has scant knowledge of technology and fails to secure developers, saying, “Luniverse will utilize sidechains to address the TPS problem and carry out a periodic update to prevent the problem of discrepancy with the mainnet.”

Sidechains are supposed to share data with existing blockchains by forming under the main blockchain network such as Ethereum. Expectations are high that they might resolve the speed problem plaguing Ethereum as additional parts such as basic calculations are processed at sidechains and such essential information as specific transaction value is transferred to the main blockchain.

“The testnet for Luniverse will be unveiled at the Dunamu-Upbit Developer Conference 2018 to be held on Sept. 13. On Sept. 18, the testnet and partners will be open to the public,” Suh said. Lambda256 plans to reveal its sophisticated public service in the fourth quarter of this year.
/Jaeyeon Won Reporter wonjaeyeon@decenter.kr

Jaeyeon Won Reporter