Published on August 14th, 2015 | by bitcoin0
Bankchain Project Will Not Use Digital Currency Exchange, itBit Divulges
ItBit has revealed new details about its formerly top-secret Bankchain project, a private consensus-based ledger system aimed at appealing to enterprise financial institutions.
In a new interview, Steve Wager, head of global operations for itBit, spoke at length about the project, rumors of which first began surfacing in late July.
Wager told CoinDesk:
“It is a proprietary itBit protocol, not blockchain based, but is derived off of blockchain.
We will also not be using bitcoin as the native token it will be an itBit proprietary token.”
Inspired by the blockchain
Today, Bankchain remains in its infancy, with the platform being operated and used solely by itBit.