BaaS company providing full range of NFT solutions built on the highly-secured RubiX blockchain that’s several times stronger in encryption than Bitcoin and Ethereum
LEWES, Del., March 01, 2021 (GLOBE NEWSWIRE) — RubiX, a full-scale Blockchain-as-a-Service (BaaS) and security solutions company, announces the launch of its Non-Fungible Tokens (NFT) application built on the highly-scalable RubiX blockchain backed by proprietary QR Code technology that secures, authenticates and proves ownership of digital and tangible assets.
“There’s no hotter commodity in crypto right now than NFT as the market is growing exponentially by the day. In 2020, NFT trading was worth over $250M, an increase of almost 300 percent from 2019,” says Chakradhar Kommera, Chief Technology Officer at RubiX. “We are aiming to make NFT more accessible to our enterprise partners and general consumers. The RubiX application is upending the NFT landscape with a unique irreplaceable solution that’s built on the RubiX blockchain as compared to most that are built on the Ethereum blockchain, which is susceptible to security risks and problems like theft of loss of withdrawal keys.”
Advantages of RubiX blockchain include:
- Intelligent and minimal nodes for PoW based consensus
- Highly-scalable and several times stronger than Bitcoin and Ethereum
- Speed – each transaction is completed within ~250ms. Every node can process four transactions per second and the number of nodes is not capped
- Proprietary QR Code technology that eliminates the risk of duplication of NFTs across platforms
- Decentralized Identity (DID) token which is split non-linearly into private & public shares
- NFTs can be launched & managed with minimal smart contract code
- Ability to split & store private keys to not only enhance security, but also offer strong recovery mechanism
The acceleration of NFT has been fueled by the need to curb fraud and forgery in art work but is now quickly being adopted by other industries that can benefit from a non-cloneable digital certificate of authenticity. RubiX NFT is a digital asset that can be used to prove ownership of virtual and tangible goods containing distinguishing information that is easily verifiable, making it impossible to replicate. The most popular application for NFT today remains digital art, but the RubiX NFT can also be applied to industries including sports merchandise and memorabilia, luxury goods, real estate and financial institutions like asset management, insurance, payments and fintech.
RubiX Group is a global security company established in 2012 that has recently migrated all of its solutions to its own open source blockchain. In addition to NFT applications, the company is providing a suite of security solutions, Passwordless Decentralized Identifiers (DID) and blockchain solutions on RubiX patented technologies. Partners include the Sojitz Corporation, Internet Initiative Japan (IIJ), Wipro, Fingerprints, Microsoft, Axis Bank, Cognizant, First Abu Dhabi National Bank, Abu Dhabi National Oil Company (ADNOC), HCL Technologies and 20 more leading global corporations with over 40 additional clients in pipeline.
The company is planning to launch its RubiX (RBX) public chain in Q2 2021 which will be the native protocol tokens for the RubiX blockchain and available for purchase for both the enterprise and individuals looking to invest in Protocol Tokens.
To learn more about RubiX and its NFT application, or to purchase Tokens, visit www.rubix.network.
RubiX is a proofchain protocol that can scale with asynchronous parallelism to facilitate real world decentralized applications. Cryptographically strong, light weight challenge-response algorithms are used for transaction validation. RubiX uses lightweight Proof of Work satisfying PBFT rule for consensus allowing full nodes to be run across all platforms (Server, NAS, VMs, PCs, Embedded Platforms, IoT’s and Mobiles). The platform leverages real world Distributed File System(DFS) based on content-based addressing for data storage.
RubiX has primarily two types of tokens: Utility tokens generated with strong mathematical proofs that are mined by nodes working to secure the network by storing proofs (capped under 50.7 million), and Asset tokens that can represent any underlying asset or contract including NFTs. RubiX chain is an aggregation of several account-chains existing in parallel. Transactions achieve consensus individually, allowing for asynchronous parallelism leading to very high scalability. Account-chains are linked through unique tokens & tokenchain hashes.