DALLAS, Dec. 22, 2017 /PRNewswire/ -- The meteoric rise of cryptocurrencies such as Bitcoin, brings a new vocabulary which includes blockchain; and in 2018 there will be a spotlight on scalability and problems with the current technology. Current technology yields only 7-10 transactions per second with Bitcoin and Ethereum while we view payment networks like VISA producing 45,000 transactions per second. Article after article speaks of stories about how it took investors 12-16 hours, or more, to purchase some of the existing cryptocurrencies; the blockchain has never seen so much activity and the need for faster transactions is needed. MVP Asia Pacific has designed a revolutionary blockchain technology called Ociter.
MVP Asia Pacific, one of the world's largest blockchain developers, is shifting all of its resources behind a new and innovative blockchain called OCITER.io. Ociter, which is swift and quick in Latin, promises to be amazingly fast with the emphasis on handling the complex world of smart city technology. "OCITER.io is the culmination of two years of research into both the potential applications and technical challenges faced by current blockchain projects. We believe that our company working in concert with the thousands of graduates from our partner universities can deliver a truly revolutionary blockchain platform," says MVP CEO Darren McVean. Announced earlier this year, MVP Asia Pacific and Blockchain and Cryptocurrency pioneer OpenLedger teamed up to establish the OpenLedger MVP Blockchain Innovation Laboratory, which will introduce and elevate the industry-specific blockchain initiatives through partnerships with universities across the Philippines and worldwide.
MVP expects to ramp up their 200 blockchain employees to 500 developers within 24 months in order to accommodate strong demand for projects like OCITER.io. Additionally, MVP Asia Pacific are working on Smart City projects that will run on blockchain technologies. OCITER.io will serve as the transactional backbone in the said projects, which are currently being laid out according to McVean. MVP is currently working with Triviciti Corporation, a smart city developer in the U.S. to incorporate OCITER.io into the development of four fully funded, large-scale smart cities developments to be announced in early 2018. OCITER.io aims to satisfy the scalability of blockchain platforms, which is crucial in providing transaction malleability. Thus, OCITER.io ensures easier and more secured transactions on the blockchain, providing significantly decreased network congestion by adapting the SegWit (Segregated Witness) approach. The SegWit approach functions by relocating the unlocking codes (or witnesses) to the end of the transaction data. As a result, the witness data (which validate the transactions) are now separated from the alterable portions of the transaction ID. This further strengthens Ociter transactions, as nodes can no longer alter the transaction ID since the witnesses have been "segregated" from it. Through this, the block capacity also increases to about 50 - 85 percent. Basically, data and information on the ledger that were still potentially vulnerable to changes are now moved to the end of transactions in such a way that nodes can no longer touch them.
McVean states, "Ociter, in a sense, has compiled learning experiences from the failings of other blockchain platforms to ensure a carefully engineered project that promises a better and revolutionized blockchain platform that will meet the world's needs immediately." Ociter, from its two-tiered scheme to an innovative scalable approach, propels the blockchain momentum to a higher ground and serves as a ground-breaking model in blockchain technology. MVP will soon announce a roadmap for a series of releases for OCITER.io over the next 18 months.
For more information on development visit http://www.ociter.io.
About MVP Asia Pacific Inc.: MVP Asia Pacific Inc. is an Australian-owned and managed software development company located in the Philippines. By tapping into the brightest talents Asia has to offer, MVP showcases a diverse portfolio of services in the fields of software development, blockchain technology and business process management. We provide companies with the services of exceptional offshore professionals that specialize in the following occupations: blockchain, web design, app development, game design, customer service, graphic design, architectural drafting, and accounting.
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Patricia Almand, Universal Media Group
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SOURCE MVP Asia Pacific Inc.