We are pleased to inform you that we acquired the shares of Early Works Co., Ltd. (hereinafter referred to as “Early Works”).
Reason for this acquisition
Early Works has developed Proof of Rounds (PoR) which is a new consensus algorithm in the block chain. This PoR enables processing of 20,000,000 transactions per second, far exceeding tens of thousands per second provided by a major settlement network, and its real value has already been cleared in the currently executed α test. By doing this, we solve the transaction processing delay of the block chain currently being raised, and I am confident that it will make blockchain closer to our lives.
As an assumed use case, we could deal with small amount settlements such as electronic currency of a few cents to several dollars, with practical use in the IoT field requiring processing of tens of thousands to hundreds of thousands of items per second.
We as BASE hope to utilize the ties of the worldwide block chain industry that we have cultivated so far and encourage the introduction of PoR not only in Japan but around the world.