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Tritium is Purse’s Open-Sourced, Flexible Smart-Contract Platform

In an online post via Medium, Purse.io, a San Francisco-based peer-to-peer service provider that connects users across the globe through decentralized commerce, disclosed a few details on its forthcoming "secret bitcoin project" Tritium. The project was first revealed earlier this month when the company announced it raised $1m in seed funding in a round led by investor Barry Silbert’s Digital Currency Group.

Coin Journal first reported the news. With Tritium, Purse aims to bring “new value to consumers and partners”. Tritium’s goal is to enable new marketplaces to emerge; markets that couldn’t exist with traditional payments, the company said. It pointed out:

  • Tritium is an open and flexible smart-contract platform
  • It is simple to use for both end users and developers
  • It will be open-sourced

Purse said that Bitcoin can do things that fiat currency physically cannot (for example: trustless escrow). However, products leveraging them are scare, which limits use by the bitcoin community.

Moreover, it raised an important question that if the average Joe has the option of using Visa/Venmo/BoA, does the Block size really matter?

If mass adoption were to occur (i.e. Bitcoin is truly disruptive), we need to build new products that neither depend on old ones, nor compete with them. Disruptive products simply obviate the status quo”, Purse said.

With Tritium, Purse aims to build products that compel Joe enough for him to become a “Bitcoiner”.

Coin Journal says that Purse already has a “decentralized marketplace” in beta, and therefore it seems unlikely that “they would put this much hype behind a decentralized escrow system”. Moreover, with the company saying that the new product would not compete with the old systems, it seems it won’t go “head to head” with Amazon.

  • Market Data
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