Chain Discontinuing Free API Service with Transition to Blockchain Tech

Chain will be discontinuing its free Bitcoin API service as part of its shift to Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology for capital markets.

The startup recently secured $30 million in venture investment, which stands as the biggest round in the industry during the past 7 months.

Around the time of its previous round of $9.5 million one year ago, Chain was more engaged with the Bitcoin blockchain’s underlying infrastructure, offering services to interact with the blockchain in real-time using its nodes and API.

But over the past year, it has transitioned into what has become the hottest trend in the crypto industry in 2015: blockchain technology for securities and fiat Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. It is powering Nasdaq's project to utilize blockchain technology to automate the transfer of pre-IPO shares on its Private Market.

Bitcoin’s blockchain and other improvised distributed ledger systems are envisioned to cut costs, eliminate counterparty risk and greatly reduce settlement times for securities trades.

The indication is that the company’s work with Bitcoin thus far can be leveraged for its new ambitions. CEO Adam Ludwin said, “As we move into 2016, we will be folding our bitcoin capabilities into this enterprise platform. We will no longer support free projects on the bitcoin network.”

The service will end on December 31. The startup is offering assistance from its CTO for those who want to migrate their Bitcoin apps to other free or low-cost API services.