Blockchain specialist company Masverse Sdn Bhd has launched its own Layer 1 blockchain infrastructure by the name of MasChain, which is set to offer innovative token digitalisation solutions for government bodies, enterprises, and players in various industries. With this, it hopes to revolutionise the digital ecosystem in Malaysia.

According to Masverse, MasChain is designed to bridge the gap between the traditional web (Web 2.0) and the upgraded Web 3.0, allowing the players of various industries – from financial technology (fintech) and education to retail and supply chain management – to adopt the new technology with greater ease. It also seeks to help these enterprises navigate and manage various entry barriers faced along the way, including the unpredictable cost of using blockchain, the lack of specialised knowledge required to adopt blockchain, and the high adoption cost.

“In an effort to facilitate blockchain adoption in the country, MasChain offers meaningful integration and onboarding based on the client’s use case, powered by an Ethereum Virtual Machine (EVM) compatible chain with a versatile service layer application programming interface (API). This approach enables a wide range of services, from token management services to non-fungible token (NFT) and audit trail services, encapsulated within a secure, Blockchain-as-a-Service (BaaS) framework,” Masverse further stated in its statement.

On the technical side, Masverse explained that MasChain is essentially a public-permissioned blockchain, where a blockchain is deployed in an open public network while still maintaining a known identity for each account that is validating its transactions (known as validators). Specifically, it utilises the proof of authority (PoA) consensus mechanism so that transactions and blocks are validated by validators that meet a set of identity requirements and have been formally vetted for credibility. This is in comparison to some other consensus protocols that prioritise reliance on computational power or the amount of crypto staked as important requirements for the validation of transactions.

Additionally, MasChain taps into something called the Substrate core framework and pallets smart contracts as modular components, allowing it to be more flexible and stable in the services offered.

Tech lead of Masverse, Teh Lee Jie said that the launch of MasChain is set to redefine the country’s approach to identity verification, transaction security, and information storage. “Today, we stand on the brink of a new era, one where the innovative use of public-permissioned blockchain technology is set to redefine the operational frameworks of enterprises and governments alike,” he said.

At launch, Masverse also announced that it has signed several memorandums of understanding (MoU) and memorandums of agreement (MoA) with various parties. These include GamBit Group for enhanced custodian wallet services and token crowdfunding (TCF), as well as JomStay Digital Technology Sdn Bhd to enhance tourism.

You can find out more about the newly launched MasChain on Masverse’s official website here.

• TAGS:
• Blockchain Networks
• Blockchain Technology
• Blockchain-as-a-Service (BaaS)
• Ethereum Virtual Machine (EVM)
• GamBit Group
• JomStay Digital Technology Sdn Bhd
• MasChain
• Masverse Sdn Bhd
• Proof Of Authority
• Substrate Core Framework
• Teh Lee Jie