Singapore, Dec. 09, 2022 (GLOBE NEWSWIRE) — The GURUFIN Foundation announced the official launch of its Layer-1 Mainnet, GURUFIN, which uses the TBFT (Tendermint Byzantine Fault Tolerance) and DPoS (Delegated Proof of Stake) consensus algorithm. Existing Layer-1 mainnets have recently been causing growing anxiety and hesitation amongst users due to frequent shutdowns and high gas fees. GURUFIN Mainnet, a next generation Layer-1, is expected to be an alternative solution to the first- and second-generation Layer-1’s such as Ethereum and Solana.
GURUFIN Chain is Cosmos-based with 100% Ethereum Virtual Machine (EVM) integration. The GURUFIN development team has engineered its own GURUFIN SDK to provide the high transaction processing speed of 10,000 TPS and stable network. The Chain solves the technical network instability problem from node failures that plague other mainnets. Its network provides smooth operation with infinite, horizontal scalability and TBFT core consensus engine. GURUFIN has completed and verified its testnet, storing all the log data for the past year (2021). Real time scanning has also been made public through GURUSCAN (scan.gurufin.io) at the time of launch for anyone to check and confirm transactions and block creation.
Through continuous R&D, the GURUFIN chain has reduced the time between block generation and transaction finality to an average of 1-3 seconds, simultaneously processing large transaction volumes. Its close-to-zero gas fee makes it suitable for mass adoption, which is only one-tenth of Solana’s gas fee, a stark comparison to Ethereum and other chain’s high gas fee.
GURUFIN has integrated the real economy payment system with blockchain through its partnership with Cyrex Inc., a Payment Service Provider (PSP), that has access to a global network of issuers and acquirers as well as Visa and Mastercard’s world-class security infrastructure through its partners.
By combining real world economy payment processing with the Web3.0 environment, GURUFIN provides a more convenient, affordable, and secure user experience within its ecosystem. dApp partners in diverse industries such as metaverse, NFT creation, entertainment, advertising, game, finance, social network, mobility, e-commerce and more, can now participate in the GURUFIN Project effortlessly and intuitively. GURUFIN’s digital-goods or NFT storefront platform, DIGIGOOZ, lets its dApp partners and users mint, sell, purchase, trade, and settle with fiat or cryptocurrency. The DIGIGOOZ onboarding process is free of charge and takes a few minutes or less to set up a storefront. Customers are finally able to purchase NFTs with a simple click or touch of a button and pay with credit card, carrier billing or cryptocurrency from brands, dApps, and NFT creators.
The GURUFIN Foundation has concurrently released the GURUFIN Wallet with its enhanced multi-signature feature, a mnemonic key method that is the first of its kind. Users who lose or damage their mobile devices can securely sign in with their member account information to manage their virtual assets through other devices. GURUFIN’s unique multi-sig security method and other key features are patent-pending worldwide.
The GURUFIN Foundation is spearheading the GURUFIN Project which focuses on building a new Layer-1 global financial infrastructure. The GURUFIN Layer-1 Mainnet has been developed for the past 4 years and the testnet has been completed in 2021. GURUFIN has incorporated Cyrex Inc.’s payment service system which has been operational in the real economy for the past 8 years. GURUFIN also plans to integrate Cyrexa, an affiliated digital bank in Europe, for easier and more convenient financial payment services for its users.