The inspiration for SettleNet came when e-BIT's founder/CEO, Chriostopher Rufo was having a hard time removing funds from multiple trading platforms in a timely fashion due to the existing T+3 day settlement model. We created SettleNet, powered by xChain which reduces the friction with enterprise level trade settlements by utilizing the blockchain in a private setting.
What it does:
SettleNet significantly reduces friction in the traditional T+3 day model by using private blockchain technology to clear trades on average 3 times faster than existing legacy systems.
How we built it:
We built SettleNet on a custom made private blockchain protocol called xChain, developed by e-BIT.
Challenges we ran into:
We need a banking partner to officially clear actual enterprise level trading activity.
Accomplishments that we're proud of:
Utilizing a private blockchain to encode trade and market data as well as a block explorer to decrypt and display trade metadata.
What we learned
Private blockchains are a lot more scalable than existing public chains/sidechains and also more secure.
What's next for SettleNet
Finding a banking partner and VC..