Fox News reports that a chain of blocks in the Bitcoin ecosystem will be replaced by a new, open chain.
The change will likely occur sometime in 2018, according to Chain CEO Peter Todd.
“The Chain has grown from being a novelty into an established player in the cryptocurrency ecosystem, and we will be closing the loop on that path by bringing Chain’s unique, blockchain-based platform to market,” Todd wrote in a blog post announcing the change.
Todd added that the chain will continue to be open for use, with the following caveat: Anyone will be able to join the chain in the future, but anyone else who wants to join must first wait for Chain to complete its formal peer review process, which should take anywhere from two weeks to a year.
Chain will also allow anyone to create and share their own chains, allowing users to build on the network and compete with one another.
The chain will also be open to the public, Todd said, adding that it will remain “unlocked” until the end of 2020, when Chain will be “closed” and no one will be allowed to join or create new chains.
In a statement, Todd reiterated that Chain will maintain “the lowest possible transaction fees” and “no hidden fees” to ensure the Chain will remain a “free, open, and transparent marketplace for all.”