Blockchain service company Apex Fusion is set to launch Vector, a high-performance Cardano bridge blockchain aimed at institutional users entering the Web3 space.
Vector is a blockchain testnet based on the UTxO model, peer-reviewed, with institutional-level throughput and claims to achieve instant transaction finality. It will be officially launched at the Rare Evo conference this Saturday, Apex Fusion stated in a statement provided to Cointelegraph.
According to the announcement, this is the first independently verified Cardano bridge blockchain to achieve instant finality, ensuring transaction irreversibility.
Vector's transaction throughput is ten times faster than the Cardano mainnet, with 99% of transactions reaching finality within 13 seconds, while an independent report stated that 98.6% of transactions achieved instant finality under 'performance-optimized conditions.'
A joint report commissioned by the Apex Fusion Foundation, completed by Cardano architect Duncan Coutts and the two co-founders of Predictable Network Solutions, will be released at Rare Evo.
"Vector demonstrates how the UTxO model can evolve to meet institutional needs without compromising its foundational strength," Coutts stated.
Long transaction finality times have been a long-standing issue limiting blockchain-based financial applications. The new instant finality network brings 'major advantages' to blockchain infrastructure and financial institutions.
"For blockchain, it reduces the risks of chain reorganization and double spending, enhancing security and reliability," Zajc told Cointelegraph, adding:
"For financial institutions, instant finality enables real-time settlement, reduces operational risk, and improves compliance by providing clear and immediate transaction confirmations."
"Instant finality could facilitate faster payments, more efficient cross-border transactions, and the development of 'more complex financial products' on-chain," she added.
Sonic (formerly Fantom) achieved 720 milliseconds of transaction finality in a testnet environment, Cointelegraph reported in September 2024.
The Apex Fusion Foundation is striving for MiCA compliance.
To better serve institutional needs, such as compliant stablecoin issuance, the Apex Fusion Foundation is working hard to fully comply with the European crypto asset market regulation (MiCA).
"Apex fully complies with Swiss regulatory requirements and has received FINMA's ruling on the classification of the AP3X token," Zajc told Cointelegraph, adding:
"Meanwhile, the foundation is preparing to notify the relevant national authorities in the EU, aiming for full compliance under the MiCA regulation."
MiCA is the world's first comprehensive cryptocurrency regulatory framework, set to fully take effect for crypto asset service providers on December 30, 2024, aimed at enhancing investor protection, preventing fraud, and addressing stablecoin reserve management issues.
