Our Blog

Valery Vavilov

CEO and Co-Founder

Happy Birthday Bitfury!

Feb 17, 2017

When we started our adventure back in 2011, we were just a group of tech-savvy enthusiasts — we had a dream, and we were working in our R&D “garage” phase. On February 17th, 2012, the name “Bitfury” was officially born. So, on this day, we celebrate the birth of our dream.

Back then, few people had really heard of Bitcoin and Blockchain, very few saw the global potential of this breakthrough technology and our focus was based almost exclusively on processing and securing Public (Bitcoin) Blockchain transactions.

Now, just five lightning-fast years later, our dreams are coming to life, and we are the world’s leading full-service Blockchain company.

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Valery Vavilov

CEO and Co-Founder

Bitfury Releases Research on Key Blockchain Properties

Nov 29, 2016

In 2011, Blockchain technology was still just beginning to change the world. I remember being blown away by the power of this technology even when it was being used exclusively by individuals who were just beginning to build the ecosystem. Just five short years later, Blockchain technology is grabbing the attention of major companies, governments, NGOs and individuals all over the world, testing the limits of the world’s imagination. It is being posited as the solution to supply chain logistics, bank settlements, micropayments, capital financing, voting, medical records and more every day. I’m excited about these developments, and I’m proud of the work The Bitfury Group is doing to help make these solutions reality. In all the excitement about Blockchain technology, however, the essential technical qualities of a secure Blockchain may be getting slightly lost by some.

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Valery Vavilov

CEO and Co-Founder

The Importance of Security in Blockchain

Jun 24, 2016

The enthusiastic rush towards a new future of value exchange through a Blockchain-based system is understandable and should be applauded. It is this drive toward innovation that makes the Blockchain ecosystem so exciting, so ground-breaking and so inspiring to me and my Bitfury Group team every day.
It is also important that we take our time as we advance additional Blockchain systems and applications in the coming years. We must come together to ensure that, like the Bitcoin Blockchain, the #1 most important priority is and always will be security. This is especially important given the increased frequency of major transformational political and economic events happening around the world like the recent Brexit vote.

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VALERY VAVILOV

CEO and Co-Founder

The Bitfury Group: Shaping the Future of Blockchain – Our Vision from Necker Island

Jun 17, 2016

When I co-founded The Bitfury Group in 2011, I imagined creating a company focused on ensuring the Blockchain could be used for good and change the world for better – for everyone.

A few days ago The Bitfury Group hosted the Second Annual Blockchain Summit on Sir Richard Branson’s Necker Island and in this magical space, I saw first-hand that these dreams are entirely possible and coming to life before our very eyes.

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Bill Tai

Head of Strategy Committee, The Bitfury Group Board of Directors

Blockchain is to Banks <=> TCP/IP is to Telcos

Jun 11, 2016

We have all seen this before.

If you think about it, at its very core, a bank is essentially a leveraged ledger of ‘who owns what, when’, with built-in time delays to allow transactions to be ‘authenticated’ (aka ‘clearing’) whereby the bank captures deposits, makes interest during and after the time delay, and can charge relatively hefty fees to cover massive overhead to complete transactions.

All of the above is covered in a big regulatory wet blanket forcing all the subsystems to work together so the aggregate system can be ‘trusted’. Layers of ‘balance sheet backup’ allow massive hacks to occur, even at the central bank level, and still be absorbed by the system. With opaque heft, the system is ‘trusted’ in aggregate.

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