We are proud to announce our new rebrand of Cross Ledger and branding to Spendchain, an all new cross-chain interoperable payments blockchain designed to be the platform powering our Spend ecosystem of products. With this new re-brand the Spend Foundation is changing its direction efforts to focus on creating a scalable, cost-efficient, payments blockchain designed to support multiple blockchain assets directly on-chain. Spendcoin will be the native cryptocurrency of Spendchain.

With this transition there will be a major change to our cryptoeconomics. The Spend Foundation is officially granting its 500,000,000 Spendcoin allocation back to the Proof-of-Purchase Distribution Program and cancelling the remaining Enterprise Program. What this entails is that there will no longer be a Foundation or Enterprise Program and users can earn through their own distributions. The Spendchain project has been granted by the Spend Foundation and Spend will now be responsible for its operations to launch. Spendchain is a Proof-of-Stake blockchain that will be governed by 41 Validators nodes and offer a multi-dimensional processing capability/governance model.

Since Spendchain is an open source project, after its launch we encourage developers around the world to participate in its future. Spendchain has been in development privately and our work will soon be posted in our GitHub. It has been built using the Cosmos Framework and Tendermint consensus engine. You may find it’s new home at: https://spend.org

Spendchain and Spend’s renewed focus is building a truly frictionless and trustless payments system that can match the performance of legacy payment systems like Visa and run directly on the blockchain.

We will share more about this development in the upcoming weeks. Read our draft v0.1.0 of the Spendchain Whitepaper here: https://Spend.org/docs/Whitepaper.pdf