The NASDAQ listed cloud network provider and Chinese based firm Xunlei is launching proprietary blockchain platform. On Friday, during a press event in Beijing, the firm declares the opening of blockchain platform. It is named as “ThunderChain”, Basically, it is designed to enable developers for constructing decentralization applications.
ThunderChain is a new and advancing blockchain product which processes millions of transactions per second. As per the statement was given by the company, the Cloud computing system facilities ThunderChain to “realize confirmation and interaction among homogenous chains and enable multiple transactions to be executed on different chains in parallel”.
The technology involved in Xunlei
ThunderChain is based on Byzantine fault tolerance (PBFT) consensus mechanism. The platform merges its proprietary blockchain with its capacity for cloud-based content. It transfers the data and is been hosting on a peer-to-peer distributed network. ThunderChain is featuring in a consensus model and results in low latency. ThunderChain also allows the program to produce one block in the chain per second.
Xunlei was established in the year 2003. The company is eminent in China for developing P2P download app called Thunder.The internet users are utilizing thunder for idle broadband capacity to hasten downloads and uploads of digital content.
Xunlei asserts ThunderChain is built on an existing blockchain platform. It generates its custom token, LinkToken since October 2017. Primarily, Blockchain technology is a digital ledger which underpins cryptocurrency mining and has wider possible users.
The firm claims say “winning teams from the challenge will receive cash prizes as well as opportunities to learn from leading blockchain experts and receive opportunities to receive angel investments”.
Xunlei’s journey into Blockchain
As per sources, the company announced its journey into the blockchain space in October 2017. During the time, users could procure Linktokens by purchasing Xunlei’s cloud storage device called “OneThing Cloud”. However, it shares their spare broadband bandwidth.
China’s National Internet Finance Association released a statement in January. The affidavit warned residents of the activities which require users to purchase hardware in order to participate in a token generation process. Therefore, it cautions residents about ICO- a fundraising method banned by Chinese authorities.
After this, Xunlei investors formed two class action lawsuits against the firm. It alleges conducting an unlawful and disguised ICO. CEO of Xunlei, Chen Lei, says “We have been very straight on our business practices – we do not sell tokens” and defenses himself from two lawsuits.”