Ex - employees of Alibaba raised $20 million to create a new public blockchain
Founded by former employees of Alibaba, ultrain startup attracted more than $20 million in investments during a combined token sale and equity shares. It is reported by CoinDesk.
The campaign was attended by influential funds, including Draper Dragon, FBG Capital, DanHua VC and Arrington XRP Capital, as well as blockchain-startup Bixin and crypto currency exchange OKCoin. Traditional venture funds, including Morningside Capital and Ceyuan Capital, also contributed to the new project.
Ultrain startup was founded in October 2017. Project Manager ray Guo was previously responsible for security strategy and data integrity as technical Director of one of the divisions of Alibaba Group. Technical Director of Ultrain William Lee previously headed the blockchain division of Ant Financial, which is also part of the structure of the Chinese Internet giant. In addition, Lee was the main developer of AliCloud.
The raised funds will be used for further development of the original blockchain Protocol, which is also called Ultrain. It is positioned as a scalable platform for running decentralized applications (dapps).
Earlier this year, the project launched a test version of the network. According to the startup representatives, this blockchain is capable of processing 3000 transactions per second in the network with 1000 nodes deployed on Alibaba cloud servers.
In conversation with the publication CoinDesk, said that the project activities are focused not so much on maximizing performance as on "the real needs of the users." He also added that the bandwidth of 3000 transactions per second should be enough for the first time.
"Alipay has 150 million active users. On normal days, the peak values of this system reach 4-5 thousand transactions per second. The next step for dapps will be to overcome the level of 1 million active users per day. Thus, within the next two years, three thousand blockchain transactions per second should be enough for dapps," he added.
According to Guo, working in Alibaba was a good school for him. So, today the Chinese company owns more than 65 patents related to the blockchain.
Working at Alibaba, Guo notes, it was difficult to promote any blockchain solutions. This is due to the" centralized way of thinking", which is inherent in large companies that tend to build an ecosystem"only around themselves". As a result, he decided to do his own project.
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