Xunlei, the NASDAQ-listed cloud network provider, has launched its proprietary blockchain platform, despite ongoing class actions over an alleged initial coin offering.
At a press event in Beijing on Friday, the company announced its open blockchain platform dubbed ThunderChain, which is designed to enable developers to build decentralization applications.
Based on the practical Byzantine fault tolerance consensus mechanism, Xunlei makes the significant claim for ThunderChain that it provides processing capacity in the millions of transactions per second.
Xunlei explains that the platform combines its proprietary blockchain with its existing capacity in cloud-based content delivery hosted on a peer-to-peer distributed network.
While branding ThunderChain as a new product launch, Xunlei told CoinDesk that it is built upon an existing blockchain platform that it has been using to generate its custom token, LinkToken, since October 2017.
At the time, users could obtain LinkTokens by purchasing Xunlei's then-new cloud storage device - called the OneThing Cloud - to share their spare broadband bandwidth.
As a result, Xunlei investors formed two class action lawsuits against the firm, alleging it knowingly conducting an unlawful and disguised ICO. However, in response to CoinDesk and comments seen on various media outlets, Xunlei has, on several occasions, firmly denied the accusations.
"We have been very straight on our business practices - we do not sell tokens," Chen Lei, CEO of Xunlei and a defendant in the two lawsuits, told the South China Morning Post earlier this month.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Xunlei Launches Blockchain Platform Amid Ongoing 'ICO' Lawsuits
gepubliceerd op Apr 20, 2018
by Coindesk | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.