Despite being embroiled in ongoing court battles, Xunlei, a Chinese cloud-based tech company has launched a new blockchain, ThunderChain that can supposedly process millions of transactions every second.
The combination of cloud computing and blockchain technology on the new framework allows it to realize confirmation and interaction among homogeneous chains and enable multiple transactions to be executed on different chains in parallel, according to the company.
It has its foundation on a low latency consensus model known as the Practical Byzantine Fault Tolerance (PBFT). This mechanism makes it possible for the system to create a new block every second.
Xunlei came into existence in 2003, rising to the limelight in China for its development of Thunder, a P2P download app. This app makes it possible for users to share idle broadband resource to increase capacity for other users wishing to upload or download digital content.
An Ongoing Project
Even though the launch branded ThunderChain as a new product, the company explained to CoinDesk that it is in fact created on blockchain platform that has been in existence since October last year, facilitating the release on the LinkToken.
The firm in fact publicized its move into the crypto space in October, when users purchased their cloud storage device, the OneThingCloud, and got LinkTokens in exchange.
This publicity saw the company’s shares shoot from $4 to $20 before a subsequent drop in November, triggered by an accusation by authorities that this process was in fact an “initial miner offering.”
China’s National Internet Finance Association was the agency in question and it followed this accusation with a warning to investors against participating in an activity that is expressly forbidden by local regulations.
This led to the launch of two class action suits by investors who alleged that the company had deliberately duped them into participating in an illegal ICO. The company has however denied the charges repeatedly.