ThunderCore has announced a raise of about $50 million for funding. The company is an invention of a computer scientist, Elaine Shi and Entrepreneur, Chris Wang. The raise was led by top investors including Huobi Capital, Pantera, ZhenFund, MetaStable, Electric Capital, FBG, Arrington XRP Capital, SV Angel. Kinetic and Hashed.
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The company will use this new funding to expand its offerings while growing its executive team.
Offerings of ThunderCore’s Protocol
The protocol is useful to two main users; developers and users. It offers them an elegant and seamless solution to help improve the blockchain. It works with a hybrid consensus mechanism that has an optimized fast path. This enables the developers to simply build on the platform and maintain compatibility with Ethereum.
About Chris Wang
Chris Wang founded the company after his gaming company Playdom was acquired for $532 million by Disney. The co-founder graduated with a PhD in computer science from Carnegie Mellon University (CMU). He graduated after just two years at 22 and held a record for that. Wang co-founded Playdom, the social gaming company at the age of 24. He grew the company to 500 employees and had over 20 million active users. This company also made over a hundred million in yearly revenue. In 2010, he sold the company to Disney for approximately $500 million. The young entrepreneur has been an early investor in many successful startups like Flipkart, Glassdoor, Alibaba and Etsy.
Wang’s Interview and the plans for the project
Wang was interviewed by Block Tribune, and he spoke about their goals for the ThunderCore project. He was asked if the speeds claimed had been tested independently, and he said no. Wang believed that there is no standard independent test at the moment. However, he informed his interviewer that it had been tested in-house.
The entrepreneur also said that this process had been validated by the partners of the project. Also, since the platform is a public blockchain, it can be tested by anyone.
Wang also said that they plan to market to developer and blockchain communities by education, traditional marketing and community development. He reiterates the importance of community when it comes to the blockchain space. The company plans to involve tech, academic and developer communities in their marketing efforts.
When it came to the other advantages of the platform asides from speed, Wang mentioned three differences.
- The company has shown that its blockchain technology protocol is secure.
- It plans to enable easy migration of apps from Ethereum in a short time.
- The protocol is already working.
Technology behind ThunderCore
This blockchain uses revolutionary consensus protocol which overcomes the basic limitations of Nakamoto consensus. It uses the longest chain rule for finality that takes a while as well as one for POS voting. Performance is improved significantly while maintaining decentralized trust.
The proven technology is the biggest advantage of the protocol, according to Wang. Lots of companies have not taken time to discuss this issue. However, the company is confident that it will make the platform easy for everyone to understand and use.
How the ThunderToken will be traded
Wang was asked how the coin will be exchanged traded, and he replied saying that more exchanges will list it. This is because the company has attracted the crypto community. Also, he talked about the use of the coins in the ThunderCore ecosystem. Wang says they will be used in paying transaction fees on the platform. The company is not planning to run a public ICO because they have successfully sourced for funds from top blockchain investors privately.