Photo credit: Nervos Network

Chinese blockchain company Nervos Network has bagged US$28 million in a funding round led by Sequoia China and Polychain Capital, with Multicoin Capital and FBG Capital among others to join in.

The company will use the funds to hire more product and engineering staff and to speed up the development of its blockchain. Some capital will also go toward strategic partnerships with other companies.

The Nervos blockchain is an open network designed for enterprises, allowing them to build and deploy decentralized applications (Dapps).

It works as a hybrid chain, combining aspects of both a public chain and a permissioned-based chain.

The most commonly known public blockchain is the one that underpins Bitcoin. Anyone with a computer and internet access can write a new block on the Bitcoin chain, as long as they follow the necessary steps and protocols.

An example of a permissioned-based chain is Ripple, as it has permission controls set in the network and the company that runs the blockchain chooses who can validate transactions on it.

Nervos is led by four co-founders who are developers with notable backgrounds.

Jan Xie, chief architect of Nervos, was a former researcher and developer with the Ethereum Foundation. Nervos CEO Terry Tai was previously the core developer at the now-defunct, once-popular Yunbi cryptocurrency exchange, which shut after a crackdown by Chinese regulators last year. The two other co-founders are Daniel Lu, former CTO at crypto-wallet imToken, and Kevin Wang, a former software engineer at IBM.

This is a developing story. Please check back for updates.

This post Sequoia backs enterprise blockchain developer Nervos in $28m round appeared first on Tech in Asia.

Source link