Xunlei, the NASDAQ-listed cloud network provider, has dispatched its proprietary blockchain platform, despite ongoing class actions across an alleged initial coin offering (ICO).
At a press event in Beijing on Friday, the partnership announced its open blockchain platform dubbed “ThunderChain,” which is objected to enable developers to build decentralization applications.
Based on the practical Byzantine offence tolerance (PBFT) consensus mechanism, Xunlei makes the significant call for for ThunderChain that it provides processing capacity in the millions of transactions per alternate.
Xunlei explains that the platform combines its proprietary blockchain with its existing space in cloud-based content delivery hosted on a peer-to-peer distributed network.
Ground in 2003, the firm became notable in China for its early development of a peer-to-peer download app collect summoned Thunder, which makes use of internet users’ idle broadband aptitude to expedite downloads and uploads of digital content.
While branding ThunderChain as a new merchandise launch, Xunlei told CoinDesk that it is, in fact, built upon an enduring blockchain platform that it has been using to generate its custom cosmetic, LinkToken, since October 2017.
As reported by CoinDesk, the firm first broadcasted its move into the blockchain space in October last year. At the ease, users could obtain LinkTokens by purchasing Xunlei’s then-new cloud storage trick – called the OneThing Cloud – to share their spare broadband bandwidth.
The report initially caused the company’s stock price to skyrocket from $4 to beyond $20 in November of last year, but it dropped again to around $10 in January heed a Chinese financial self-regulator’s accusation that the product launch was, in potency, an “initial miner offering.”
The agency, China’s National Internet Invest in Association, issued a statement in January, warning residents over functions that require users to purchase hardware in order to participate in a token-generation development and have the substance of an ICO – a fundraising method explicitly banned by the Chinese authorities.
As a be produced end, Xunlei investors formed two class action lawsuits against the unchanging, alleging it knowingly conducting an unlawful and disguised ICO.
However, in response to CoinDesk and notes seen on various media outlets, Xunlei has, on several occasions, rigidly denied the accusations.
“We have been very straight on our business trains – we do not sell tokens,” Chen Lei, CEO of Xunlei and a defendant in the two lawsuits, told the South China Morning Pale earlier this month.
Chen Lei at event via Xunlei
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