Xunlei has Launched a Blockchain Platform Called ThunderChain
Another Blockchain Platform
NASDAQ’s cloud network provider Xunlei has launched its own blockchain platform despite ongoing class actions over a rumored Initial Coin Offering. The company held an event in Beijing, China today to announce its new open Blockchain platform called ThunderChain which was developed mainly to enable developers to build decentralized applications. Xunlei has claimed that this new platform has the capacity to do millions of transactions in a second and it’s very secure and efficient.
According to Xunlei the ThenderChain platform is a combination of its proprietary blockchain and its current cloud-based content which its delivery designed to be hosted on a peer-to-peer distributed network.
The firm was founded in 2003 and became very popular in China because of the application it developed called Thunder. The app was very useful and helped internet users to download and upload digital content.
During the ThunderChain launch, Xunlei stated that in fact the platform was built upon an existing blockchain platform which they have been using to make custom toke LinkToken since 2017. The firm made a major move to Blockchain in October 2017. From that time the firm enabled users to obtain LinkTokens by buying Xunlei’s cloud storage device which was called One Thing Cloud in order to share their space broadband bandwidth.
The announcement caused the company’s stock price to shoot up from 4 dollars to 20 dollars in November on 2017. The stock, however, went down again in January this year to trade at 10 dollars after the Chinese financial self-regulators said that the product launch was in fact as ICO. This led to an announcement by the Chinese National Internet Finance corporation warning citizens about activities that would require users to buy hardware in order to participate in any token generation process and that all ICO activities had been banned by the Chinese authorities.
After that announcement, Xunlei investors sued the firm for allegedly knowingly conducting an unlawful and disguised ICO. The company, however, denied the accusations and held that it had not carried out any unlawful procedure. Xunlei insisted that they were very straight in their business and that they do not sell any tokens.