China’s Xunlei Claims Super Blockchain That Handles Millions of Transactions Per Second to Come in May
The blockchain innovation changed the social organization and social structure, offering China a chance to overtake the U.S. and western countries, Chen Lei, CEO of Xunlei (NASDAQ: XNET) said during the Boao Forum for Asia annual conference 2018.
“China started later than the U.S. and western countries in the electronic, communication and Internet industry. When it comes to blockchain, it is really an essential opportunity, as this time, China’s at the same starting line with the western world in this (blockchain) space.”
“This is a significant opportunity worth everyone’s grasping for in this new era. Wish more Chinese companies and entrepreneurs to join in the blockchain space” Chen said. This former Tencent cloud computing unit leader also disclosed that the company is developing a super blockchain which could process millions of transactions per second, and it is expected to debut in early May. It is notable that bitcoin’s capacity is currently 7 transactions per second. Some people said that Xunlei’s millions of nodes on its CDN (Content Delivery Network) is incredible and absolutely possible for the transaction speed said above.
The company actually is not the early bird in the blockchain sector. In October 2017, Xunlei announced that it would transform itself into a blockchain company, and released a blockchain-based product named OneThing Cloud. Users could get LinkToken (formerly WankeCoin/WKC) for contributing their bandwidth and idle resources to the Xunlei’s Content Delivery Network. The hardware was snapped up on JD.com (a Chinese online retailer) and obtained 100% favorable rate. Shortly in a month, its stock price spiked over 600% to a high of $ 27.
Despite the ICO ban and crackdown on crypto market last September in China, investors’ enthusiasm for WKC kept on. In January 2018, China’s regulatory authority warned about the risk of IMO (Initial Machine Offering), calling Xunlei’s LinkToken (formerly WankeCoin) a disguised ICO. And then in the following month the company was sued twice in U.S. over illegal ICO and distributing false information that materially affected its stock price.
After gaining popularity along with criticism in China, Xunlei has been reaching its arm to overseas markets. On April 9, Xunlei was reported to use its blockchain and cloud computing technology to help Thai government digitize some of the country’s infrastructural services, mainly to build a Digital ID System and a Smart City. The company’s CEO has recently met with a group of government ministers and business luminaries, including key officials across the Digital Economy and Society, the Stock Exchange of Thailand, the Finance Ministry, as well senior execs from the Bank of Thailand and CAT Telecom, the national’s state-owned telecom operator.
It seems that Xunlei’s blockchain technology and product are gaining popularity, will its upcoming super blockchain delight the sector? will the company rise in the big blockchain game? Leave your comment below.