A public chain project that claims to solve the longstanding blockchain scalability problem is about to come online soon, announced its creator Jiaping Wang, a former Microsoft lead researcher and currently a professor at the University of Minnesota.

Asensys, or Moqun blockchain, led by Jiaping Wang, unveiled its progress after a year-long development today, as well as some of its angle investors including Kai-Fu Lee, CEO of China-based prominent investment powerhouse Sinovation Ventures, former Microsoft Executive Vice President Of Artificial Intelligence & Research Harry Shum, Yahoo founder Jerry Chih-Yuan Yang…

The project, backed by a line of heavyweight investors and running on its own innovative protocol that claims to achieve vastly more throughput and capacity than bitcoin and Ethereum, is deemed as China’s first blockchain project with fully independent intellectual property rights. Its rollout announcement made today immediately caused quite a stir in the country’s tech community.

In 2019, the team published a paper at the NSDI2019 conference called “Monoxide: Scale Out Blockchains With Asynchronous Consensus Zones”, which proposes removing the duplication of efforts built into blockchains and instead of spreading the workload across the entire network by creating multiple zones within it that work independently and asynchronously. It marks China has achieved a zero breakthrough in the core blockchain algorithm in mainstream international academia.

According to the experimental results described in the paper, the Asensys system delivers 1,000x throughput and 2,000x capacity over the bitcoin and Ethereum networks on a testbed including 1,200 virtual machines worldwide to support 48,000 nodes.

Such a high-performance system is much needed in the future implementation of a bunch of blockchain applications going deep into all aspects in a society, and it aims to reach a scale that could support hundreds of millions of users.

With the $3 million new capital, Wang said the project is looking to expand its 10-person development team working in the U.S., China, and Germany.

As blockchain is extending its impact to almost every realm, more and more big-name companies as well as new startups have been dedicated to the building of blockchain-powered computing infrastructures, such as Ant Financial’s Ant Blockchain and other consortium attempts from internet giants Baidu and Tencent.