Jinghang Blockchain Close $10mln Seed Funding, Aiming to Build Public Blockchain Better Than BTC/ETH
February 4, “Beijing-Hangzhou (Jinghang) Blockchain” project announced the $10mln seed funding led by Tunlan Investment. Technologies like decentralization, distributed ledgers, and peer-to-peer transmission will fundamentally change our lives. But from the smart contract to the next generation of public blockchain, the blockchain is in urgent need of another breakthrough in the underlying technology.
“Beijing-Hangzhou blockchain” enters the industry as bottom-layer blockchain technology platform and application development platform, hoping to improve the current shortcomings, such as low transaction capacity, raw smart contracts, application development difficulties, lack of API of public blockchains and external system interaction. Meanwhile, consortium blockchain could also be provided to meet various industrial needs. The company’s core product is still confidential.
The Company believes that in addition to providing technical services to the blockchain application in the industry, the key in the next phase is to find killer app of blockchain, breakthrough at bottom-layer protocols so as to truly become a player with core competitiveness.
The core members of “Jinghang Blockchain” are from senior engineers of Baidu and Alibaba. Xu Haiyang, the CEO, was chief architect of Baidu, major developer of web search engine and AI expert of Microsoft Asia Research Institute. Mo Jianxiang, the CTO, was chief architect of Ali Wangwang. He also participated in early establishment of Aliyun system and createed Ali cloud mailbox, SOMA CTO and so on.
If bitcoin is “blockchain 1.0” and Ethereum the “blockchain 2.0”, what the “Jinghang blockchain” wants to achieve is blockchain 3.0.
“The current blockchain technology is equivalent to the stage that Internet moving from DOS to Windows. Applications and opportunities could flourish only with the booming development of technology. We will devote great efforts to the development of blockchain technology, including protocols, deep down to the bottom. “Xu Haiyang said.
“Although China accounts for 70% of the entire network hashrate, the performance is less satisfactory. Not long ago, Cryptokitties paralyzed the Ethereum network with lots of transactions. Ethereum first proposed the concept of account, but the authority design is relatively simple. The theft case of exchange not long ago was triggered by authority is stolen is the design authority defects。 “
Mo Jianxiang said that such problem could solved through bottom-layer protocol development.
In addition, Jinghang Blockchain also wants to be the “Wangpu Military Academy” in the area of blockchain. It plans to train 50-100 “generals” capable of leading teams in blockchain industry in 2018.
“There are only a few hundred people in China who can code on public blockchain,”
Mo Jianxiang said. There is also industry-specific talent training, which include not only economic models but also philosophical thinking. Enterprises are more suitable than schools to do the training.
“2018 will be the year of blockchain. But the industry right now is mixed with good and bad. Technology research and development should be continued. Jinghang blockchain plans to do in-depth R&D of underlying technology, making up the disadvantages of bitcoin and Ethereum.”
Yao Yongjie, the Chairman of Tunlan Investment, said.
It takes time to develop the underlying technology and “Jinghang Blockchain”does not consider profitability in the next five years.
Tunlan investment had also invested in “Cannan Creative(Avalon)” and “Sky Blockchain”. Yao Yongjie said Cannan will IPO in Hong Kong in 2018.