Blockchain Startup Ultrain Raises $20M USD In Fundingbr>
Blockchain startup Ultrain has raised $20 million in a fundraising round from global venture capital firms and crypto funds.
Investors in the round include Draper Dragon, FBG Capital, DanHua VC, Arrington XRP Capital, crypto wallet Bixin, OKCoin, Morningside Capital and Ceyuan Capital. The funds will mainly be used for the development of Ultrain technology and business ecosystem.
Ultrain was founded by Ray Guo, William Li and Emma Liao. Guo and Li previously worked at Chinese e-commerce giant Alibaba as the former director of Alibaba security unit in charge of data security strategy and chief architect of Ant Financial blockchain team respectively.
Launched in October 2017, Ultrain is a next generation public blockchain that focuses on building a high performance decentralized blockchain platform through its programmable tech infrastructure. The company aims to provide a more advanced technical performance to fundamentally solve the performance and scalability issues of other traditional public blockchain platforms. Ultrain claims that its new consensus mechanism can, under the same level of security performance as the POW, achieve a 1,000-times increase in performance in a fully decentralized network with only 1% of the computing power requirements of the traditional POW network.
“Ultrain resolves the performance limitation with its breakthrough approach in cryptography to push the boundary of the “impossible triangle” – namely security, decentralization and performance,” the company said. “Based on its own R-POS consensus mechanism, performance and efficiency can be greatly improved through limited numbers of voting nodes and proposers, while random selection assures a secure environment within the decentralization network, the near target of TPS can be up to 20,000. Ultrain has achieved more than 3,000 TPS with a confirmation time less than ten seconds in its earlier product launching this month, and there are still room for major enhancements.”
Vincent Zhou, founder of FBG Capital, said that Ultrain supports a variety of potentially large-scale business applications through an innovative consensus mechanism coupled with a developer friendly and efficient smart contract engine.
“Its capital and business resources on the global scale can support the future blockchain applications,” said Zhou. “We really like and trust this team and will continue to support its future development.”