ThunderCore Blockchain Hopes To Make Some Noise With $50M USD Raisebr>
ThunderCore is the blockchain brainchild of entrepreneur Chris Wang and computer scientist Elaine Shi. The company just announced a successful raise of $50 million led by investors Pantera, Huobi Capital, MetaStable, ZhenFund, Electric Capital, Arrington XRP Capital, FBG, Hashed, Kinetic and SV Angel.
With the new funding, ThunderCore will be able to expand its portfolio of offerings and grow their executive team.
ThunderCore’s protocol offers users, and developers in particular, a simple and elegant solution to improving blockchain as a whole. The platform utilizes a hybrid consensus mechanism, with an optimized fast path, enabling developers to easily and conveniently build on the platform while maintaining Ethereum compatibility. The company was founded by Chris Wang, who started gaming company Playdom, which was acquired by Disney for $532 million.
Wang graduated with a PhD in computer science from Carnegie Mellon University (CMU) in two years, at the age of 22 (holding the record for the quickest person to ever receive a CMU Computer Science PhD). At 24, he co-founded the social gaming company Playdom. After growing the company to 500 employees, 20 million monthly active users and over 100 million in annual revenue, he sold the company to Disney for over $500 million in 2010. For the next seven years, he became an early investor in several successful startups such as Alibaba, Glassdoor, Etsy, and Flipkart.
He then teamed with CMU classmate Shi, who previously co-founded the Initiative for Cryptocurrency and Contracts (IC3), co-authored the first peer-reviewed publication on bitcoin and decentralized smart contracts, and was the first to teach smart contract programming.
Their goal for ThunderCore: a fast blockchain with low gas costs. Wang answered a few Block Tribune questions about the project.
BLOCK TRIBUNE: Have your claimed speeds been independently tested?
CHRIS WANG: No, as far as we’re aware, there is no standard independent test but it has been extensively tested in-house. Our partners have also validated this for us through the use of ThunderCore. Because ThunderCore is a public blockchain, anyone can test it.
BLOCK TRIBUNE: What will you do to market the chain?
CHRIS WANG: We are looking to market to both the blockchain and developer communities through traditional marketing and education as well as community development. We’ve seen the extreme importance of community within the blockchain space and hope to involve all aspects in our marketing efforts including, academic, developer and tech communities.
BLOCK TRIBUNE: Beyond speed, what advantage will you offer over ethereum or EOS, among other chains?
CHRIS WANG: We have 3 main differences:
- We have proven blockchain technology backed by academic research, we even have a mathematical proof that our protocol is secure.
- We enable seamless migration of Apps from Ethereum with a big performance boost, you can migrate your app in a 5 minutes
- We deliver – we have already transformed it into a working reality.
Based on years of groundbreaking research by Professor Shi of Cornell University, ThunderCore uses a breakthrough consensus protocol that overcomes the fundamental limitations of Nakamoto consensus] uses the longest chain rule for finality which takes a long time and we have finality by POS voting. The result maintains fully decentralized trust while significantly improving performance.
Our biggest advantage over other projects is that we have proven technology. Many blockchain companies now shy away from discussing technology. But we feel confident about our technology built by our world-renowned scientists and battle-tested engineers. Our goal is very clear, to make a fast and cheap platform, and to make it very easy for everyone to use. And it works!
BLOCK TRIBUNE: What lessons can you draw from your previous business experience to establish this blockchain?
BLOCK TRIBUNE: Will your coin be exchange traded? CHRIS WANG: Our project has elicited interest from the larger crypto community and we feel confident that, in order to serve their customers, major exchanges will end up listing us.BLOCK TRIBUNE: How will the coin be used in your ecosystem?ThunderToken is the native currency of the ThunderCore blockchain. ThunderTokens will be used to pay transaction fees on ThunderCore. They can also be used to stake in and participate in POS (proof of stake) consensys system underlying the ThunderToken blockchain, earning the transaction fees.BLOCK TRIBUNE: Are you planning an ICO? If so, details. If not, why not.CHRIS WANG: No, we are not planning on a public ICO as we have already secured funding privately from top blockchain investors.