Former Alibaba Employees Have Raised $ 20 Million To Develop a Public Blockchain ...

The public blockchain protocol should become a scalable platform for launching decentralized applications.
Ultrain company, the developer of a public blockchain, founded by the former head of the blockchain unit of Alibaba, has attracted 20 million with the participation of institutional investors in the course of a combined sale of shares and tokens. This will allow the company to engage in technological development of its public blockchain protocol.

This year, the startup launched a test version of its network, within which it managed to achieve a capacity of 3,000 transactions per second using 1,000 nodes hosted on Alibaba cloud servers.

According to project manager Ray Guo, who was responsible for the security strategy and data security in the position of technical director of the security department of Alibaba Group, the project should focus on real user needs, not on the capacity that already meets the requirements of the foreseeable future.