Sequoia China, Polychain and others invested $28 million in a blockchain-startup Nervos Network

Sequoia China, Polychain and others invested $28 million in a blockchain-startup Nervos Network

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Blockchain-startup Nervos Network on Wednesday announced the completion of the round of funding for the series A, according to which he managed to raise $28 million. This is written by CoinDesk.

In the investment round, the hedge fund Polychain and the venture company Sequoia China, and several Chinese blockchain startups, including Bixin and imToken, took part in the crypto-cash projects.

New investments, according to Nervos, will go to the expansion of the product and development team to accelerate the creation of its own corporate blockchain infrastructure.

The co-founder of Nervos Network is Tyan Hoshi, a former developer of Ethereum and the author of his Ruby version. The goal of the startup is to create your own public blockchain-network.

Using a hybrid approach in which the public blockchain will be combined with another layer, which developers call the “application chain,” Nervos plans to create a system that can solve the most common blockchain problems associated with scalability and security.

This approach should help companies to develop decentralized applications in a secure public network, but run them in an “applied chain”, eliminating the need to allocate” all of their technical capabilities to work with blockchain.”

“Although blockchain gives companies undeniable advantages in improving existing systems, the adoption of this technology is hampered by a whole heap of problems related to scalability, security and complexity,” Hoshi said.

This is not the first investment injection of the Sequoia China venture into the blockchain industry – it has recently become known that it took part in the investment round of the B-series of the mining giant Bitmain.

As for the hedge fund Polychain, at the beginning of this year he took part in financing the Swiss blockchain startup DFINITY Stiftung, together with the venture company Andreessen Horowitz, investing $61 million. According to DFINITY Stiftung, these funds will go to develop a protocol that will ensure the operation of a public decentralized cloud computing platform.

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