Nervos, a network of scalable and interoperable blockchains built on top of an open network, told Cryptovest that digital currency-based funds Polychain Capital, Sequoia China, Wanxiang Blockchain, FBG Capital, Blockchain Capital, Dekrypt Capital, Multicoin Capital, 1confirmation, Matrix Partners China, 1kx, and others have allocated funds to allow Nervos to develop its product and engineering teams, accelerate the development of its enterprise blockchain solutions, and ramp up strategic partnerships.
“We are excited by some of the activity happening in the Chinese crypto ecosystem and have been impressed by the Nervos team and their approach to building a high-performance blockchain. We think Nervos could become one of the leading major ecosystems and may spawn an array of opportunities. We are excited to partner closely with this talented team and support their outlier growth,” said Olaf Carlson-Wee, founder and CEO of Polychain Capital.”
Nervos co-founder and chief architect Jan Xie explained that existing blockchain infrastructures are inadequate for enterprise use because they cannot simultaneously meet both security and performance requirements of enterprises. Public chains compromise scalability and performance for the sake of security, while permissionless chains forgo security in favor of transaction speed and throughput.
“While there are undeniable benefits for enterprises that utilize blockchain technology to innovate and improve existing systems, enterprise adoption has been held back by a host of challenges like scalability, security and complexity. The new funding will allow us to move full speed ahead as we build an infrastructure that will allow enterprises to reduce the costs of developing and deploying blockchain applications,” Jan said.
He claimed the Nervos Network solves this problem by utilizing an innovative layered architectural design, which consists of a secure public chain (Layer 1) and a high-performance application chain (Layer 2). By leveraging both layers, Nervos will provide a complete set of real-world blockchain solutions for enterprises.
Steven Ji, Partner at Sequoia China, added, “There’s no shortage of blockchain projects but Nervos stands out because it has a clear mission and a well-defined plan to bring tangible and immediate benefits to the most promising segment of blockchain users.”
“The Nervos team is hands down the best technical team in China. Their contributions to Ethereum, imToken and the CITA blockchain have all become core innovations for the entire blockchain ecosystem, so I’m truly excited to support them as they take on their most ambitious challenge yet,” said Edith Yeung, advisor to Nervos and head of 500 Startups China.
This article appeared first on Cryptovest