From New York to Beijing, everyone is talking about “blockchain”, even if they don’t have a bitcoin or don’t know what POW is. Lots of companies are announcing every day new developments and plans by using this emerging technology. Job openings for blockchain-related positions have also increased dramatically by 631% from November 2015, according to some media reports. However, there are many problems facing the blockchain developers and potential users: low transaction processing capabilities, shortage of talent and restricted application scenarios.
In response to these issues, US-listed cloud service provider Xunlei provides its own solutions.
The top priority is to create a stable, fast and scalable system that can run large-scale applications. As announced on April 20 in Beijing, Xunlei and its cloud computing arm Onething Technologies launched a super blockchain platform ThunderChain, which can handle millions of transactions per second and create a block per second. You are not sure how fast ThunderChain can be? Here are a few comparisons: bitcoin is estimated to conduct 7 TPS with 10 minutes at average to generate a block. Ethereum does slightly better with 10 to 15 TPS and Visa, a leading payment service provider, is reported with 5000-8000 TPS.
If you are familiar with this company, it is probably not a surprise to see such breakthrough from Xunlei. Many Chinese internet users recognize Xunlei for its internet firm in China for its download acceleration based on its leading P2SP and distributed computing capabilities. These technologies, to some extent, represent another form of decentralization and peer-to-peer technology. And these characteristics are exactly what blockchain technology is known for.
Xunlei’s next mission is to develop most on demand talent and practical applications. At the same day on the launch of ThunderChain, the company also announced to host a global competition to develop blockchain applications which address some of complex challenges existing in various industries. These can be food safety, donation tracking and management and IP protection. Notably, competition developers will be the first batch of developers to operate on its newly launched high-performance platform ThunderChain.
Mr. Lei Chen, CEO of Xunlei and Onething Technologies, gives speech on blockchain on April 20th in Beijing
There have been debates on so-called blockchain generations. In general, bitcoin is recognized as Blockchain 1.0 due to its huge popularity and soaring investment value. Ethereum and its alike development platforms are categorized as Blockchain 2.0, though a limited number of apps can be running on these systems. Meanwhile, many people argue that high-performance and scalable platforms, such as Xunlei’s ThunderChain, should fall into this category, as they are designed to create practical applications that empower each individual user. While the debate on these generations may stay for a while, there is no doubt that tech giants like Xunlei will keep pushing its limits, improving the technology and creating applications to overcome real-world problems.