China-based enterprise-level blockchain network, Nervos Network, just raised $28 million from investors. Crypto experts from Yunbi, Ethererum, and imToken founded the network.
Polychain Capital is one of the main investors in Nervos. According to Polychain founder and CEO Olaf Carlson-Wee, “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.”
Commenting on the potential of Nervos, Carlson-Wee also said, “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.”
Nervos consists of interoperable protocols present on an open network. Furthermore, the combination of a public blockchain and an application chain enables enterprises to take advantage of dApps. They can do this without using their complete stack on the blockchain, according to the company.
Jan Xie, Nervos Co-founder and Chief Architect says, “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.”
Commenting on the received funding, Xie said that the company will use it to “move full speed ahead as we build an infrastructure that will allow enterprises to reduce the costs of developing and deploying blockchain applications.”
Are There Any Others Out There?
The need for a platform like Nervos is there because currently there isn’t any available solution. Nervos says they can provide security and ensure performance at the enterprise level. By leveraging the secure public chain and a high-performance application chain, they’l offer a complete solution, the company adds.
Other investors in Nervos include Sequoia China, Blockchain Capital, Wanxiang Blockchain, Multicoin Capital, FBG Capital, Dekrypt Capital, etc.
According to Partner at Sequoia China, Steven Ji, Nervos alsostands out among blockchain projects. Additionally, he says the company offers “a clear mission and a well-defined plan to bring tangible and immediate benefits to the most promising segment of blockchain users.”
Furthermore, head of 500 Startups China and Nervos adviser, Edith Yeung, says, “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.”