- Initial investors include DraperDragon Innovation Fund, JRR Crypto and The9 Limited [NASDAQ: NCTY]
- Multiple business partnerships also announced
MagnaChain (formerly known as CellLink), today announced its new branding and official testnet launch for its new public Blockchain protocol. The protocol stands out as a completely new, built from scratch, public Blockchain and related integration toolset, used for distributed application development (dApps). DraperDragon Innovation Fund and JRR Crypto have been confirmed as an initial investors along with one of China’s leading NASDAQ-LISTED videogame companies, The9, based in Shanghai China – more investor announcements are to come in the near future.
MagnaChain utilizes several unique technical approaches, such as a proprietary VH (Virtual Hash) POS Consensus mechanism, innovative use of ‘sidechain’ technology, and easy-to-use smart contracts; allowing the protocol to solve some of the biggest issues facing public Blockchain including scalability, TPS (transactions per second), and Consensus obstacles, among all other issues.
The company has also secured a number of developers and business partnerships across a variety of sectors – these partnerships are to ensure the most diverse and effective ecosystem for MagnaChain, its dApp partners and their end-users. Partnerships include but are not limited to (in no particular order):
- Epic Games (Unreal game engine)
- Korea Mobile Game Association
“We’re extremely excited to have launched the MagnaChain testnet with the backing of such notable and supportive investors and development partners,” commented Hal Bame, CEO MagnaChain. “We see MagnaChain having enormous applications and benefit to a variety of industries, starting with the video game and virtual asset sectors; as we believe the video game industry will play a vital role in bringing Blockchain to the masses – we look forward to making this a reality in the very near future and will have more announcements to come very soon.”