Start-up Blockchain, Nervos Network, plans to launch its blockchain "Lina" next week, in the wake of obtaining 72 million dollars via a symbolic sale on Coinlist.
The company announced on Wednesday that developers and miners could participate and use its network on November 16, with new support from China Merchants Bank International (CMBI), Polychain Capital, Blockchain Capital, Hashkey, MultiCoin and Distributed Global.
The company initially sought to raise $ 50 million for the network, exceeding that amount through its three-week sale. Nervos has refused to disclose the exact investment amounts of each major investor.
"The backbone will allow users to build applications on our blockchain without the trade-off between scalability and security," said Nervos Network co-founder Kevin Wang.
Wang explained to CoinDesk that Mainnet's two-layered structure allows users to create decentralized applications on a secure public layer, but actually run them on its second layer, promising "unlimited" scalability through this feature.
The company's new CKByte token allows users to have storage space in the blockchain, providing an incentive mechanism for miners and a resource management tool.
According to Token's official public offer, the company would use 23.5% of the original token offer to encourage open source contributions and business partnerships.
Wang said the main network could be used as a technical infrastructure for a variety of use cases ranging from decentralized financial platforms to asset segmentation.
Nervos had developed applications for the Chinese banking giant CMBI even before the launch of the main network. There are certainly more opportunities to collaborate with other financial institutions to create Defi applications after launch, Wang said.
The company has established a significant presence in the Chinese developer community, with some of the team members being among the first Ethereum developers in the country.
Nervos had already secured $ 28 million in Series A funding last year. The financing round was led by Polychain and private equity giant Sequoia China.
The fundraiser was a private sale that guaranteed 14% of the initial distribution of tokens to investors in 2019, Wang had already told CoinDesk.
The company will use the proceeds to invest more in research and development to improve the network, and will encourage more miners and developers to use the network, Wang said.
Image via the Nervos team