The National University of Singapore spinout has secured an undisclosed amount to bring its blockchain platform through public testing scheduled for December 2017.
Zilliqa, a Singapore-based blockchain platform spun out from National University of Singapore (NUS), has secured an undisclosed sum from investment firm FBG Capital.
Blockchain technology is a form of digital ledger for cryptocurrency transactions or other sensitive information. It records data in tamper-proof chunks across a network rather than on a single server.
Zilliqa’s system aims to solve scalability issues that have plagued cryptocurrencies such as bitcoin, where transaction speeds had been slowed by a cap of one megabyte per block until the threshold was doubled in August 2017.
The spinout is based on research by Prateek Saxena, assistant professor in the university’s Computer Science Department and chief scientific officer of Zilliqa. His team used a scaling protocol called sharding to partition blockchain on a linear basis.
Zhuo Shuoji, founding partner of FBG Capital, will advise Zilliqa on how to drive commercial and financial demand for its platform as the business prepares for public testing scheduled for December 2017.
Xinshu Dong, chief executive of Zilliqa, said: “Having the expertise of Zhuo Shuoji and FBG Capital guiding us truly an honour.
“We are confident that our technology combined with our amazing team and advisers will drive the adoption of our platform towards providing solutions to everyday business and consumer applications.”
