Tierion, a blockchain proof engine which enables the creation universally verifiable proof of any data, file, or business process has announced that Fenbushi Capital has committed to participate in the Tierion Network Token sale.
Fenbushi is the first Chinese venture-capital fund dedicated to supporting companies building use cases of blockchain technology. The token sale opens to the public on the July 27th, with the presale scheduled to start today, July 22nd.
Shanghai-headquartered Fenbushi previously invested in Tierion’s $1 million seed round alongside leading venture capital firms Blockchain Capital and Digital Currency Group.
Fenbushi General Partner Bo Shen said:
“Unlike most projects raising money through token sales, Tierion already has a live product that they’ve been improving for years. We’ve been impressed with Tierion’s team since our initial investment, and we’re excited to continue supporting them through the Tierion token sale.”
Mountain Valley, California-based Tierion is one of the few companies launching a token sale that has a fully developed product, VC funding, and partnerships with companies outside of the blockchain industry. A number of multinational companies have used Tierion’s products for data verification. These companies include Microsoft and Philips, among others.
The Tierion Network is a universal platform for data verification that operates at massive scale. Tierion works by creating a proof that links data to a transaction on a blockchain through a process called “anchoring.” Anyone with this proof can verify the data’s integrity and timestamp without relying on a trusted authority. Tierion anchors into the Bitcoin and Ethereum blockchains, and features:
- Hash API – Tierion’s HashAPI lets developers anchor up to 100 records per second for free. It’s the fastest way to add blockchain time-stamping, data security, and cryptographic audit trails to applications.
- Data Collection – Tierion makes it easy to collect data from the web and mobile applications. Simply create a datastore and send data to Tierion via the REST API or HTML forms. Tierion automatically creates a Chainpoint proof for every record, which can be used to verify data that was collected at a specific time and remains unaltered.
Tierion Network Token (TNT)
Tierion Network Tokens, an ERC20 smart contract token is used as a payment mechanism for services on the network, and as an economic incentive to maintain the network’s uptime and reliability.
The token will be sold during the digital token sale, proceeds will be used to build out a global network, and cover the rising costs of linking data to the blockchain. The funds will also be used for the ongoing development of technology within the Tierion ecosystem.
Full details of the token sale, as well as the full version of the Tierion white paper, can be viewed on the website.