Princeton scholar spearheading Blockcloud project
Zhongxing Ming, Princeton University visiting scholar and member of Blockchain Special Committee of China Computer Federation who has published 13 publications for leading journals and conferences is at the forefront of new blockchain project, Blockcloud. Ming gave Cointime the rundown on the company during an interview at the Genesis C.A.T. Global Meet Up in Silicon Valley on June 28th.
Blockcloud’s inception was at the end of 2017 and is speeding down the road of development. The platform is a blockchain-based advanced TCP/IP structure that has the ability to provide constant connectivity for dynamic networks and various points of users’ lives from homes and vehicles to health.
The platform’s starting point is within the IoT (Internet of Things) space but Ming emphasizes that while this is the starting point, it is just that, a starting point. The capabilities of Blockcloud range far beyond IoT and will continue to do so later down the road. Many members of the Blockcloud team have previous experience in IoT, sparking their initial investment into the realm. The company currently produces and sells smart health and smart home devices such as smart locks, manufacturing roughly 3 million units each year. The team has finished the theoretical work but now comes the challenges within building large distributed internet systems.
“I believe there should be a lot of challenges in the systematic view of development. But we will conquer them,” states Ming when asked about current challenges Blockcloud has faced.
Blockcloud’s BLOC token is currently in its private sale round, having started out this circuit in Japan, Singapore, and Korea. The last two stops for BLOC in fundraising efforts is Australia and the United States and hope to close private sales by mid-July. The company began true development about two months ago but plans to implement main testnet by Q2 2019. They are hoping to raise $12 million during this private sale round with half coming solely from Asia and the other half from the rest of the world. Ming broke this down to $6 million from the Asian market, $3-4 million from the US and the remaining $2 millions from Australia and possibly Europe.
While Ming initially didn’t believe in the hype around blockchain technology when he was younger, his background in internet technology research sparked his curiosity and after delving deep into the blockchain world, he began to see it as something different, something that could help society.
Ming stated that he believes blockchain technology is a, “smart combination of internet technology and economy with the highest potential to change the existing internet economy.”
Author： Sarah Reyes
Executive editor： Sarah