Blockchain Startup Tierion Announces Fenbushi Capital Participation in Token Sale
Blockchain technology startup Tierion announced today that Fenbushi Capital has committed to participate in the upcoming Tierion Network Token sale.
Fenbushi is the first Chinese venture-capital fund dedicated to supporting companies building innovative use cases of blockchain technology. The token sale opens to the public on the 27th of July, with presale scheduled to start on the 22nd of July.
Fenbushi previously invested in Tierion’s $1 million seed round alongside leading venture capital firms Blockchain Capital and Digital Currency Group.
“Unlike most projects raising money through token sales, Tierion already has a live product that they’ve been improving for years,” said Fenbushi General Partner Bo Shen. “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.”
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.
“We’re transforming Tierion from a cloud application into a global distributed network,” says Tierion CEO, Wayne Vaughan. “Our goal is to build a global proof engine that safeguards the world’s data.”
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.
The Tierion Network Token (TNT), an ERC20 smart contract token, will be sold during the digital token sale. Tierion Network Tokens are 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 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 whitepaper can be viewed on the website.