What is Chain
Chain is a technology company that focuses on blockchain-based solutions for enterprises. Founded in 2014, Chain provides a platform for developing, deploying, and operating blockchain networks that can securely store, transmit, and verify digital assets and data.
Chain’s technology is designed to help enterprises across various industries, such as finance, healthcare, and logistics, to improve the efficiency, security, and transparency of their operations by leveraging the benefits of blockchain technology. Chain offers a range of products and services, including:
- Chain Core: a blockchain infrastructure platform for developing and deploying blockchain networks.
- Chain Protocol: a set of protocols for building secure, scalable, and interoperable blockchain networks.
- Chain API: a set of RESTful APIs that allow developers to integrate blockchain functionality into their applications.
- Chain Developer Edition: a free, open-source version of Chain Core for developers to experiment with and build blockchain applications.
In 2018, Chain was acquired by Lightyear, a blockchain-based payments company, and together they rebranded as Interstellar.
The history of Chain
Chain was founded in 2014 by Adam Ludwin and Devon Gundry, with the goal of creating a platform that would enable enterprises to build and deploy blockchain applications. The company was initially funded by a seed round led by Khosla Ventures, and subsequently raised additional funding from notable investors such as RRE Ventures, Nasdaq, and Visa.
In its early years, Chain focused on building blockchain infrastructure for financial institutions, partnering with companies like Nasdaq, Visa, and Citigroup to develop solutions for securities trading, cross-border payments, and other financial services use cases. Chain also collaborated with blockchain startup Stellar to develop a protocol for issuing and transferring digital assets.
In 2016, Chain announced the launch of its flagship product, Chain Core, which is a blockchain infrastructure platform designed for enterprises. Chain Core is based on the Bitcoin blockchain but is customized for enterprise use cases, with features such as scalability, interoperability, and privacy.
In 2017, Chain raised $30 million in a funding round led by strategic investor Naspers, with participation from existing investors. The funding was intended to help the company expand its blockchain offerings beyond financial services into other industries.
In 2018, Chain was acquired by Lightyear, a blockchain-based payments company, and together they rebranded as Interstellar. Interstellar’s mission is to create a global network for sending and receiving payments using blockchain technology. The company is focused on developing solutions for cross-border payments, asset exchanges, and other applications that leverage the benefits of blockchain technology.
How Chain works
Chain is a blockchain technology company that provides a platform for developing, deploying, and operating blockchain networks. The company’s flagship product, Chain Core, is a blockchain infrastructure platform that is designed for enterprises and can be used to build a wide range of blockchain applications.
Here is an overview of how Chain works:
- Blockchain Infrastructure: Chain Core is a blockchain infrastructure platform that provides a set of tools and APIs for building blockchain networks. The platform is based on the Bitcoin blockchain, but is customized for enterprise use cases and can be integrated with other blockchain protocols.
- Consensus Mechanism: Chain Core uses a consensus mechanism called Federated Consensus, which is a hybrid of Proof-of-Work and Proof-of-Stake. This consensus mechanism allows for faster transaction processing times, better scalability, and improved security.
- Smart Contracts: Chain Core supports the creation and execution of smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. Smart contracts can be used to automate business processes and improve operational efficiency.
- Privacy: Chain Core offers privacy features such as Confidential Transactions and Multi-Signature Accounts, which allow for secure and confidential transactions on the blockchain.
- APIs: Chain Core provides a set of APIs, including RESTful APIs and SDKs, that developers can use to build blockchain applications. These APIs allow for easy integration of blockchain functionality into existing systems and applications.
Overall, Chain’s platform and tools are designed to make it easier for enterprises to build, deploy, and operate blockchain networks that can improve operational efficiency, increase security, and enable new business models.
Does Chain charge a fee
Yes, Chain charges a fee for its blockchain services. The fees vary depending on the specific products or services being used, the amount of usage, and other factors.
For example, Chain Core, the company’s blockchain infrastructure platform, is available in both a free, open-source Developer Edition and a paid Enterprise Edition. The Enterprise Edition includes additional features and support, and pricing is based on a subscription model.
Chain also charges fees for its other products and services, such as its API and developer tools. The fees are typically based on usage, such as the number of transactions processed or the amount of data stored on the blockchain.
It’s worth noting that blockchain technology in general, including Chain’s offerings, typically involves fees for transaction processing and other services. These fees are used to incentivize network participants to maintain and secure the blockchain network, and to cover the costs of operating and maintaining the infrastructure