The future of blockchain will not be ‘one network to rule them all’ but rather an interconnected network much like the internet, according to experts.
The new PL^G framework that launched in late February has raised $65 million to take the steps to making this vision a reality.
The PL^G technology makes blockchain networks work more like the internet: just as the internet is a series of smaller physical networks, connected to a larger structure through common protocols, PL^G says it will connect smaller, diverse networks together to create a truly global, scalable, and evolving blockchain layer of the internet.
On top of the capital raise, PL^G has already secured key partnerships with Wanda Group, KiwiBank, and Cryptopia. Wanda Group is a Global Fortune 500 conglomerate of Commercial Properties, Culture, Internet and Finance.
Wanda Group is based in Beijing and is the world’s biggest private property developer and owner of the globally largest cinema chain.
PL^G is a collaboration between London-based blockchain specialists Qadre, New Zealand-based venture studio Centrality and Switzerland-based blockchain media house SingularDTV.
“Wanda were impressed with our extensive library of reusable components and the potential for PL^G for mass adoption”, said Centrality CEO Aaron McDonald.
The three companies collaborated to generate a solution to building scalable and secure blockchain applications that operate in the real world.
Between the team, there are many years’ experience building real, commercial applications using blockchain technology, and each business brings a unique insight towards the overall solution.
“We’re excited to start scaling out our platform in a big way following the token sale. PL^G is the only blockchain network that scales as the internet does, and I cannot wait to see how the PL^G ecosystem will evolve”, said Nick Williamson, co-founder of Qadre.
With the initial platform development completed, and applications already running on the network in beta, the funds will be used to help further develop the PL^G framework, provide staking value to the PL^Gnet token consensus model and to fund the core PL^G development team.
The company raised the $65million through a ‘Token Generating Event’ or ‘TGE’. A TGE is a more regulated evolution of the Initial Coin Offering crowdfunding model.
LET THE BUYING BEGIN! GO GET YOURSELF SOME PLUG TOKENS EVERYONE!! pic.twitter.com/uX99rVyESV
— pl^g (@plugblockchain) March 14, 2018