High speed, game-focused blockchain MagnaChain launches testnet
Working with Epic, Alto and Monetizr
Singapore-based game-focused blockchain MagnaChain has announced the launch of its testnet.
Funded by the likes of DraperDragon Innovation Fund, JRR Crypto and Chinese game publisher The9, MagnaChain says it’s developed a novel technology designed for the deployment of distributed apps, especially games.
We believe the video game industry will play a vital role in bringing Blockchain to the masses
The protocol uses side-chains, smart contracts and what MagnaChain labels a virtual hash Proof-of-Stake consensus mechanism.
The result is a blockchain, which uses the MGC token, MagnaChain claims will eventually handle 100,000 transactions per second.
The testnet is currently operating at over 13,000 tps.
MagnaChain’s future plans
In terms of the company’s roadmap, it hopes to have the first games live in Q3 2018, with the mainnet live in late 2018.
“We’re extremely excited to have launched the MagnaChain testnet with the backing of such notable and supportive investors and development partners,” commented CEO Hal Bame.
“We see MagnaChain having enormous applications and benefit to a variety of industries, starting with the video game and virtual asset sectors; as we believe the video game industry will play a vital role in bringing Blockchain to the masses – we look forward to making this a reality in the very near future and will have more announcements to come very soon.”
You can find out more about MagnaChain via its website.