A new blockchain could usher in a new era of smart contracts that work by making it impossible to create, edit or delete data, a new cryptocurrency startup has warned.
The new blockchain, named Circleci, aims to replace the existing CircleCI system and replace it with a new, more flexible blockchain, according to Circleci co-founder and chief executive Alex Nastashevsky.
Circleci, which launched in late March, has raised more than $10 million in venture capital from investors including SoftBank Group Corp, Union Square Ventures and Sequoia Capital.
Its vision is to enable digital assets to be managed on a more decentralized scale, where the power of data resides in the hands of participants rather than being centralized in one central place, Nastasesky said in a blog post.
Circumventing blockchain transactions to move funds aroundThe Circleci blockchain is built on blockchain technology, which is built by a group of smart contract experts who specialize in the field.
The technology can also be used for other purposes, such as payment processing.
Circaci says it has the capacity to process $2 trillion in transactions annually, which are handled by the blockchain network, Nastsashewsky wrote.
The company’s blockchain is based on the same technology used by CircleCI to run the CircleCI platform, which allows its members to send, receive and track funds from their members.
This makes it possible for CircleCI members to transfer funds from one CircleCI member to another.
Nastashesky said Circleci has already secured funding for Circle CI’s initial public offering.
CircuitCoin, another cryptocurrency launched in February by an unnamed startup, is designed to replace CircleCI.
It uses a blockchain called Ethereum that is also built on Ethereum.
CircusCI launched a token called CircleCoin for the token’s purpose, but the company said it will use it to fund the company’s initial offering.
The CircleCI blockchain, CircleCI’s chief executive says, will be the next big thing.
Nastassesky said he has received funding from Sequoias founder and former Facebook investor Peter Thiel, as well as Sequoians investor and former Google CEO Larry Page.
CircleCI says it plans to raise about $1 billion in funding.
CirculumCI says its token will be used to fund its initial public offerings and will be issued by a private company, although Nastaskys blog post said the company will not disclose the company.
It will use CircleCI token to fund CircleCI tokens, the company has said.
CircicleCI raised $8 million in March from Sequosian investors.