Chinese cloud network provider Xunlei has announced the launch of a blockchain platform.

Dubbed “ThunderChain,” the new platform can concurrently conduct millions of transactions per second (TPS), Xunlei said in its official release. It is based on the company’s proprietary homogeneous multichain framework.

“ThunderChain is designed to realize confirmation and interaction among homogeneous chains and enable multiple transactions to be executed on different chains in parallel. An optimized practical byzantine fault tolerance (PBFT) is adopted by ThunderChain as its consensus model which results in low latency and makes it possible to generate one block per second,” Xunlei said. “PBFT, as a consistency algorithm, is also able to avoid soft fork.”

The platform supports smart contracts written in solidity language and is compatible with Ethereum Virtual Machine (EVM).

The announcement comes amid the ongoing class action lawsuit against Xunlei over an alleged initial coin offering (ICO), CoinDesk reported.

The company last October announced the introduction of “OneCoin”, a blockchain-based product, which was subsequently renamed “Lianke” or “LinkToken”. The announcement drove Xunlei’s stock price to over $20 from $4 in November. Earlier this year, the stock price dropped to around $10 after a Chinese financial self-regulator alleged that the product launch was, in fact, an "initial miner offering."

Thereafter, Xunlei investors formed two class action lawsuits against the company, alleging that it engaged in an unlawful financial activity and that “OneCoin” was a form of disguised ICO.

Xunlei told CoinDesk that the ThunderChain is built on an existing blockchain platform that it has been using to generate LinkToken, since October 2017.