The founders of the cryptocurrency exchanges Cobinhood begin to develop a new blockchain that can handle 1 million transactions per second (TPS).
This is a serious matter, given that a bitcoin transaction can take several hours, and the speed of Ethereum range from 1 to 5 minutes, even with their Visa 2000 TPS does not look very convincing in comparison.
This is a promising company DEXON, oriented to the mass introduction of blockchain technology in the banking industry. It is reported that the new project will use the structure blocklattice, joining several chains together to form, say the authors, infinitely scalable decentralized mechanism for transaction processing with low latency.
The company was launched by the Executive team of the exchange Cobinhood, and a round of financing in the amount of $ 20 million, which has just been closed, was led by IDG Capital funds and various angel investors.
The company claims that the speed test transactions already registered at the level of 50 blocks per second or about 1 million transactions, while the size of each block is 2 MB.
“It is clear that investors believe in the blocklattice Protocol, which relies on consensus-based algorithms to compete with major credit card companies,” said Popo Chen, founder Cobinhood and co-founder of non-profit Fund DEXON.
Through the use of structure blocklattice along with the matching algorithm, DEXON claims that it is able to scale decentralized transactions. Unlike traditional blockchains, which build the encoded blocks linearly, DEXON involves a few several parallel chains, which in the opinion of DEXON, automatically scales and increases energy efficiency.
“Investors recognize the existence of problems with the current technology and the Protocol that is most focused on throughput and scalability, will be the basis Blockchain 4.0. These tests prove that the block-grid works and this funding is proof that investors trust strategy DEXON in the long run,” said Wei-Ning Huang, co-founder of DEXON.