Cobinhood, the founder of cryptocurrency exchange, has reportedly decided to commission the blockchain development with $20 million which is capable of processing 1 million transactions each second. Looking at the present circumstances of bitcoin transactions they are taking hours to complete whereas the Ethereum transactions can take about 1-5 minutes to complete.
The company DEXON is the one with this brilliant vision and has decided to take matters into their own hands and give a challenging blockchain innovation. This new update will bring a mass adoption for blockchain in banking and other technological industries for a chance at faster development.
The report says that this new blockchain DEXON launches will use the blocklattice structure which combines multiple chains to build an infinite scale and decentralized processing hardware as the company claims.
This new industry launches by a zero-fee crypto exchange team Cobinhood which funded $20 million with the help of IDG Capital venture firm. This capital firm already manages assets worth $20 billion in aggregate. The funding was successful with the help of several investors from different industries looking for a faster blockchain transaction speed.
Some reports claiming the company’s new test may sound surprising or faltering but the claims suggest otherwise. DEXON claims to encounter the transaction speed at 50 blocks already each second. So it roughly provides 1 million transactions in 25 nodes where each byte is of 2MB and each transaction at an average of 100 bytes.
The reason behind this blockchain speed is the acclaimed “blocklattice” structure which is creditable for the same. The investors agree with it as they believe that the algorithms provided by the ability of this structure will be in transaction speed competition with credit card companies.
Popo Chen, Cobinhood founder and co-founder of DEXON also hope to associate this new invention with other institutions to allow them with the ability to run at fast processing speed and decentralized power. Apart from DEXON other existing blockchain companies are only able to process some transactions at a time which doesn’t allow them to use the traditional solutions efficiently.
The main thought here that will make it possible to achieve the goal is to combine blocklattice structure and algorithm order to provide scalability to the decentralized transactions. Unlike the traditional systems which use encrypted blocks linearly, the blocklattice structure may finally be able to feature multiple blockchains in parallel.
These new vision shall finally be the answer to making the blockchain transactions easier, time-efficient, automatic and scalable. With the help of new architectural fundaments, DEXON will soon become “world’s first mainstream blockchain” as remarked by Ning Huang, the DEXON co-founder.
Investors are becoming aware of the less-than-efficient speed of these blockchain transfers. They want to believe in a vision on changing that. It makes it important for companies to come forward with new ideas and better use of technology to change the current blockchain technology with a new protocol that is providing scalability and become the grand technological invasion.
Within time the new protocols shall form the base of Blockchain 4.0. And these tests that conduct discussing the speed and logistics behind the transaction prove efficiency to the investors and their success as a long-term change.
If it works, the recently launched DEXON will have the fastest blockchain technology all on its name. The difficulties that come with scaling blockchains are no surprise, but with the undertaking of a huge company like DEXON we may have to wait before making assumptions. However, it is a safe bet to realize the grand impact blocklattice structure will have on the world of cryptocurrency if advertised.