Cobinhood Raises $20 Million for Blockchain That Processes 1 Million Transactions Per Second

Blockchain | Crypto News | Latest News

The founders of cryptocurrency exchange Cobinhood are commissioning the development of a new blockchain capable of processing 1 million transactions per second, a massive undertaking given that Bitcoin transaction can take hours to complete and Ethereum transactions range from 1-5 minutes, with even Visa’s ~2000 tx/s being dwarfed in comparison.

The company behind the project is DEXON, which is focused on blockchain mass adoption within the banking industry and real-world application requirements.

DEXON reports that the new blockchain technology uses a blocklattice structure that meshes multiple chains together to form what the company claims to be an infinitely scalable, low-latency decentralized transaction processing engine.

The company was launched by the executive team of the zero-fee crypto exchange Cobinhood, and the $20 million funding round that just closed was led by IDG Capital, a venture capital firm which manages over $20 billion in assets. The funding round also drew investments from various angel investors.

While it sounds far-fetched, the company claim to have already recorded test transaction speeds at 50 blocks per second or approximately 1 million transactions throughout 25 nodes, with each block being 2MB and each transaction being 100 bytes on average.

blockchain
DEXON aims to use a so-called “blocklattice” structure to increase transaction capacity.

“Clearly, investors believe in DEXON’s ‘blocklattice’ protocol, which is underpinned by consensus algorithms that allow for transaction speeds competitive with major credit card companies,” said Popo Chen, founder of Cobinhood and co-founder of the non-profit DEXON Foundation. “In fact, we hope to partner with these institutions, as we’re now able to offer the same processing power without a need for centralization. Other than DEXON, current blockchain protocols can only process a few secure transactions per second, leaving them unable to keep pace with traditional solutions.”

Through the use of a blocklattice structure along with a total-ordering consensus algorithm, DEXON claims to be able to make decentralized transactions scalable. Unlike traditional blockchain systems that build encrypted blocks linearly, DEXON’ s blocklattice features multiple blockchains that work together in parallel, which DEXON execs say makes it easier to scale automatically and energy-efficiently.

“With its fundamentally new architecture, the DEXON network is poised to become the world’s first mainstream blockchain,” said Wei-Ning Huang, co-founder of DEXON. “Investors are recognizing that there is a problem with current blockchain technology, and that the protocol most focused on throughput and scalability will form the basis of Blockchain 4.0. These tests prove that the blocklattice works, and this funding is proof that investors trust DEXON’ s strategy over the long term.”

Launched earlier, the DEXON blockchain will be the fastest in the world by a long shot — if it works. The difficulties in scaling blockchains are well-documented at this stage, and with an enormous undertaking like DEXON it remains to be seen whether the block lattice structure can scale as advertised. However, if the design is as advertised, the blocklattice system may be about to make a major impact on the cryptocurrency and blockchain landscape.

Author: Cryptobonx

Cryptobonx is a Crypto –Currency and Blockchain Enthusiast.He is a believer of transforming complex information into simple, actionable content.

Leave a Comment

Latest Crypto News

Facebook Hiring: 5 Cryptocurrency Positions Open

Something is definitely brewing in Facebook’s newly formed department. Early in May, there was a rumor that Facebook was interested in opening a cryptocurrency department within its headquarters. The advertised positions are: Two Software Engineers

CNBC Reporting the surge of bitcoin to $100 back in 2013!!

https://www.youtube.com/watch?v=O3XvCbh8pQU reddit Buffer Facebook Twitter Author: CryptobonxCryptobonx is a Crypto –Currency and Blockchain Enthusiast.He is a believer of transforming complex information into simple, actionable content.

After Raising $80Million TenX Founder Linked to Pyramid Scheme

TenX president Julian Hosp has been implicated in connection with an Austrian discount shopping service called Lyoness. Lyoness has been declared an illegal pyramid scheme in Norway, Austria, and Switzerland. A video has emerged that appears to show Hosp presenting an

CoinAlpha Gets SEC on Their Ass

CoinAlpha got served with a cease and desist order today from the SEC on the grounds of operating as an unregistered entity. The SEC also accuses the company of being sneaky in the way of

Gazprom Bank Crypto Moves

In terms of assets, the above-mentioned bank is the third largest in Russia, with a management capital in form of assets worth $3.1 billion. And for this reason, for a renowned world power in every

Argo Blockchain Not Feeling the Crypto Winter

Crypto mining company Argo today reported that in the midst of the current bear crypto market, it is registering significant growth and more demand. Up until mid-November, Bitcoin prices had been holding out at the

Who Is Bitcoin’s Anonymous Whale?

A wealthy Bitcoin wallet which had remained inactive for the last 5 years made a surprising hefty deposit of 66, 233 BTC  ($256 million) two days ago. Now, Bitcoin whales (people who hold large amounts

Nexo Dividend Pay-outs Catapults it to the Top

Nexo is a blockchain based system that allows users to access instant loans in fiat dollars by using cryptocurrencies as collateral. This was interesting as the only way cryptocurrencies were in use was through selling

G-20 Okays Cryptocurrency Taxation

Regulation of cryptocurrencies has been a long time coming with the process full of twists and turns. Many countries have set up legislation or are in the process of doing so; it’s not unnatural that

Madness: Venezuela Raises Its Cryptocurrency Price

Venezuela’s President Nicholas Maduro announced on national television on Thursday that the country’s native cryptocurrency Petro’s price had been increased from 3,600 sovereign bolivars to 9,000. Petro was launched early 2018 in the middle of

A Flying Look At Blockchain Tech And Bitcoin

Do you need to know more about Bitcoin and blockchain tech in a hurry? Want to learn what mining is or what block time is? Or just more about the topic in general? The sheer

Sign Up Below!
Airdroppin the Latest Crypto News, Trading Strategies, Tools, & Reviews



1
Bitcoin
Bitcoin
$3,417.01
-1.98%
3
Ethereum
Ethereum
$89.388
-1.90%
2
XRP
XRP
$0.3033
-1.66%
7
Bitcoin Cash
Bitcoin Cash
$98.958
-3.84%
9
Litecoin
Litecoin
$23.933
-3.35%
11
Cardano
Cardano
$0.030303
-1.24%
4
Stellar
Stellar
$0.1122
-2.58%
18
NEO
NEO
$5.877
-5.04%
6
EOS
EOS
$1.9317
-0.97%
14
IOTA
IOTA
$0.2261
-2.59%

Crypto Guides & Tutorials

 Crypto Reviews

Subscribe to Our Social Media Daily Crypto Memes
Follow, Like, and Share Our Memes With The World


Pin It on Pinterest

Plus Free Crypto Trading Guides, Tutorials, Latest Crypto News,
and Altcoin Reviews. (Coming Soon: Pro Trading Signals)
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
Plus Free Crypto Trading Guides, Tutorials,
Latest Crypto News, and Altcoin Reviews
(Coming Soon: Pro Trading Signals)
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
Plus Free Crypto Trading Guides, Tutorials, Latest Crypto News,
and Altcoin Reviews. (Coming Soon: Pro Trading Signals)
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
Plus Free Crypto Trading Guides, Tutorials,
Latest Crypto News, and Altcoin Reviews
(Coming Soon: Pro Trading Signals)
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK