Conflux’s Scalable Blockchain Network Attracts Baidu, Sequoia, Huobi and More in $35 Million Investment
Dr. Andrew Chi-Chih Yao is known in China as the “godfather of computer science.” He won the Turing Award, which is an annual honor that provides the recipient with $1 million as a result of their successes in computer science.
His work has led him to establish a new blockchain-style network called the Conflux Foundation, which is registered in Singapore and is led by several other academics.
Conflux recently secured $35 million in funding from multiple big-name investors, like Sequoia Capital, Baidu Ventures, F2Pool, Huobi, Metastable, and IMO Ventures. Considering that the present development team only includes 10 people, the first task at hand is to start employing additional workers. From there, a testing environment is expected to launch by February, as the public blockchain is ultimately launched between July and September 2019.
Much of the reason for creating Conflux in the first place is to overcome the issues with scalability that the crypto community has continually had issues with. The new Testnet, once established, should have the capacity to process “at least 6,500 Transactions Per Second (TPS), while supporting at least 20,000 nodes.”
While speaking with Fortune, co-founder Fan Long of the University of Toronto said,
“Conflux’s main idea is how to make the whole blockchain scalable. We’ve changed the structure of the blockchain so that it’s no longer a chain in the sense that it records each block based on what its parent block says… Contrary to popular belief, true decentralization isn’t sacrificed to increase throughput.”
The company plans to pursue this improved scalability with a directed acyclic graph (DAG). While it is like a blockchain system, it differs in the way that it uses a topologically ordered system. The transactions are filtered through multiple network chains. DAG is combined with a proof-of-work consensus algorithm, which is enabled for smart contracts and dApps as well. Long believes that these efforts will help the platform to work beyond the Initial Coin Offering (ICO) space.
According to a recent study, the Depository Trust & Cleaning Corporation found that the current state of blockchain made it possible to keep up with the current daily trade volume experienced in the U.S. market. However, improving upon this will ready the country and the rest of the world for more investors.
Long commented that the main goal appears to be the ability to create a network that scales easily for fast transactions. He added,
“That goal sounds easy and similar to what every other project is saying. But it’s actually really difficult. Because what we need is a highly productive public network for high-value applications, not just several blockchain-based games.”