COBINHOOD, the 11th biggest crypto-exchange has recently announced the launch of peer-to-peer decentralized exchange platform called Dexon.
Dexon is a fully decentralized exchange (DEX), based on blockchain technology and boasting zero fees. The exchange is based by venture capital firm IDG Capital, an institutional investor with over $20 billion in assets under management.
It is hailed to be the fastest blockchain in the ecosystem and the company aims to appeal to institutional investors, banks, and hedge funds, ensuring institutional mass adoption.
— COBINHOOD (@COBINHOOD) June 6, 2018
Through the use of a block-lattice structure, DEXON is able to make decentralized transactions more scalable than ever before, the release states.
Unlike traditional blockchain technology systems that build encrypted blocks linearly, DEXON’s block-lattice features multiple blockchain systems that work together in parallel, making it easier to scale automatically and energy-efficiently, said the company.
DEXON founder Popo Chen has a hunch that speed is a top priority in the successful implementation of blockchain technology. He stated:
“Blockchain is still in its early stages, though many industries are looking to implement blockchain and talk constantly about its benefits, it has yet to reach rapid adoption. Factors like the speed of transactions have been a crucial inhibitor in allowing this technology to be implemented into the real-world banking ecosystem. The innovation surrounding block-lattice architecture like DEXON will enable use cases such as everyday banking, stock and cryptocurrency exchange, micropayments and other markets.”
DEXON aims to have a bigger influence on the banking industry and newly emerging decentralized application (dApp) ecosystem. The DEXON team is boasting an infinitely scalable architecture through a block latticed data structure, in which multiple blockchain systems work together in parallel.
This system allows for much quicker transaction speeds than traditional linear blockchain systems. They aim to launch it’s consensus engine in Q4 of 2018, with a mainnet going live in Q4 of 2019.
Prior to DEXON decentralized exchange technology, skeptics claimed that blockchain could only scale a few secure transactions per second, making it unable to keep pace with traditional banking technology and other real-world’s needs.
COBINHOOD said that with this new architecture, the DEXON network is ready to compete with credit card companies and bank transactions through the use of its highly secure system.