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While the main focus of the cryptocurrency and investor community is focused on the decline in the price of Bitcoin, the "people's currency" could be an important update when it comes to its speed.
One of the major limitations of Bitcoin's underlying technology is the relatively low speed of the protocol. One of the leading venture capital companies in the world, Sequoia in China and Chinese Internet companies have raised $ 35 million to build the so-called Conflux protocol.
The main problem that the new protocol will solve is Bitcoin's inability to add more than one block at a time to the existing block chain. What happens when you add more than one block is the creation of two completely different chains, which actually "compete" with each other.
The idea of the Conflux development team is to "make the whole scalable blockchain". They will do this by allowing different parts to work independently but simultaneously at the same time and add their new blocks to the chain. In this way, decentralization is maintained, since no one can control the chain of blocks.
The list of creators, investors and project supporters is impressive. These include major investors such as F2Pool, IMO Ventures, Rong 360. The project is receiving tremendous support from leading Chinese Internet companies. The protocol was built by some of the biggest computer names in China, like Andrew Yao. The team plans to release the first test network by the end of February 2019 and the entire network of protocols by September 2019.
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