[ad_1]
A group of researchers and university professors have come together to solve one of the most difficult problems to prevent Bitcoin of basic technology to emerge a practical ledger of the real world: scalability. The team, which includes a Turing prize winner, has already started well after scoring $ 35 million in funding from a number of investors.
Planned full launch in the third quarter of 2019
Announced on December 3, 2018, the group met under the umbrella of a non-profit called Conflux Foundation. Registered in Singapore, Conflux has already gained ground in the investor community with heavyweights such as Baidu Ventures, crypt exchange Huobi, crypt mining F2Pool, and the Chinese arm of Sequoia Capital, asking to turn the project into a success.
Conflux has he has declared that will use the new fund raised to increase a ten-person development team and make progress from there. Their roadmap includes the launch of a test environment in February 2019, which will be followed by the official release of a new public blockchain during the third quarter of 2019.
How does Conflux plan to solve the Bitcoin speed problem?
To begin with, the limitation of Bitcoin's underlying ledger is that it can only add one block at a time to the chain. While blockchain developers have done their homework to solve this problem with innovative changes, there is no definitive and infallible solution to this problem. Adding more blocks simultaneously to the blockchain could cause it fork, creating two different chains.
Conflux claims to have a solution to this problem. According to the non-profit organization, its researchers imagined a way to work simultaneously on blocks and add them to the chain in a single action. While the details are still inaccurate, the research team is convinced that not only does this method prevent rigid fork, but does not involve any compromise with the decentralized consent method (so it is impossible for each individual party to take full control of the blockchain).
There is no need for an ICO
Conflux has made it clear that it intends to remain a non-profit foundation. Investors who support the project have holdings in the company as well as access to a digital token whose value could be appreciated in the future.
Regarding the long-term goal of the new initiative, Fan Long, co-founders of the project, said that the ultimate goal is to develop a scalable public blockchain that serves as a reliable platform for intelligent contracts and can provide applications. decentralized.
