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A new blockchain-type network led by a Turing award recipient and other academics has sealed $ 35 million in funding from large investors, including Sequoia Capital. The funding was reported by the news section focused on Fortune's fortune, The Ledger, on December 4th.
Dr. Andrew Chi-Chih Yao, a recipient of the Turing Award who earned the nickname "godfather of Chinese computer science", is among those who lead the Conflux Foundation, registered in Singapore. The Turing award is a $ 1 million annual prize awarded to a person who has passed the computer field.
The network, dubbed "Conflux", was designed to address what is perceived as the biggest obstacle – the scalability of blockchain – by proclaiming its new testnet capable of processing "at least 6,500 transactions per second (TPS), supporting at least 20,000 knots ".
Next to Sequoia, it has been reported that Conflux has received support from a number of high-tech and venture capital companies including IMO Ventures, FreesFund, Rong 360, Shunwei Capital, F2Pool and the most important cryptic Huobi exchange. In addition, Fortune cites "a source close to Conflux" as revealing that a nameless "prominent" Chinese Internet research company has supported the enterprise.
Co-founder Fellow Fan, a professor at the University of Toronto, told Fortune that:
"The main idea of Conflux is how to make the whole blockchain scalable.We have modified the structure of the blockchain so that it is no longer a chain in the sense that it records each block based on what the main block says […] Contrary to popular belief, true decentralization is not sacrificed to increase productivity. "
The "main idea" is to use a direct acyclic graph (DAG): different from a blockchain because it involves a topologically ordered system in which different types of transactions run simultaneously on different chains of the network. In the crypto and blockchain space, the protocol is already in use as the basis of the Tangle architecture of the IOTA Foundation.
Conflux combines DAG with a proof-of-work (PoW) consent algorithm and also allows network users to execute smart contracts and decentralized applications (DApp) on the network. Long told Fortune that the execution of smart contracts and DApp on a scalable and high throughput protocol will allow both to gain traction beyond the initial money supply space (ICO), and to extend to the financial and insurance sectors.
According to Long, the Foundation will publish its testnet by the end of February 2019 and its main network by 3Q 2019.
While the scalability problem continues to be debated with greed in the blockchain community, a recent study by the global post-trade financial services company Depository Trust & Clearing Corporation (DTCC) found that distributed ledger (DLT) technologies as blockchains are in fact, scalable enough to support the daily trading volumes of the US stock market.
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