The Blockchain-based Conflux Foundation raised $35 million from Sequoia China, Baidu, F2Pool, Huobi, Metastable and IMO Ventures.
The funds will be used to develop an innovative scalable Blockchain network. Conflux is headed by Andrew Chi-Chih Yao, the winner of the Turing Award, the most prestigious in the field of informatics. Last year, the company's developers tested a prototype of a new Blockchain with 20,000 nodes for a month. The Conflux team used bitcoin Blockchain code but changed the consensus algorithm to its own design. According to the developers, the bandwidth of their network has reached 6,400 transactions per second.
At present, networks operate linearly – after checking only one block is added to the Blockchain. The appearance of two blocks at the same time is fraught with forks. Andrew Chi-Chih Yao stated that this is a problem for large public Blockchain networks, for example, Ethereum. He believes that to solve the problem of scalability it is necessary to change the way the blocks are organized.
The Conflux protocol attempts to solve this problem by creating several blocks at the same time. To avoid network splitting, the Conflux team developed an ordering algorithm based on the Directed Acyclic Graph (DAG) technology. According to Andrew Chi-Chih Yao, next year he will create the infrastructure for the public launch of the Conflux Blockchain. The ultimate goal of the project is to create a scalable network with smart contracts and infrastructure for developing decentralized applications.
In addition, representatives of Conflux said that project investors, such as Baidu, expressed their willingness to use the network for its future development. It is expected that the Conflux test network will be launched before the end of February 2019, and the launch of the main network will take place in the third quarter.
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