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Information appeared on the CoinDesk portal that the Conflux Foundation focused on the problem of scaling in blockchain technologies, and for this purpose attracted investments of $35 million from the following companies:
- F2Pool;
- IMO Ventures;
- Metasnable;
- Huobi;
- Baudi;
- Sequoia China.
Financing here will be directed to the development of a fundamentally new scalable blockchain network. Andrew Chi-Chi Yao, head of Conflux, laureate of the Turing Award, respected among programmers. For some time, the company has been testing the innovative blockchain. At the same time, the Bitcoin-Blockchain software code was used, but a proprietary development was introduced instead of the consensus algorithm. As a result, the number of transactions increased to 6400 per second.
The blockchain currently operates in a linear mode, and only one block is added after verification. During the simultaneous formation of several blocks, side forks appear. Andrew Chi-Chi believes that this factor is a significant problem of large crypto-networks. The solution to the problem is to change the method of ordering blocks.
Conflux programmers are trying to solve the problem by introducing a scheme for creating several transaction blocks at the same time. To avoid branching of the network, a special ordering algorithm based on DAG technology has been developed.
At the beginning of 2019 Andrew plans to launch the Conflux blockchain. The goal of the project is to implement a working version of a scalable network that will work with the infrastructure for creating decentralized applications, and will also be engaged in the processing of smart contracts.
Some investors, for example, Baidu, in addition to financial support for developers, also expressed their readiness to implement the network in their activities for the purpose of future development. The pilot launch of Conflux is planned for February of next year, the main version will work by the fall of 2019.
