On June 6 of this year, Cobinhood announced the launch of DEXON, leaving the crypto and blockchain sphere abuzz with what the project could be about. Now, we know what it’s all about: the development of a powerful new blockchain platform that can take on the processing of 1 million transactions per second.
The project is an ambitious undertaking, given that Bitcoin transaction can sometimes take hours to complete and Ethereum’s transaction times go from 1-5 minutes. The proposed platform even makes Visa’s network look puny in comparison.
The Most Powerful Blockchain Of All?
The firm behind the blockchain project, DEXON was launched by the founders of Cobinhood, with $20 million in funding from IDG Capital, a venture firm that manages over $2 billion in assets. The funding also attracted investments from various firms.
DEXON says their new blockchain uses a block-lattice structure that combines multiple chains together. The firm says the result is a low-latency decentralized transaction processing engine with infinite scalability.
DEXON claims that tests have recorded blisteringly fast transaction speeds at 50 blocks per second or approximately 1 million transactions throughout 25 nodes. Each block tested at 2MB each and each transaction was at 100 bytes on average.
In a press release, Popo Chen, Dexon’s founder said:
“Factors like the speed of transactions have been a crucial inhibitor in allowing this technology to be implemented into the real-world banking ecosystem. The innovation surrounding block-lattice architecture like DEXON will enable use cases such as everyday banking, stock and cryptocurrency exchange, micropayments and other markets.”
If the DEXON blockchain fulfills its promise of the world’s fastest blockchain, it may make a major impact on the crypto ecosystem — that’s if it works. For now, we’ll have to wait and see if DEXON’s scaling blockchain can make history.