The cryptocurrency exchange Cobinhood’s founders raise $20 million for the development of a new blockchain that is expected to perform 1 million transactions per second. That would be huge given that Bitcoin only can perform ten transactions per second, Ethereum 15 and even VISA can “only” perform 23,000 per second. They are all outperformed in comparison.
Cobinhood launched at the end of 2017 and is a platform with zero-transaction fees. They can do that because they charge for margin loans instead, ICO fees and also subscription fees. Popo Chen is a 26-year old that founded Cobinhood who skipped one year of Senior High School to enter University. He had a master degree at the age of 22. He is said to be a genius among entrepreneurs. COBINHOOD is the first zero trading fee exchange in the world. Other than being a global top 20 cryptocurrency exchange, at COBINHOOD, we pride ourselves on our insight into the crypto investment and trading market. We have a subscriber list of over 300,000 investors and traders.
DEXON, also founded by Popo Chen, is a decentralised platform that is backed by IDG capital and claims that the ‘infinitely scalable’ technology will achieve processing speeds similar to banks and credit card companies. They have earlier stated that they are the fastest blockchain available on the market and aims to guide mass adoption within the banking industry and real-world application requirements.
“Blockchain is still in its early stages. Though many industries are looking to implement blockchain and constantly talk about its benefits, it has yet to reach rapid adoption,” said Founder of DEXON, Popo Chen in the statement. “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.”
DEXON is a native block-lattice technology designed to become the infrastructure for the future of the decentralised internet. At our core, DEXON is developing a consensus algorithm that is infinitely scalable, low-latency, and Byzantine fault tolerant. The $20 million funding round was led by IDG Capital, a venture firm which manages over $20 billion in assets.
In their newest article, they stated that the platform can perform 1 million transactions per second. While, 1 million transactions sound like craziness, the company claim to have already recorded test transaction speeds at 50 blocks per second or approximately 1 million transactions throughout 25 nodes, with each block being 2MB and each transaction being 100 bytes on average
“Investors believe in DEXON’s ‘block-lattice’ protocol, which is underpinned by consensus algorithms that allow for transaction speeds competitive with major credit card companies,” said Popo Chen, founder of both COBINHOOD and the non-profit DEXON Foundation. “In fact, we hope to partner with these institutions, as we’re now able to offer the same processing power without a need for centralisation. Other than DEXON, current blockchain protocols can only process a few secure transactions per second, leaving them unable to keep pace with traditional solutions.”
They end the article by saying that this is just the start and that there is more to come. The next steps are already underway.
Image Source: “Flickr”
Dennis Sahlström has been trading and investing since 2012 and has for the last two years been consistently profitable. He has been in the crypto- and blockchain space since the middle of 2017 and realized its potential for our world, not least how it is transforming the society we live in. He has now created an education platform, together with the wealth coach Marcus the Maria. They teach regular people how to invest and trade in the cryptocurrency market with proven strategies. If you want to learn more and feel like its time to get into this new asset class, download our free book and register to the next live training to get your future in cryptocurrencies started.