Blockchain Platform Dexon Raises $20M In Fundingbr>
Decentralized blockchain platform Dexon has raised $20 million in its private placement investment round led by venture capital IDG Capital. Dexon said unidentified angel investors who believe in the potential of the decentralized protocol also made investments.
Dexon, lauched in June of this year, was created by Cobinhood, a zero trading fee cryptocurrency exchange platform. Dexon claims to be the fastest blockchain in existence, intended to excel at the exacting demands of real-world usage. It uses parallel blockchain systems that work together to form an infinitely scalable, low-latency decentralized processing engine.
Popo Chen, founder of both Cobinhood and the non-profit Dexon Foundation, claims that current blockchain protocols can only process a few secure transactions per second, leaving them unable to keep pace with traditional solutions.
“Clearly, investors believe in Dexon’s ‘blocklattice’ protocol, which is underpinned by consensus algorithms that allow for transaction speeds competitive with major credit card companies,” said Chen. “In fact, we hope to partner with these institutions, as we’re now able to offer the same processing power without a need for centralization.”
Dexon also announced the results from its first test of transaction speeds, which clocked 50 blocks per second with 25 nodes, which is reportedly an estimated one million transactions per second given a block size of 2MB and an average transaction size of 100 bytes. The platform’s blocklattice features multiple blockchains that work together in parallel, making it easier to scale automatically and energy-efficiently.
Wei-Ning Huang, co-founder of Cobinhood, said that these tests prove that the blocklattice works, and that the latest funding is proof that investors trust Dexon’s strategy over the long term.
“With its fundamentally new architecture, the Dexon network is poised to become the world’s first mainstream blockchain,” said Huang. “Investors are recognizing that there is a problem with current blockchain technology, and that the protocol most focused on throughput and scalability will form the basis of Blockchain 4.0.”