New innovative Blockchain network unaffected by scalability is in the making

06 Dec, 2018
by Colin Hawkins
New innovative Blockchain network unaffected by scalability is in the making

In an announcement made December 4, 2018 by Fortune, a group of researchers and professors have come together to create a better blockchain network that is immune to scalability issues, and they’re not alone, securing $35 million in funding from various investors.

The group of researchers and university professors all come together under the non-profit organization Conflux Foundation. Conflux is based out of Singapore and has already caught the attention of Baidu Venture, Huboi the crypto exchange, F2Pool the crypto mining firm, and Sequoia Capital. With Conflux gaining the likes of these industry heavyweights, they plan on using the support and finances to create a ten person development team, along with the launch of a testing environment by February 2019. A full release of the new public blockchain is to be expected in Q3 of 2019.

Conflux's plans on resolving the issues with Bitcoins ledger by allowing multiple blocks to the chain at a time, by adding them in one action. It is known that the main limitation to Bitcoin’s ledger is its ability to only allow one block at a time to the chain. Adding multiple blocks to the chain would cause the blockchain to fork, creating two different chains. Conflux is still light on the details in which they claim to accomplish adding multiple blocks at a time, but they assure that it will prevent a hard fork and not lead to any compromise to the decentralized method of consensus.

One of the projects co-founders, Fan Long, made clear that the ultimate goal of the project is to develop a scalable public blockchain that can deliver decentralized applications and can be a reliable platform for smart contracts.

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