While the major focus of the cryptocurrency community and investors is focused on the falling price of Bitcoin, the “people’s currency” may be getting a major upgrade when it comes to its speed.
One of the biggest limitations of the underlying technology of Bitcoin is the relatively slow speed of the protocol. One of the leading venture capital companies in the world, Sequoia in China and Chinese Internet firms have raised $35 million to build the so-called Conflux protocol.
The major problem that the new protocol will be solving is the inability of Bitcoin to add more than one block at a time to the already existing block chain. What happens when more than one block is added is the creating of two completely different chains, which are actually “competing” with each other.
The idea of the team building Conflux is to “make the whole blockchain scalable”. They will do this by allowing different parties to work independently, but at the same time concurrently and add their new blocks to the chain. In this way, the decentralization is preserved, as no one can control the chain of blocks.
The list of creators, investors and supporters of the project is impressive. These include prominent investors such as F2Pool, IMO Ventures, Rong 360. The project is reportedly receiving huge support from major Chinese Internet companies. The protocol is being built by some of the biggest names in computer science in China, such as Andrew Yao. The team plans to release the first test network no later than the end of February, 2019, and the entire protocol network by September, 2019.
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Bitcoin getting “faster” with new blockchain protocol was first posted on December 7, 2018 at 1:00 pm.