$35M to be Invested in New DLT Scaling Project

Startup called Conflux Foundation is headed by Turing Award winner;  Conflux protocol attempts to solve this problem by creating several blocks simultaneously
05 December 2018   131

Conflux Foundation, raised $ 35 million from Sequoia China, Baidu, F2Pool, Huobi, as well as Metastable and IMO Ventures. This is reported by CoinDesk.

The funds will be used to develop an innovative scalable blockchain network. Conflux is headed by Andrew Chi-Chi Yao, the winner of the Turing Award, the most prestigious in the field of informatics. Last year, the company's developers tested a prototype of a new blockchain with 20,000 nodes for a month. The Conflux team used Bitcoin blockchain code, but changed the consensus algorithm to its own design. According to the developers, the bandwidth of their network has reached 6,400 transactions per second.

At present, networks operate linearly - after checking only one block is added to the blockchain. The appearance of two blocks at the same time is fraught with forks. Andrew Chi-Chi Yao stated that this is a problem for large public blockchain networks, for example, Ethereum. He believes that to solve the problem of scalability it is necessary to change the way the blocks are organized.

The Conflux protocol attempts to solve this problem by creating several blocks at the same time. To avoid network splitting, the Conflux team developed an ordering algorithm based on the Directed Acyclic Graph (DAG) technology.

According to Andrew Chi-Chi Yao, next year he will create the infrastructure for the public launch of the blockchain Conflux. The ultimate goal of the project is to create a scalable network with smart contracts and infrastructure for developing decentralized applications.

In addition, representatives of Conflux said that project investors, such as Baidu, expressed their willingness to use the network for its future development.

It is expected that the Conflux test network will be launched before the end of February 2019, and the launch of the main network will take place in the third quarter.

Australian Company to Issues Crypto Backed Loans

In case of default, financial company named Helio may sell cryptocurrency to cover losses
10 December 2018   78

Helio from Melbourne began issuing loans secured by cryptocurrencies, Bitcoin.com reports.

The service allows Helio clients to borrow from 1000 Australian dollars ($ 720) on the security of cryptocurrency assets. At the moment, the company accepts Bitcoin, Ether, Litecoin and Ripple.

Helio client crypto assets are stored in a secure wallet, company representatives say. In case of default, the company may sell cryptocurrency to cover losses.

Helio has a credit license (ACL) issued by the Australian Securities and Investments Commission (ASIC). As stated by the company's founder, John O’Shy, Helio was the first licensed organization in Australia to launch this service. According to him, the country has a developed cryptocurrency market, however, suppliers who want to provide loans secured by digital assets are not enough.

In June, the Japanese corporation Abic Corporation began to issue loans secured with Bitcoin