$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   491

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.

Chainalysis to Expand Transaction Monitoring Tool

Chainalysis AML software KYT now monitors 4 additional tokens in real-time: BNB, GUSD, USDT and USDC
25 April 2019   52

Analytical blockchain-startup Chainalysis reported that starting today, the proposed transaction tracking tool Chainalysis KYT (Know Your Transaction) supports four additional coins. Their number includes the internal token of the Binance BNB exchange, as well as the Gemini Dollar (GUSD), Tether (USDT) and USD Coin (USDC).

Thus, the anti-money laundering software Chainalysis supports 10 cryptocurrency assets. Prior to that, Chainalysis KYT allowed to track Bitcoin transactions, Ethereum, Bitcoin Cash, Litecoin, TrueUSD and Paxos Standard.

As CoinDesk notes, support for new assets has been added pending the publication of new guidelines for the Financial Action Task Force on Money Laundering (FATF).

Chainalysis is prepared to equip businesses with automated transaction monitoring for currencies beyond bitcoin. We expect that the launch of these multiple currency capabilities will help shape FATF guidance on the sector and help move away from technically infeasible solutions to more pragmatic recommendations.
 

Jonathan Levin

Co-founder and chief operating officer, Chainalysis

According to him, Chainalysis recently upgraded its technology, making it more scalable. Thanks to this, in the future it will be easier for it to add support for other new assets.