$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   328

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.

Craig Wright to Claim to be Satoshi Again

He explained that the false information surrounding Bitcoin and blockchain-derived systems made him come out of the shadows
18 February 2019   30

A senior researcher at nChain, Craig Wright, sent the Commission on the US Exchange Commodity Trading (CFTC) introductory information on cryptocurrency mechanics in response to a request from the Office. But even in the official document he did not miss the opportunity to remind everyone that it was he who allegedly was the creator of Bitcoin Satoshi Nakamoto.

My name is Dr. Craig Wright and under the pseudonym of Satoshi Nakamoto I completed a project I started in 1997 that was filed with the Australian government in part under an AusIndustry project registered with the Dept. of Innovation as BlackNet. Ethereum is a poorly designed copy of bitcoin designed with the purpose of completing the promise of smart contracts and scripting that were delivered within bitcoin but which were hobbled by the core developers of bitcoin who sought to enable anonymous transactions to exist within the system. 

Craig Wright


Earlier in February, the “self-proclaimed Satoshi Nakamoto” announced that he possesses a patent, allegedly capable of restricting the right to issue JPM Coin.

In October 2017, Craig Wright made a mistake confirming that he was not Satoshi Nakamoto.