$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   333

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.

Wilsons Auctions to Sell Crypto

$390 000 worth cryptocurrency was seized by the enforcement agency of Belgian government
22 February 2019   86

On February 28, the North Irish auction house Wilsons Auctions will sell the cryptocurrency seized by the Belgian government in the case of drug trafficking through darknet. The total value of the coins sold will be approximately $ 390k. This is reported by the Financial Times.

A total of about 315 coins without a reserve price, including 104.99 BTC, BCH and BTG, will be put up for online auction. Assets will be sold in several lots from 0.5 BTC to 4 BTC each. Lots for BCH and BTG will contain more coins.

We are thrilled to be awarded this first of its kind contract with the Belgium Federal Government to sell seized cryptocurrency, allowing us to open up the opportunity of investing to new buyers. Following huge investment into our systems and infrastructure, we are able to offer government and law enforcement agencies worldwide, a secure solution so that the ever-increasing problem of seized cryptocurrencies can be managed by a reputable auction company with significant experience dealing with seized assets.
 

 Aidan Larkin

Head of asset recovery, Wilsons Auctions

The bitcoins put up for auction were seized back in 2017 by the Belgian police from drug dealers. The Belgian government took time to enact laws governing the liquidation of confiscated digital assets, similar to the traditional financial industry.

Recall that in early January, Wilsons Auctions held the first online auction for the sale of 167.7 Monero coins, seized by law enforcement agencies in the United Kingdom in accordance with the Law on Income from Criminal Activities.