$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   511

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.

ABN AMRO Bank to Abandon Crypto Custody

According to entity's senior press officer, bank considers crypto as risky asset
20 May 2019   89

Dutch bank ABN AMRO decided to abandon its plans to launch the custodial storage service of cryptocurrencies, The Next Web reported with reference to the statement of the organization’s representative.

In January, the network reported that 500 clients of ABN AMRO gained access to Wallie cryptocurrency wallets on the basis of banking infrastructure on an experimental basis. It was assumed that cryptocurrency assets in customers' wallets would be insured for up to € 6,000. However, the project hasn't reached the stage of real implementation.

We have approached all the people who have shown interest. We have concluded that cryptocurrencies because of their unregulated nature are at the moment too risky assets for our clients to invest in.
 

Jarco de Swart

Senior Press Officer, ABN AMRO

Last September, ABN AMRO, among other banks and companies, became a co-founder of a platform for trading commodities on the Ethereum protocol.