Developments are taking place in the sector of cryptocurrency every day. Moreover, it is required that more efficiency is added to this nascent sector. In a latest report, it has been found that Cobinhood, the famous virtual currency exchange, has started working for the development of a technology that allows 1 million transactions to be processed in one second. Up until now, it took a considerably longer time to process the transactions, while the popular currency Bitcoin, took an hour to get processed, Ethereum, the second most popular currency took somewhere around 1-5 minutes to get processed.
This new development will take place because of the company DEXON, DEXON is responsible for coming up with the project that allows this decrease in the time period to take place. DEXON is also ensuring that this new development will be inculcated across the world by a number of prominent groups. It is also necessary to understand that how exactly does this structure of this technology work? DEXON states that the technology has been constructed in such a manner that a processing engine has been employed to ensure that a network of chains is utilized. This network of chains is flexible and can be made use of to ensure that the cryptocurrency transactions take place with considerable ease. The company DEXON was launched by Cobinhood. IDG capital is also responsible for the latest funding expedition. Also, several other angel investors were responsible for the rest of the capital.
It can be claimed that the speed stated is overrated, it has been stated by the company that the speed limit of transactions has been tested by the numerous means and methods. That is, one million transactions have been processed through 25 nodes. 50 blocks were processed per second, and each block being of 2MB, each transaction took 100 bytes for being processed.
This structure of DEXON has been termed as “blocklattice”, unlike the network made through traditional currencies, this new technology is made up of networks which are arranged in the parallel order and because of this, and there is considerable ease in its operations. The speed will increase because the transactions would be automatic and also there will be further efficiency in this case.
This new development can be attributed to the knowledge in the market that there is a requirement for better efficiency and better technology in the market. Because of the quickly expanding sector, it is required that better scalability is added in the market. If the DEXON blockchain is launched in the market, it would be the fastest in the market. At this point, the speculations are being made is the market if this new kind of technology will be able to carry out the functions it has promised to carry out. If it is successful in carrying out these transactions with the sped it has promised, it would be the fastest in the market. Moreover, it would have scaled an important landmark in the corporate and economic sector if it is successful in bringing about the changes which it has promised through this new technology.