COBINHOOD, a prominent digital currency service platform and zero-fee exchange endorsed by NFL super star Richard Sherman, announced in a press release CoinReport received from 5W, the exchange’s PR firm, the launch of decentralized blockchain / distributed ledger technology (DLT) platform DEXON. COBINHOOD’s team also announced that DEXON is financially supported by IDG Capital.
Venture capital company IDG has had more than 150 successful exits and manages over 20 billion in assets. Some of its portfolio firms include WeCash, 5Miles and App Annie.
DEXON is also financially supported by other, world’s leading VCs.
The fastest blockchain available on the market, DEXON is aimed at leading mass adoption within the banking industry and real-world application requirements. The new blockchain technology utilizes parallel blockchain systems that pool resources to create an infinitely scalable, low-latency decentralized transaction processing engine.
DEXON founder Popo Chen stated in the release, “Blockchain is still in its early stages, though many industries are looking to implement blockchain and talk constantly about its benefits, it has yet to reach rapid adoption.
“Factors like speed of transactions have been a crucial inhibitor in allowing this technology to be implemented into the real-world banking ecosystem. The innovation surrounding blocklattice architecture like DEXON, will enable use cases such as everyday banking, stock and cryptocurrency exchange, micropayments and other markets.”
Utilizing a blocklattice structure, DEXON can make decentralized transactions more scalable than ever before. Unlike conventional DLT systems that form encrypted blocks linearly, DEXON’s blocklattice boasts manifold blockchain systems that collaborate in parallel, making it easier to scale automatically and with low energy.
Previously, blockchain was able to scale just a few secure transactions every second, making it incapable to match conventional banking technology and other real-world’s requirements. With this new architecture, however, the DEXON network can compete with bank transactions and credit card firms via the use of highly secure DLT. DEXON, says the release we received, will lead industries in making the revolutionary shift of blockchain adoption and implementation.