Cobinhood, a cryptocurrency service platform and zero-fee exchange endorsed by Richard Sherman, announced on Wednesday it has launched its new decentralized blockchain platform, Dexon. The platform reported that the project is backed by IDG Capital.
Cobinhood claims that Dexon is the fastest blockchain available on the market aimed at guiding mass adoption within the banking industry and real-world application requirements. The platform reported that the new blockchain technology uses parallel blockchain systems that work together to form an infinitely scalable, low-latency decentralized transaction processing engine. Founder of Dexon, Popo Chen, stated:
“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.”
Cobinhood also reported that through the use of a blocklattice structure, Dexon is able to make decentralized transactions more scalable. The platform added:
“Prior to Dexon technology, blockchain could only scale a few secure transactions per second, making it unable to keep pace with traditional banking technology and other real-world’s needs. However, with this new architecture, the Dexon network is ready to compete with credit card companies and bank transactions through the use of highly secure blockchain technology. Dexon will head industries in making the revolutionary shift of blockchain implementation and adoption.”