DEXON was launched in 2018 by Popo Chen, co-founder of 17 Media and Wei-Ning Huang, a former Googler in Taiwan. It is a highly scalable DLT that launched their Testnet in November 2018, which has reached the processing speed of 12,000 Transactions per second. Their mainnet launch is a comprehensive blockchain solution ready for enterprises to host their distributed apps.
Currently, scalability is one of the biggest challenges that most crypto projects face. Compare 12,000 transactions per second to Bitcoin’s 7 transactions per second, Ethereum’s 15 TPS. Even in the top ten crypto projects — by market capitalization — the maximum speed is claimed by Ripple to be 1500 TPS.
How does DEXON achieve such scalability? The answer lies in the core consensus mechanism of DEXON. Here are the major factors:
The blocks are validated by a set of DXN holders chosen at random every hour using cryptographic sortition. This makes sure the blockchain is decentralized as well as everyone holding a certain amount of DXN coin participates in validating transactions. The system can handle thousands of validators while adding users at the same time.
DEXON uses a VRF-based sortation algorithm to select the block producers. This allows DEXON to be a completely decentralized ecosystem without compromising on scalability. The platform boasts of unbiased randomness. With thousands of random block producers being selected from an even bigger set of nodes, it is one of the most decentralized projects in the crypto community.
DEXON uses a ‘partition-resistant Byzantine agreement’ which means even if a part of the network goes down, the consensus still holds true and the network will function as a whole once the network is up again. The algorithm that is used for consensus has been mathematically tested and proved to be secure preventing attacks by any Byzantine nodes.
DEXON is a high-throughput blockchain that uses a ‘responsive Byzantine agreement’ that has proven to support at least 10,000 transactions per second on the testnet. Here the block confirmation time is very low because the validators start talking to each other and do not wait for the whole network which delays the block confirmation time and hence delays the transaction being processed. Every transaction is bound to be processed within one second.
DEXON’s consensus algorithm does not depend on Proof of Work puzzles and is much more efficient and environmentally friendly without compromising on either decentralization or security. Estimated transaction fees will be negligible and projected to be lower than $0.001.
A new level of applications opens up because of DEXON’s design. Some of them are:
Internet of Things (IoT)
Internet of things required numerous sensors and heavy traffic of data being captured and relayed to the users at the same time. A food-tracking application, for example, would require millions of data points that feed information to the blockchain and analytics to be streamed for decision making. Such an application cannot work on a blockchain that is expensive or clogged for data during peak times. DEXON is perfect for such high-throughput demanding applications.
Gaming and prediction
Gaming is another use case that is challenging for most crypto projects at this stage. It requires real-time data to flow between users and the blockchain. Predictions markets such as betting have a high requirement for transparency and trust as well. This is where DEXON fits perfectly.
Many projects are trying to build a decentralized exchange on their platform. A safer and faster digital assets exchange would be another use case where DEXON would shine.
These use cases are not the only ones. But some that DEXON could specifically address. With the unique design, DEXON could cater to most use cases that currently popular crypto Smart Contract platforms can.
Along with the launch of their Mainnet, DEXON has partnered with some key players to build the complete ecosystem. Partners include Gemstra — a reviews platform that moved away from Ethereum to build the first DApp on DEXON, simplyBrand — world’s first online verification platform that helps fight counterfeit products, Ledger — to support DXN coin on their hardware wallet and KHAM —which is Taiwan’s leading promoter and online ticketing service, provider. DEXON connects KHAM with TICKET2Go, a blockchain-based ticketing platform winning second place in DEXON’s DApp Hackathon, in eliminating ticket scalping with fair sortition and auctions enabled by blockchain technology.
DEXON’s roadmap is inspiring. With plans for released the decentralized exchange protocol in Q3 of 2019, SQL-VM that will allow developers to write smart contracts with SQL92 compatible language, and state sharding to increase throughput to 1 million transactions per second in 2020.
DEXON has designed a perfectly balanced platform keeping in mind the core values of the crypto community. This decentralized, scalable, secure platform will be one of the top crypto projects to watch out for in 2019.
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This post was last modified on 16/06/2019 14:10