With the business landscape becoming more competitive than ever, executives are in an arms race to take their businesses to the next level. Often, that involves corporate leaders studying the latest and hottest technologies and applying it to their own businesses. Right now, one of the biggest buzzwords in business is blockchain. While blockchain has a tremendous amount of potential, it’s not without fault. DEXON (DXN) is a next-generation distributed ledger technology that attempts to solve the blockchain trilemma: decentralization, security, and scalability.
Background Information
DEXON was launched in 2018 by Popo Chen, the co-founder of 17 Media, and Wei-Ning Huang, a former Senior Engineer at Google Taiwan. The distributed ledger technology uses cross-cutting, interdisciplinary elements from cryptography, applied mathematics, and computer science theories to improve the well-documented shortcomings of blockchain.
The testnet was released in November 2018 which has since reached 12,000 TPS with fast finality. Previously, the fastest cryptocurrency was Ripple (XRP) at approximately 1,500 TPS. The success was extremely impressive, and even more so, now that DEXON’s mainnet launched on April 25, 2019.
DEXON Value Proposition
One of the most important aspects of evaluating new technology is to look at the value added. Examining the key features and benefits of the technology is a must. These are a few of the positive features of DEXON:
- Reliability: High throughput, fast finality, and a high level of network partition tolerance.
- Fair: Solves miner centralization issues because everyone has an equal chance to propose blocks.
- Friendly: Provides the most developer-friendly programming languages, such as EVM and SQLVM.
Additionally, there are six key benefits that users should be aware of:
- Decentralized: VRF-based sortition algorithm is applied to a subset of nodes as block producers. This allows scalability to thousands of nodes without compromising performance.
- Fast Finality: Consensus algorithm confirms transactions within 1 second.
- High Throughput: 10,000+ transactions per second.
- Low Cost: Efficient algorithm eliminates the need to deal with PoW. Because of the energy savings, transaction fees will be negligible.
- Secure: Mathematics have proven the DEXON algorithm to be ultra-secure. The network cannot be attacked by Byzantine nodes.
- Unbiased Randomness: For each block in the consensus layer, a completely random seed will be created.
Ideal Solution for Decentralized Applications
Because of DEXON’s ability to improve upon blockchain’s weaknesses, namely decentralization, security, and scalability, this technology serves as the ideal solution for decentralized applications, more popularly known as DApps.
When looking at DEXON’s strengths, it becomes quite apparent which type of applications would benefit from integrating distributed ledger technology into their platforms. The first that comes to mind is online gaming. With the U.S. recently approving gambling, there is sure to be a rush of startups hitting the market. We’ve already seen several Bitcoin-based offshore books, like Nitrogen Sports, flourish. DEXON’s high throughput and randomness are two of the key features that online books will be looking for.
Another application that would benefit from DEXON’s technology is a digital assets exchange. With all the hacks that have occurred at exchanges over the past few years, most recently Cryptopia, incorporating technology that is secure, fast, and low cost would seem to be the prudent strategy. In fact, according to DEXON’s roadmap, a decentralized exchange protocol is slated for release during the 3rd quarter this year. This will allow anyone to build a decentralized exchange on DEXON.
Conclusion
There is no doubt that blockchain has taken the world by storm. While the benefits are obvious, the technology still has a long way to go before it goes mainstream. In the meantime, it’s really encouraging to see promising technology, like DEXON, attempt to make improvements.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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