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.
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.
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.
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…