The DEXON Foundation, which guides the development of the decentralized protocol DEXON, secured a $20 million private placement led by IDG Capital, a venture capital firm with 150 successful exits and managing $20 billion in assets, including portfolio companies App Annie, 5Miles, and WeCash. DEXON was founded by the leadership team of COBINHOOD, a leading cryptocurrency services platform and zero-fee exchange endorsed by U.S. football player Richard Sherman. The DEXON private placement was also joined by angel investors.
DEXON also announced the results from its first test of transaction speeds, which clocked 50 blocks per second with 25 nodes—an estimated one million transactions per second given a block size of two megabytes and an average transaction size of 100 bytes. Through the use of a blocklattice structure along with a total-ordering consensus algorithm, DEXON is designed to make decentralized transactions scalable for real-world usage. Unlike traditional blockchain systems that build encrypted blocks linearly, DEXON’s blocklattice features multiple blockchains that work together in parallel, making it easier to scale automatically and energy-efficiently.