The moment blockchain began to mollify the thirst for decentralized power, some were quick enough to identify the limitations it holds even today.
Dexon network is an account based distributed and decentralized ledger system. Its purpose is to become a platform for furthering and developing dApps. Diverging from the blockchain technology that we are accustomed to, Dexon will bring a new data structure called a blocklattice. The blocklattice can be identified as a blockchain containing blockchains. The core difference lies in the definitions of a node or a block. In a blockchain, a node/block refers to an entity contributing towards the distributed ledger system whereas in a blocklattice, a node/block is an entity that represents its own blockchain. For a blocklattice structure, each node is an independent entity that grows blocks to further its blockchain, while also being checked and approved by the rest of the blocklattice. Thus, where a blockchain would expand linearly, a blocklattice grows in parallel fashion. The power and reachability of this kind is unprecedented. Here’s why:
The speed of transactions is a quality often neglected, albeit being pivotal for deciding preferences of cryptocurrencies. For example, Ethereum is miles ahead of Bitcoin in processing transactions. What’s better is that Dexon’s blocklattice provides a sub-second transaction confirmation because of this new non-blocking data structure. No matter how huge the transaction weight is, it’s speed will be optimal.
Negligible Transaction Rates
Transaction rates with blocklattice will be next to nothing. The algorithms Dexon uses will easily solve PoW (Proof-of-Work) puzzles without the need for its network to waste energy. Compared to the competition, next generation PoS (Proof-of-Stake) algorithms have resulted in lower fees but will eventually skyrocket when the networks using the technology increase in number. Dexon predicts transaction rates with blocklattice to fall somewhere along 10 to the power -10 USD.
In today’s blockchains, a malicious miner who has control of a significant portion of hashing power can launch a selfish mining attack to rewrite the transaction history. However, the blocklattice provides total protection from hacking of the sort, since it’s consensus algorithms guarantee explicit transaction confirmation through the Byzantine Agreement. The Byzantine Agreement protects protocols and algorithms from failures such as fail stops, random faults or the combination of both known as “Byzantine faults”.
DEXON incorporates a symmetric design implemented in its PoP (Proof-of-Participation) block mining, in which every node has equal voting power, ensuring impartial network decentralization. Furthermore, since DEXON’s blocklattice maintains a constant network communication overhead, regardless of how large the transaction throughput grows, it can easily scale to thousands of nodes. Such growth implies a limitless networking system.
Efficient Use of Energy
PoW blockchain systems require massive computation power for solving cryptographic puzzles, producing significant energy waste and detrimental environmental problems. Dexon has a high percentage of energy efficiency since its algorithms need to be deployed for the least amount of time to achieve consensus.
The platform is suitable for a variety of applications.
Hosting ICOs or keeping track of government backed digital cash could be carried out using Dexon’s digital issuance contracts and multi-asset account system. Digital asset trading, the likes of Ether to Bitcoin, is likely to be pulled off on the Dexon Network. The transactions rates, low latency and infinite scalability make the tech prone to digital cash micropayments. Moreover, centralized versus decentralized is on the rise. All domains involving the slightest of distribution and room for transparency may be susceptible to this technology. Yes, that means online gambling too.
Dexon’s native token is called the ‘DEX’. To validate transactions, one must become a validator node, for which one would need to deposit a certain amount of DEX tokens. Others can make these deposits for that particular contender too. The network has a predefined number of validator nodes, and only top-ranking validator nodes with highest DEX token deposits will be granted the permission to become a validator node.
In Dexon, every transaction sender needs to pay a flat predefined transaction fee to validator nodes for transactions to be processed. The transaction fee will then be distributed among active validator nodes. Apart from this, storage fees and gas fees will also be charge in the DEX token. The gas fees is a compensation for the energy used for validator nodes to take part in transaction validations using Dexon’s virtual machines.
Dexon is preparing to expand its reach by developing and showcasing a number of projects. These include the Dexon Wallet, DexScan (a blocklattice explorer), messaging network, Smart Contract IDE, storage network and database service.
Dexon’s partnership with COBINHOOD, a crypto exchange platform, has been monumental. COBINHOOD provides expertise in the ICO space to help dApp projects backed by DEXON Labs with marketing, PR, and funding efforts. At press time, Founder and CEO of COBINHOOD, Popo Chen, is hard at work to promote the blocklattice platform. He is also the Founder of the Dexon Network.
— DEXON (@dexonfoundation) September 7, 2018
For more information on the Dexon consensus algorithm and Dexon Network programming language, indulge yourself to a quick read of their whitepaper.