Every now and then a new self-proclaimed bitcoin competitor rises. Conflux seems one of the most interesting of the bunch. Having collected more than $35 million from Chinese internet companies, they are confident that they can pull something interesting. They claim that they solved the scaling problem of first gen blockchains in a revolutionary way.
Conflux, The Bitcoin Killer
Conflux, a Chinese bitcoin alternative, claims to have solved the blockchain scaling problem, becoming a newer, stable form of transacting digital assets. They come from China, a country that despises cryptocurrencies but loves the underlying tech: blockchain. Their proponents say that Conflux has achieved a milestone, having added several blocks concurrently to a blockchain.
If what they say its real, it could be a good solution to the slowness of certain current blockchains that suffer from performance issues. Even bitcoin can only pull a handful of transactions at a time. So they have flocked to invent scalability fixes in the form of second level layers. Lightning Network is an example of that. However efficient that these solutions are, they also are pretty convoluted and prone to failures.
This new chain is not alone on this. They are backed up by a pretty decent set of Chinese companies. These companies will use Conflux to build applications on top of their chain.
The Ethereum Killer Too
In this way, running decentralized apps and leveraging the power of smart contracts, they seem to be aiming also to a market niche dominated by Ethereum. But as good as it is, Ethereum is also prone to slowdowns and network congestion. This happened last year when the launch of a decentralized app collective game called CryptoKitties severely affected the network capabilities.
This is also the reason why decentralized apps are not successful. Only some exchanges and games rely in this technology. But Conflux statements proclaimed that they have solved these issues. They state:
“Contrary to popular belief, true decentralization isn’t sacrificed to increase throughput, highlighting Conflux as the first example that achieves the best of both worlds. … tests on its testnet has achieved a throughput of at least 6,500 Transactions Per Second (TPS), while supporting at least 20,000 nodes,”
making some big claims about the performance of their blockchain.
But all the talk means nothing if they fail to deliver. The company announced final tests on their net next year. Their main net will be operative for the third quarter of 2019.