The protocol Conflux, led by, among others, Andrew Yao, China’s “godfather of computer science,” has raised $35 million to create a faster blockchain. Sequoia China and Chinese internet companies participated in the investment.
The protocol addresses speed and scalability issues that plague blockchain systems but without compromising their decentralized nature, Fortune reported.
Bitcoin (BTC) can only add one data block at a time to ledgers. Conflux sees itself as an alternative to the Ethereum network. The American company Dfinity and Chinese tech giant Xunlei have also been developing systems that address speed and scalability.
Yao’s inclusion is notable because he is a Turing Award recipient. The Turing award honors excellence in computer science with a $1 million prize.
Another co-founder, University of Toronto professor Fan Long, told Fortune Conflux has “changed the structure of blockchain so that it’s no longer a chain in the sense that it records each block based on what its parent block says.”