DEXON is a Distributed Ledger Technology (DLT) based on a block lattice infrastructure that claims to have resolved the complex trilemma of scalability, latency, and security that has plagued most competing system architectures. DEXON’s goal is to spur mass adoption of DLT by reducing the performance inefficiencies inherent in most established systems.
The DEXON network allows every individual node to seamlessly propose new blocks that build in a parallel and non-blocking fashion rather than linearly as most blockchain architectures are built, providing scalability scores ahead of most other DApp platforms. As the number of nodes in the system grows this also results in higher transactions-per-second while maintaining low transaction costs. By implementing their own total ordering algorithm DEXON state their blockchain impressively achieves sub-second transaction finality latency.
What is a Block Lattice?
DEXON is not the first project to employ a block lattice, in fact it was Nano (formerly known as Raiblocks) who brought mainstream attention to this fascinating data structure. The novelty of the block lattice is that it allows for each individual to retain complete autonomy over their own individual blockchain through the possession of their unique private key. This has significant knock-over effects on the characteristics inherent to the system including improved transaction speeds along with highly efficient consensus mechanism and scalability unparalleled by most traditional blockchains systems architectures.
Balances from and to accounts are processed through send and receive blocks. In this system when an individual wants to transfer a sum of their balance to another individual, a send block is created that reduces the balance of the individual account by a specified delta. Consequently, the receiving account will create a receive block which will increase their account by the respective delta figure.
Each individual blockchain is responsible for tracking their respective account balance rather than transaction amounts a method that demands for less intensive data storage requirements.
Another key feature of the block lattice data structure is the ability for each individual blockchain to asynchronously update relative to the rest of the lattice structure. Blockchain’s inherently require network-wide consensus and a synchronization of the network across all levels in order to verify and validate transactions. The transition from a global shared digital ledger to a set of individual asynchronously functioning ledgers could and is proving disruptive to current industry standard with more and more novel projects implementing various forms of Directed Acyclic Graph’s (DAG) or block lattice data structures.
Dexon Consensus Mechanism
To improve on the inefficiency of consensus mechanisms like Proof-of-Work (PoW) and Proof-of-Stake (POS), the team at DEXON have developed a new system they call Proof of Participation (PoP). DEXON state PoP is the most decentralized symmetric mining reward model in the market and claim that their bespoke consensus mechanism “has the lowest communication overhead theoretically possible, achieving optimal energy efficiency.” In this model each node has equal voting power fostering full decentralization. It will be interesting to see if this consensus mechanism gains wider popularity as many criticisms have been levied against more traditional PoW systems and their energy inefficiency. In the future as the number of nodes grows PoP will migrate to Randomized PoP which will allow the low overhead to be maintained while allowing for millions of nodes to operate flawlessly.
DEXON’s smart contract execution layer is built to power a feature-rich and user-friendly platform supported by DEXLang, a native programming language, which is Turing complete and functional. However, DEXON have mentioned that as long as programming languages could be compiled to WASM with Solidity while maintaining Ethereum Virtual Machine (EVM) backward compatibility, there may be support for multiple smart contract languages. A key feature is their integration of secure novel inter-chain operable protocols that are safe and efficient allowing bridging with many other system architectures such as Bitcoin, Ethereum, and Neo.
DEXON Buzz and Social Media Metrics
A versatile platform that can perform across a multitude of industries, the DEXON project has also benefited from backing by one of the largest Venture Capital (VC) funds in the world. The giant of tech media International Data Group (IDG), has backed this young project along with other VCs that are providing funding for development. DEXON’s partnership with Cobinhood, the first ever zero-trading fee cryptocurrency exchange which was announced by Cobinhood and Dexon Founder, Popo Chen. While unsurprising considering Chen’s ties to both companies the announcement has helped generate interest and attention from the community. DEXON’s social mediums have seen recent increases, their Telegram has over 10k members and there Twitter now boasts over 500 at the time of writing. Despite the modest social media metrics across those platforms, it’s clear the interest around DEXON is increasing.
Limited scalability, high transaction costs, and high transaction confirmation latency are some of the biggest impediments to mass-scale blockchain adoption in today’s landscape. DEXON aim to resolve these limitations through its consensus ordering algorithm and unique network by developing an optimal communication overhead along with an infinitely scalable architecture. A projects value is seen through the strength of its community and its technical capabilities. Despite no current plans for a Token Generation Event (TGE), DEXON’s focus should be on aggressively tackling their roadmap and growing their community. The plan for mainnet is targeted in late 2019 and to ensure no delays are encountered DEXON will need to draw on their experienced and reputable team that draws heavily from Cobinhood to make this happen. CryptoLingo will be closely looking into the progress of DEXON and will be particularly interested to see the technical implementations of the project once the code is made available.