The Conflux Foundation would be utilizing the $35 million in funds for the development of a new blockchain network. The companies such as Huobi, Sequoia China and Baidu Ventures invested contributed to the fund. The Conflux Foundation is to unveil a new public blockchain during the third quarter of the succeeding year with the testing to happen in February.
A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.
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