By Darren Parkin
Technology developed by a United Kingdom-based foundation aimed at transforming global economies. The technology promises to revolutionise how monetary and value exchange services are conducted, making them accessible to everyone – including the underprivileged and unbanked.
Transforming technology
The Convex Foundation reimagined a substrate architecture offering all the promises of blockchain, without its shortcomings. Convex uniquely offers real-time value exchange beyond blockchain’s typical values of permissionless, borderless and decentralised.
Convex is not constrained by the inhibitors of blockchain adoption, such as low transaction throughput and lack of global scaling required across the high transaction demands of sectors such as finance and gaming. Therefore, the Convex Foundation is bridging the gap between blockchain technology and mass adoption. The foundation’s goal is to build a better future and inclusive world economy through technology innovation.
Sustainability
It is predicted future technology will be more decentralised with a smaller ecological footprint than current systems. Convex supports economic activity without unnecessary waste or environmental costs. Many other decentralised systems are slow, unscalable and use unsustainable proof-of-work (PoW) consensus. Convex uses a unique convergent proof of stake (CPoS) consensus mechanism that does not waste energy.
The Internet of Value is supported by real-time transactions secured globally in nanoseconds, at an impressive 100,000 transactions per second (TPS). Plus, each transaction involves negligible costs. This makes Convex a key player in industries such as Web3 wallets, retail payments, currency exchange, gaming and the metaverse.
Delivering Value
Convex is an ambitious open-source decentralised ledger technology (DLT) project working to solve some of the world’s economic problems. Its founded on mathematical proofs and best industry-standard cryptography.
Strict governance ensures that regulatory compliant solutions are adaptable, efficient, and poised to deliver high performance. This future technology is one to watch out for.
Industry impact
ConnectedLife is a Singapore-based healthcare company using Convex technology to integrate wearable internet of things (IoT) sensor technology, mobile applications and artificial intelligence (AI). This enables federated data exchange between different organisations in a data-driven healthcare ecosystem. Also, the European Commission have selected Convex to provide a hosting infrastructure and decentralised ledger for the Next Generation Internet.
Technical features
As technology advances, so does the need for faster and more efficient ways to develop applications. Convex offers a full-stack development toolkit with integral compiler for building dApps.
Immutable smart contracts are written in Convex Lisp. Convex Virtual Machine (CVM) executes them at 1,000,000 TPS (based on the Lambda Calculus) – retail transaction speeds – where it’s only the public internet that slows the response times down to one second on smart phones.
A permissionless test network is fully operational now. A sandbox with sample source code is free to use for designing and running prototypes. With this toolkit, developers are able to create applications quickly and efficiently, without having to worry about slow response times or laggy performance. Convex’s mainnet is scheduled for launch in Q1 2023.
Founder: Mike Anderson
Mike Anderson, founder of Convex, realises DLT’s potential to reduce friction in global financial transactions. He envisions a time when economic systems have low transaction fees, are efficient, fair and enable people self-sovereign control of their digital assets with ease.
He has been a programming enthusiast since the age of eight, developing love for efficient data structures and algorithms. He was the top UK programmer in 1996 International Informatics Olympiad and joined McKinsey & Co after a double first degree in Mathematics at the University of Cambridge. Now, he utilises his skills to affect future technological change.
Convex is freely available and invites dApp developers to explore its capabilities. Visit https://convex.world for more information.
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