Convex Foundation
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Convex Foundation Details
The Convex Foundation build and maintains Convex, a technology platform for the Internet of Value.Convex (CONVergent EXecution) is a decentralised platform for the Internet of Value that resolves these issues. Convex rapidly achieves consensus with a novel algorithm. It merges Beliefs shared by peers using a function that is idempotent, commutative and associative. The system provably converges to a stable consensus by forming a conflict-free replicated data type (CRDT). Additionally, convergence is guaranteed, even in the presence of malicious or faulty peers, by a Byzantine Fault Tolerance algorithm. The combined economic staking scheme is called "Convergent Proof of Stake" (CPoS).We envision a system that enables value exchange mechanisms while solving the problems of traditional approaches - a network of economic agents that serves the needs of the digital economy.We designed Convex from the ground up to provide the following properties.Global - a single, global network for everybody, without artificial boundaries. Potential is maximised when everyone can transact with everyone else.Open - a decentralised, technology independent system where anyone can participate without asking for permission. No barriers to entry.Automated - able to support atomic, end-to-end transactions that are reliably executed using trusted and reliable smart contracts.Secure - protecting against all types of security threats so that users can be confident of the safety of their digital assets and transactions.Extensible - capable of supporting unlimited innovation in the types of assets and applications created. Like the Internet, it must not constrain what people can build, and it must make it easy to innovate.Fast - quick enough to confirm economic transaction in seconds, meeting the demands of consumer applications.Cheap - inexpensive to utilise, so that nobody is excluded by high costs and most kinds of applications are economically viable.
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