Key Points
- The Chinese Government is working with Conflux Network to launch a new public blockchain infrastructure platform.
- The platform is called “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative,” and its main target is to provide an underlying public blockchain for cross-border applications.
Conflux Network has just released its announcement on X social media platform, highlighting the main focus of the project.
The new platform aims to create a public blockchain infrastructure platform that will be able to support implementing cross-border cooperation projects along the Belt and Road Initiative:
The main focus of the project is to create a public blockchain infrastructure platform. This platform will be able to support the implementation of cross-border cooperation projects along the Belt and Road Initiative. It will provide the base for developing applications that… https://t.co/MkWgRY2G8A
— Conflux Network Official (@Conflux_Network) April 1, 2024
This is another move that shows the fact that Conflux Network is building towards mass adoption of digital economies and the overall transformation of cross-border partnerships.
Conflux Network’s top features
Conflux Network (CFX) is a public blockchain designed for high performance and scalability. Here are its most important features:
Layer 1 blockchain
Conflux is a foundational blockchain, not built on top of another existing network.
Scalability focus
Unlike some blockchains that struggle with transaction volume, Conflux prioritizes handling a high number of transactions per second (TPS) without compromising security or decentralization. It achieves this through a unique consensus mechanism.
Tree-graph consensus
Conflux uses a Tree-Graph structure instead of the linear chain found in many blockchains. This allows for parallel processing of transactions, significantly boosting throughput.
Hybrid Proof-of-Work/Stake
Conflux combines Proof-of-Work (PoW) and Proof-of-Stake (PoS) mechanisms to achieve both security and efficiency. PoW is used for block creation, while PoS is used for transaction validation and finality.
Dual space design
The Conflux network consists of two parts: Conflux Core Space and Conflux eSpace. Core Space offers high security and a contract sponsorship mechanism, lowering barriers to entry.
eSpace is compatible with the Ethereum Virtual Machine (EVM), enabling developers to migrate existing Ethereum smart contracts easily.
Potential use cases
Conflux’s focus on scalability makes it suitable for various applications, including Decentralized finance (DeFi), Non-fungible tokens (NFTs), Web 3.0 infrastructure, and E-commerce.
The China connection and why it matters
Developed in China, Conflux is sometimes referred to as the “Chinese Ethereum” due to its potential for regulatory compliance within the country.
Overall, Conflux Network is a promising player in the blockchain landscape, offering a high-performance and secure platform for various decentralized applications.
The latest Chinese Government blockchain initiative comes despite mainland China’s hostile attitude towards crypto, and this is an important move for the industry.