Chinese President Xi Jinping recently sent a letter of commendation to Andrew Chi-Chih Yao, the chief scientist of the Conflux network and a professor at Tsinghua University. Xi praised Yao for his dedication to serving the country through his work at Tsinghua University, where he has excelled in teaching, research, and innovation. The president expressed his admiration for Yao’s achievements and encouraged him to continue exploring new models for talent development and contributing to scientific and technological innovation in China.
Conflux is a layer-1 blockchain project that operates on a hybrid proof-of-work and proof-of-stake consensus mechanism. It is managed by the Conflux Foundation, also known as the Shanghai Tree-Graph Blockchain Research Institute, with the support of the Shanghai Municipal People’s Government. The project claims to be the only public blockchain in China that complies with regulations.
In a separate development, the Chinese government recently announced the launch of a new public blockchain platform led by Conflux Network. This platform, named the “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative,” aims to provide a foundation for cross-border applications. The government emphasized that the platform will facilitate collaboration on projects related to the Belt and Road Initiative.
Despite China’s strict regulations on cryptocurrencies, Conflux has managed to operate its own token successfully. The token is currently trading at $0.1947 with a fully diluted market capitalization of $975 million. This success is notable in a country where ICOs and crypto trading are banned nationwide.