After Chinas President Xi Jinjing publicly announced to speed up the blockchain technology development in the country Oct. 24th and being a possible influencer for the recent Bitcoin price pump, Chairman of the China International Economic Exchange Center, Huang Qifan, announced the DCEP, China’s national digital currency based on blockchain technology, shortly after Xi, on Oct. 28.
Following the nation-wide blockchain strategy and just one day after the DCEP announcement, on Oct. 29th, Conflux founder Prof. Fan Long & team, together with Shanghai Vice Mayor and representatives from Science & Technology Committee, Development & Reform Committee, Financial Directory, respectively, joined a formal meeting on founding Conflux Research Institute in Shanghai, during which Prof. Long introduced the innovativeness and breakthrough of Conflux public chain technology. This meeting confirmed the execution plan of Conflux Research Institute. Also, Conflux Application Incubation Center will be launched in Shanghai in the recent future. Note that Conflux is the first public blockchain project that the Chinese government supports.
Quote from Conflux founder Fan: “Under the controversial reputation of blockchain and cryptocurrencies, the Chinese government continues to move one (huge) step further, and we think the reasons lie in the following points: the government sees the blockchain technology itself being of great potential to construct a series of significant breakthroughs. This includes the possibility of reshaping the currently traditional economic system by using blockchain as a foundational tool. China sees these opportunities and is therefore willing to undergo continuous exploration with industry leaders. The close collaboration with the Shanghai government is a milestone for Conflux as this is the first time the Chinese government approves and supports a permission-less blockchain project.”
In Shanghai, Conflux is taking the 1+1+n approach with the Shanghai government through this Research Institute. The first “1” represents the research institute’s main directions, which surround the 5 pillars of Shanghai: Finance, Economy, Transportation, Trading plus Science & Technology. The second ”1” stands for the Conflux Research Institute incubating startups and projects that are advancing the industry with new applications, and are innovating on top of the Conflux infrastructure. The “n” stands for n-amounts of pilot projects, ranging from city management to customs optimization. Together with the Shanghai Government, we will establish an ecosystem foundation to incubate and support innovations on Conflux. The launch of the research institute will be set parallel to the Main-net launch of Conflux.
Conflux is a State-of-the-Art public blockchain system that can achieve high TPS without sacrificing decentralization or safety. By delicately combining its unique and advanced algorithm with a novel structure — — Tree Graph (TG), Conflux makes consensus no longer a performance bottleneck, thereupon solves a series of problems in the industrialization of public chains. Currently, in its first stage, Conflux adopts PoW (Proof of Work) mechanism as the basis of its consensus.
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