Chinese President Xi Jinping recently penned a letter of admiration to Andrew Chi-Chih Yao, the chief scientist of Conflux network and a professor at Tsinghua University. In the letter, Xi praised Yao for his dedication to serving the country through his work at the university and his significant contributions to teaching, research, and innovation. Xi expressed his sincere greetings and encouraged Yao to continue his efforts in developing innovative training models, promoting interdisciplinary innovation, and making new contributions to scientific and technological self-reliance.
Xi also reiterated his support for Yao in enhancing education and science and technology in China. Conflux is a layer-1 blockchain that operates on a hybrid proof-of-work and proof-of-stake consensus model. It is supported by the Conflux Foundation, also known as the Shanghai Tree-Graph Blockchain Research Institute, and has the backing of the Shanghai Municipal People’s Government. The project claims to be the only regulatory-compliant public blockchain in China.
In a significant move, the Chinese government unveiled a new public blockchain infrastructure platform led by Conflux Network on April 1. 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. Despite China’s strict regulations on cryptocurrencies, Conflux stands out as an exception, operating its own token with a current trading value of $0.1947 and a fully diluted market capitalization of $975 million.
The platform’s focus is to support cross-border cooperation projects along the Belt and Road Initiative, showcasing its potential to facilitate international collaborations. Conflux’s unique position in the Chinese blockchain landscape highlights its commitment to innovation and its alignment with the government’s strategic initiatives.