The price of Conflux (CFX) skyrocketed after the network announced last week that it would launch a Blockchain SIM (BSIM) card in partnership with China Telecom.
At the time of writing, CFX inflates According to Coingecko, for the past seven days it has been a staggering 310%. In the last 24 hours, only the token has increased by 32%, surpassing the other top 100 coins.
Conflux Network is true to its name, “Chinese Polygon (MATIC)”, synonymous with connecting with big names.
Conflux confirmed on January 24 that it has merged with Xiaohongshu, the Chinese Instagram video and photo-sharing app. Since then, this relationship has been extremely favorable for the strong bullish trend of Chinese cryptocurrency.
What is Conflux?
Conflux is a public blockchain bridging Asian and Western communities and economies. The Conflux protocol features a consensus protocol known as Tree-Graph to improve its scaling capabilities relative to existing networks like Ethereum.
CFX Volume Rises Quickly
Less than a week after the announcement, CFX trading volume across all exchanges jumped 373% to around $58 million, according to CoinMarketCap. According to the press release, the partnership will allow Xiaohongshu’s 200 million users to display non-fungible tokens (NFTs) generated on Conflux on their pages.
The Conflux Network originated in the research lab of Dr. Yao Ming, Turing Prize winner at Tsinghua University. Conflux was founded by the brightest minds from Tsinghua University and the University of Toronto. It aims to facilitate cross-border interactions by building decentralized open-source technologies. This innovative research provides a consensus mechanism that optimizes security, scalability, and decentralization as a solution to the “Triple difficulty blockchain”.
Is China ready to embrace cryptocurrencies?
China’s stance on cryptocurrencies has fluctuated and changed over time. In principle, the Chinese government has shown a willingness to use blockchain technology, while at the same time being cautious about the use of cryptocurrencies. and their expected impact on national economic security.
In May 2021, the State Council announced a complete ban on cryptocurrency mining and trading.
The government cited financial risks, energy use, and criminal activity as reasons for the ban.
Overall, China’s approach to cryptocurrencies is cautious and governmental, focusing on developing blockchain technology while avoiding possible threats to financial stability and Social Order.
Conflux’s Partners
Meanwhile, China Telecom plans to launch BSIM and Conflux’s first pilot project in Hong Kong later this year. Pilot projects are likely to be implemented in many areas of China, including Shanghai.vAs the first official blockchain account In China, where regulatory standards are adhered to, Conflux offers a unique advantage to projects developed across Asia. Conflux has joined blockchain And metaverse Working with multinational corporations and government agencies in the region, including Shanghai City, McDonald’s China, Oreo, and other large companies.
Conflux is a Layer-1 Blockchain platform designed to connect content creators, communities, and markets of protocols. Conflux received a research grant worth USD 5 million from the Shanghai government in 2021. On the other hand, Little Red Book is one of China’s largest and fastest-growing social media commerce apps, targeting women under the age of 35.
The partnership framework between Conflux and Little Red Book will help 200 million users of this social network to mint their NFT profile pictures on Conflux. Ming Wu – Chief Technology Officer of Conflux said.
“The internet giants in China have embraced the Web3 transition. Conflux is becoming the main bridge connecting the two worlds and taking a leadership role to extend Web3 technology into the traditional industry.”
The keyword Web2 to Web3 has become a popular topic over the past 6 months and has become the focus of many traditional giants. For example, brands like Nike launched the digital wearables market in November, and Porsche just opened its 7,500 NFT for sale, although it was not warmly received by investors.
