AMA Recap-A Deep Dive into Conflux Network and Ecosystem
On April 9, Multichain joined hands with Conflux Network to hold a Telegram AMA, diving into Conflux Network and Ecosystem. Here is a recap of major questions answered by Ming Wu, Co-Founder & CTO of Conflux Network, and Chris, Head of Global Expansion at Conflux Network.
Q1: What is Conflux Network?
Ming: Conflux is a permissionless Layer 1 public blockchain connecting decentralized economies across borders and protocols. Fast, scalable, and solidity compatible, with zero congestion and low fees, Conflux is transforming how the world transacts and leading the transformation to a sustainable, borderless economy.
As the only regulatory compliant, public, and permissionless blockchain in China, Conflux provides a unique advantage for projects building and expanding into Asia. Conflux aims to connect decentralized economies to strengthen the overall DeFi ecosystem globally.
Q2: What distinguishes Conflux from other blockchains?
Ming: From a technical perspective, Conflux Network implemented a hybrid consensus model incorporating both PoW (Tree-Graph) and PoS to increase the network’s security while maintaining high-levels of decentralization and throughput.
The hybrid consensus model is an innovative and unique approach that can provide deterministic finality over a Proof-of-Work foundation. Conflux Network’s PoS overlay chain works alongside the PoW chain, bringing enhanced security to the PoW chain by eliminating 51% attacks and providing finality to transactions. The PoW can also protect the PoS from long-range attack, reversely.
As we’re the only permissionless blockchain network endorsed by the Chinese government, the only regulatory compliant Chinese fiat-stablecoin CNHC is issued on Conflux Network. CNHC is currently being used for remittance purposes of global merchants sourcing from China, and hopefully it will be accessible by everyone on Conflux Network.
Since our latest Hydra hardfork, we’ve launched an EVM-compatible space called eSpace. Meaning that Conflux Network has two interoperable spaces, Core and eSpace. While Core has features we’ve implemented from the start when we shaped Conflux Network, like transaction sponsorship for a gas-less user experience and on-boarding, or our protocol-level collateral fees to reduce wasted storage space, eSpace is more familiar to existing DeFi developers and users for a more rapid ecosystem growth and simplifying the on-boarding experience.
Q3: How did Conflux Network start?
Ming: Conflux originated in the research lab of Turing Award recipient Dr. Andrew Yao at Tsinghua University. It is based on a Tree-Graph consensus mechanism that optimizes for security, scalability, and decentralization.
Together with our founder Fan Long, we’ve decided to stand together and build the Conflux Network with a solid academic theory and great passion. In 2018, the Conflux Foundation was formed, and a regulatory compliant fundraising was completed to build an open infrastructure based on our consensus mechanism. Established as a public blockchain open to all and publicly endorsed by China, we’re a blockchain without barriers with communities in North and South America, Europe, Africa, South East Asia, China, Persia and more.
We have kickstarted large-scale education programs, launched our mainnet in Oct. 2020, participated in global events, working with developers and growth hackers, are constantly developing our ecosystem, and always working on improving our technology.
It’s is how Conflux Network has become an organization of around 100 people based on 5 continents and ambassadors from everywhere; and we’re still growing.
Q4: What is Conflux’s one-year roadmap like?
Ming: We have just launched a brand-new grants program to welcome not only developers, but also artists, growth hackers and people from other areas to build and develop on Conflux Network. Also, we’re launching a new incentive program supporting projects that want / need early-stage support.
The team is working on launching numerous activities with partners targeting traders, developers and newcomers; we’re planning to host a global hackathon around Q3 and welcome everyone to participate. In Shanghai, we’re launching a Web3 Summit with ecosystem projects, traditional Internet companies, and VCs from inside and outside the blockchain industry.
The list goes on forever, but first, we’ll wrap up our current Conflux Labs activity with ChainIDE, where we’re launching a class to teach enthusiasts the basics of blockchain development in Africa; the upcoming IEEE International Conference on Blockchain and Cryptocurrency 2022 which we have been supporting from the beginning, and the awesome activities in collaboration with Multichain.
You can expect more reputable listings, new DeFi project, higher TVLs and more assets to be available to cross-chain via Multichain! We’ll be putting all available resources in making sure that the eSpace ecosystem will be a success, especially with great partnership like with Multichain!
Q5: How is Conflux’s ecosystem?
Ming: Conflux’s ecosystem has been growing prosperously as the Core Space and eSpace both provide fertile fields for projects to grow.
Speaking of NFTs, Fortune 500 companies like McDonald’s, Orea, etc. have launched their NFTs on top of Conflux Core to its Chinese market, as the Core’s transaction sponsorship mechanism allows users to trade NFTs without the need to buy crypto. You probably are aware of the crypto-ban in China, so the Fiat-to-NFT solution initiated by our ecosystem project Taopai perfectly solves the problem and allows users to make purchases using Chinese fiat.
There are many NFTs being sold peer2peer for up to $30 thousand, but you can also buy NFTs mint on Conflux with the standard payment systems here like WeChat Pay and Alipay.
CNHC, the first regulation-friendly off-shore RMB stablecoin is issued as a 1:1 CNH pegged stable coin, aiming to break the boundary between RMB assets and the blockchain world, pushing the globalization of RMB. Its application scenarios include but are not limited to cross-border trade settlement, decentralized applications, asset allocation, etc. As for now, we are glad to see how CNHC has helped global merchandise to trade over 300M CNH across borders. There’s definitely a lot more to be expected for CNHC, and hopefully more DeFi-use cases.
After the initiation of eSpace, we’ve encountered a lot of great partners like Multichain to enable the inflow of crypto-assets onto eSpace and Core. More and more projects are already working towards deploying on Conflux eSpace and should be launching soon, so stay tuned. Just yesterday, SwappiDEX launched and has already reached a TVL of 13m within 15 hours.
In Africa, we’re working with one of West Africa’s largest Logistics and Mobility Group GIG to push crypto-adoption in a region-friendly way via their new product GIGxPad.
Q6: What prompted Conflux to launch Co-mint with Multichain?
Ming: An ecosystem relying on a single cross-chain solution limits the security of an entire ecosystem to a bridge. It creates a highly dependent ecosystem on one cross-chain provider, leading to Vendor-Lock-In. Whether the monopoly is reliable, it dictates the user experience from UI/UX to fees, future feature support, or additional integrations for ecosystem dApps.
We wanted to avoid liquidity fragmentation, monopoly and increase security to make sure there isn’t a single point of failure for interoperability issue, whether congestion, service-stop, malicious activities, or technical difficulties.
Because Co-Mint allows the smart contract owner to set the quota (‘mintCap’) collaborating bridges can mint; when the non-owner bridges get hacked, the risk exposure is reduced from the total supply or even infinite minting of the token to the set quota. For Permissionless networks POV, we welcome innovation and thrive on collaboration!
Hereinafter is a review of some free questions asked by community members.
Q1: Do you have any plans to attract non-crypto investors to join your project? What are the plans to raise awareness about your project in the non-crypto space? @Lanora_kent
Cris: We’re doing a lot of educational events, all over the globe. For example in Africa we just launched Conflux Labs, which is a workshop and hackathon that lasts for a month. We just started 1 week ago, and so far we have 200 participants and it’s growing. In other regions, we have been doing blockchain 101 courses with Universities to teach students about blockchain technology and crypto. With all the courses we host, we invite industry leaders to share their insights into our industry to cover as much as possible.
Q2: Can you please indicate to us the features and utilities of “Fluent Wallet”? What is the advantage of your wallet when compared to conventional wallets like MetaMask? @AngellaIsom1996
Cris: Fluent wallet was developed with improvements from user-experience, UI and speed for the user that also connects to Conflux Core. Because Conflux Core has it’s own unique address format, EVM wallets like Metamask do not connect to Conflux Core and only to Conflux eSpace. Fluent wallet will have integrated features designed to work with both Conflux Core and eSpace, like staking your CFX into the PoS pools, but it will also get true multi-chain functionality, so users don’t need multiple wallets installed.
I highly recommend you to check out Fluent Wallet for it’s superior user experience over other existing wallets.
Q3: Can you give an overview of your Tokenomics, and the UTILITY of Token? @Melbaricker
Cris: Since CFX is the native token of our network, it’s used for gas fee. However, it’s also the governance token of our permissionless blockchain, and is used for staking to secure the network. Besides the utility of security, governance and infrastructure, CFX can be freely traded and also used as an asset of value for all sort of blockchain-things. The limitation are set by the devs and users. That’s the beauty of this industry.
More Info:
• Official Website: https://confluxnetwork.org/
• Whitepaper: https://confluxnetwork.org/en/files/Conflux_Economic_Paper_20201230.pdf
• Developer Documentation: https://developer.confluxnetwork.org
• Twitter: https://twitter.com/Conflux_Network
• Telegram English: https://t.me/Conflux_English
• Discord: https://discord.com/invite/aCZkf2C
• Github: https://github.com/conflux-chain
• Medium: https://confluxnetwork.medium.com
