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. In the letter, Xi praised Yao for his dedication to serving the country through his work at the university and his contributions to teaching, research, and innovation. The president expressed his sincere appreciation for Yao’s efforts and encouraged him to continue exploring innovative talent training models and making contributions to scientific and technological self-reliance in China.
Conflux, a layer-1 blockchain supported by the Conflux Foundation, is known for its hybrid proof-of-work and proof-of-stake consensus mechanism. The project, operated by the Shanghai Tree-Graph Blockchain Research Institute and backed by the Shanghai Municipal People’s Government, is considered to be the only regulatory-compliant public blockchain in China.
In April, the Chinese government unveiled a new public blockchain platform led by Conflux Network, called the “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative.” This platform aims to provide a foundation for cross-border applications along the Belt and Road Initiative.
Despite China’s strict regulations on cryptocurrencies, Conflux stands out as an exception, with its own token currently trading at $0.1947 and a fully diluted market capitalization of $975 million. The project continues to operate successfully, showcasing its resilience and innovation in a challenging regulatory environment.