Conflux Network
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Conflux Network

Binance AMA with Conflux (CFX) — A Blockchain Without Barriers

On April 26th, Binance hosted an AMA (Ask-Me-Anything) session with Ming Wu, Co-Founder & CTO of Conflux in the Binance Exchange Group.

Project Introduction

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.

Official Website: https://confluxnetwork.org/

Whitepaper: https://confluxnetwork.org/files/Conflux_Economic_Paper_20201230.pdf

Follow Conflux on Twitter and Telegram.

Guest:

Ming Wu — Co-Founder & CTO of Conflux

Q&A from Binance

Q: Welcome to a special AMA with the Conflux team! It is my pleasure to introduce to you Ming Wu, who is the project’s CTO! Hi @sparkwoo, thank you for joining us today, would you please introduce yourself to the chat and share a quick overview of Conflux?

Ming Wu: Hello, everyone. My name is Ming Wu, and I’m the Co-Founder and CTO of Conflux Network.

Before becoming a founding member of Conflux, I was a senior researcher at Systems Research Group in Microsoft Research Asia, where I led my former team to design and implement large-scale and highly efficient distributed machine learning platforms which were applied in Microsoft products. And I have done a lot of research and development on general distributed systems.

I’m very excited to be here in the Binance TG group for today’s AMA session. Here is my Twitter account, @spark_ren. Please follow me on Twitter for further information.

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.

Q: What distinguishes Conflux from other blockchains?

Ming Wu: 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% of attacks and providing finality to transactions. The PoW can also protect the PoS from long-range attacks reversely.

As we’re the only permission-less blockchain network endorsed by the Chinese government, the only regulatory compliant Chinese fiat-stable coin CNHC (www.cnhc.to) 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 the Conflux Network.

Since our latest Hydra hardfork, we’ve launched an EVM-compatible space called eSpace, which means that Conflux Network has two interoperable spaces, Core and eSpace. While Core has features that we’ve implemented from the start when we shaped Conflux Network, like transaction sponsorship for a gas-less user experience and onboarding or our protocol-level collateral fees to reduce wasted storage space, eSpace is more familiar to existing DeFi developers and users for more rapid ecosystem growth and simplifying the onboarding experience.

Q: Could you share the story of how Conflux Network started?

Ming Wu: 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 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 fundraise 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, etc.

We have kickstarted large-scale education programs, launched our mainnet in October 2020, participated in global events, worked with developers and growth hackers, are constantly developing our ecosystem, and always working on improving our technology.

It’s how Conflux Network has become an organization of around 100 people based on 5 continents and ambassadors from everywhere, and we’re still growing.

Q: What is Conflux’s one year roadmap?

Ming Wu: 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. We’re launching a Web3 Summit in Shanghai 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, Celer, Meson, TurboStarter, and other great projects.

You can expect more reputable listings, a new DeFi project, and higher TVLs via cross-chain protocols other than Celer and Multichain. We’ll be putting all available resources to ensure that the eSpace ecosystem will be a success!

Q: Our communities are also curious about Conflux’s ecosystem. Could you give us some introduction?

Ming Wu: 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. 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. Many NFTs are 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 regulatory-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.

In Africa, we’re working with one of West Africa’s largest Logistics and Mobility groups, GIG, to push crypto-adoption in a regional-friendly way via their new product GIGxPad.

After the initiation of eSpace, we’ve encountered a lot of great partners like Multichain and Celer 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. At this moment, Swappi has exceeded 65 million TVL within two weeks and is still growing.

Q: What is the best way for someone watching today to get started with Conflux?

Ming Wu: As I’ve mentioned above, after the hardfork and launch of our eSpace, we’ve attracted a lot of attention. With the launch of Swappi and the rapid growth of its TVL, we’ve already obtained a lot of seed users benefiting from Swappi’s liquidity mining incentives. We recently finished our Easter campaign with Binance, Algorand, and Qtum with a whopping price pool of $132,000 in total, bringing CFX to more traders and enthusiasts than ever before. We appreciate the passion that the Binance community has for Conflux and that many of you might have or will receive a sizable amount of CFX as rewards. Therefore, we’d like to invite everyone to experience our ecosystem. To better serve the Binance and BNB community, Swappi has launched the BNB/CFX pool with extra incentive weight for Binance and BNB fans to experience our ecosystem. On April 24th, Swappi also launched the USDC/USDT pair also with extra inventive weight.

To experience the limited extra incentives, all you need to do is cross-chain your BNB and CFX from BNB chain to Conflux eSpace using Multichain or cross chain your USDC and USDT through Meson.fi*. We hope that our star project Swappi could benefit their early supporters as much as possible and continue to build strong on top of Conflux eSpace. We’d also hope that you can participate in it and witness our growth. We hope that our star project Swappi could benefit their early supporters as much as possible and continue to build strong on top of Conflux eSpace. We’d also hope that you can participate in it and witness our growth.

Please refer to these tutorials for more information ⤵️

Free-Ask from Binance Community

Q: Why did Conflux choose to partner itself with Multichain?

Ming Wu: In the current multi-chain world, cross-chain has become paramount for public blockchains like Conflux.

Our partnership with Multichain enables creators, communities, and markets to connect across borders and protocols, and we are working together to build co-mint architecture.

Q: Do you intend to enter the world of Metaverse?

Ming Wu: Yes, we fully endorse the Metaverse concept and encourage all Metaverse projects in our ecosystem.

Q: What blockchain networks will TurboStarter support?

Ming Wu: Conflux blockchain.

Q: Conflux combines both PoW security and smart contracts. How do you think it gives you an advantage over Ethereum as PoS can process transactions faster than PoW?

Ming Wu: As I said earlier, Conflux Network’s PoS overlay chain works alongside the PoW chain, bringing enhanced security to the PoW chain by eliminating 51% of attacks and providing finality to transactions. The PoW can also protect the PoS from long-range attacks reversely.

Q: How is your current relationship with the community? Are you always present to answer questions in the TG group?

Ming Wu: We are actively engaging with the community and we fully appreciate your enthusiasm for our projects.

We have many team members following-up with issues raised across all platforms, including Telegram groups.

Q: Could you tell us about the internal or external audit of your smart contract? Have you done any audits before? Or do you plan to do any review on your smart contract in the future?

Ming Wu: Transparency and security are at the core of Conflux and we have collaborated with audit companies like Certik, Peckshied, QuantStampX, and so on.

Q: As you previously mentioned, “Conflux is the only regulated, public and unlicensed blockchain in China”, and we know that everything about blockchain/cryptocurrency is banned there. How did Conflux get that or can you tell me the challenges that Conflux faced to achieve that title?

Ming Wu: It is because Conflux has advanced technologies that the Chinese government likes to support.

Q: Can you share with us the partnership of Conflux Network that you’ve described so far? Do you have plans to form more strategic partnerships in the future?

Ming Wu: If you have been following Conflux’s news, you will know that we have a strong partner network that is not only limited to our strong ecosystem projects like CNHC and GIGx. Many of you know already about our partnership with Multichain, Celer, Binance, etc.

Just a few hours ago, we established a strategic partnership with BitMart to support our ecosystem projects like Swappi. The point here is that as we are growing, our vision naturally raises and seeks out possible partnerships.

We believe that a good partnership is always a force to push both sides further, and we are appreciative of all of our existing partners, especially Binance, and we always look forward to forming new partnerships and alliances.

Q: Where can I buy CFX? Also, could you post the links to all your social media platforms?

Ming Wu: You can purchase it on Binance, OKEx, KuCoin, Gate.io.

Website: https://confluxnetwork.org/

Telegram: https://t.me/Conflux_English

Twitter: https://twitter.com/Conflux_Network

Reddit: https://www.reddit.com/r/Conflux_Network/

LinkedIn: https://www.linkedin.com/company/confluxnetwork

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Conflux Network

Conflux Network

1.5K Followers

Conflux is a PoW + PoS hybrid first layer consensus blockchain for dApps that require speed at scale, without sacrificing decentralization.