Conflux Network Phase III — Tethys is officially launched.
Born in 1969, the Internet has been diverse due to the participation of the public and it has re-constructed our world. For the first time, everyone has the right to equally communicate with the world.
Before Google appeared, Web 1.0 already existed. As the first-generation network, it is static and one-way. It solves people’s needs for searching information and aggregation. Portals and yellow pages are the most common examples of Web 1.0.
However, one-way human-computer communication could not meet people’s needs, so in 2004 Web 2.0 was introduced. The original intention of Web 2.0 was to include more diverse elements on the Internet, and give the general public their own voice. Web 2.0, the Read/Write Network, is composed of social media, blogs, and online communities. Users can interact and collaborate in real time at any time.
Today, as long as big platforms and giant companies continue to rule the game, for entrepreneurs and startups innovation becomes more dire. “Uncertainty” is becoming the main theme instead of innovation.
The shortcomings of the centralized Internet are gradually showing, and everyone sees the growing shadow of the huge system, hoping to open the door to a “brilliant new world”. In a small corner where few people have noticed, decentralized and crypto networks are budding.
Unlike Web 2.0 where information can only be shared and exchanged, in the Web 3.0 era, our privacy, information, and data becomes an asset for the first time, so naturally, these are the biggest concerns for the public.
Web 3.0 generates the need for data privacy and ownership control without personal authorization. Therefore, blockchain technology plays an important role in the current development and decentralization of Web 3.0.
To our surprise, the development of decentralized networks does not seem to be as vigorous as its “big brother” Internet. The decentralized network with weak performance has not really entered people’s daily life, but has become a paradise for new developments.
We believe that in a decentralized network, every voice is worth to be heard. Conflux hopes to build a safer and more convenient platform, create a more valuable and fairer online space where everyone can participate and show their talents and achieve dreams. We firmly believe that every voice is an innovative force that can lead development and make the world fairer. A distributed world like this, in our eyes, has a better brighter future.
Designed originally only as a model in a paper, it has been realized with the support of Prof. Andrew Chi-Chih Yao. From an encryption lesson at Tsinghua University to the publication of “Scaling Nakamoto Consensus to Thousands of Transactions per Second”, from the start of this project in June 2018 to the launch of the Tethys Network today, everyone’s effort in the development of the Conflux Network counts.
Tree-Graph Consensus algorithm is independently developed by Conflux with complete intellectual property rights. It breaks through the bottleneck of transaction throughput and confirmation latency in decentralized networks, and achieves 3000+ TPS, making it possible for the decentralized network to enter people’s lives.
In 2018 Q2, the Conflux prototype was implemented and the internal testnet was released. In 2018 Q4 when the blockchain and cryptocurrency markets were at the darkest days, famous venture institutes, including Sequoia China, FreesFund, China Growth Capital, Baidu Ventures, Rong360, MetaStable, Fundamental Labs, and IMO Ventures, still had confidence in Conflux and gave Conflux a strategic investment of $35 million USD. On April 4, 2019, the test network went live and passed the security audit within the quarter.
In 2019 Q3, Hangzhou Application Development and Operation Center was established, which focuses on the development and operation of the Conflux network ecosystem.
In 2020 Q1, the Shanghai Tree-Graph Blockchain Research Institute was officially inaugurated. Led by Prof. Yao, the Institute is supported by Shanghai Municipal Government, the Municipal Science and Technology Commission and the Xuhui District Government. Based on the underlying system of the Conflux blockchain, the Institute mainly develops technical research on distributed consensus algorithms and blockchain system performance.
In the same quarter, we developed the asset cross-chain protocol ShuttleFlow, which provides users with a safe, efficient and convenient asset cross-chain bridge. Through the protocol, multi-signature contract address and multi-signature mapping can be deployed on Bitcoin and Ethereum networks to custody user assets by multi-signature on Bitcoin and Ethereum, and map the stablecoins such as BTC, ETH and USDT at 1:1 to the Conflux Network. The protocol provides a good environment for promoting the development of the DeFi ecosystem on the Conflux network.
In addition to asset cross-chain protocol, the Conflux development team and Conflux community members represented by Justin and Sophia also jointly developed the BoomFlow protocol for decentralized transactions. The protocol includes multiple functional interfaces such as flash swap and transaction matching, and a high-frequency matching engine, which enable the smooth and efficient operation of decentralized transaction operators on the underlying Conflux network.
Operators can access the BoomFlow protocol for free and permissionlessly, and then use the API to customize the cost parameters, develop a personalized and friendly user interface, and apply unique user operation strategies.
On April 27, 2020, Conflux Network Phase I — Pontus was launched. Pontus already provided a stable underlying network environment for DApp development and application test in the Conflux ecosystem. And on the same day, the ShuttleFlow Cross-Chain Alliance was established. Bitpie and Dappbirds are currently members of the Alliance.
In 2020 Q3, Conflux Network Phase II — Oceanus went live. In this phase, Conflux organized a total of 14 mining testing activities with 5000+ miners participating in the stable run of the Conflux network.
In the mining testing activities, the number of network nodes reached 4800+, which makes Conflux the world’s third largest decentralized network.
On August 19th, the Tree-Graph Blockchain Research Center settled in Changsha. The Xiangjiang Tree-Graph Blockchain Innovation Center and Hunan Key Laboratory of Blockchain Underlying Technology and Application were inaugurated in Yuelushan National University Town of Science and Technology.
Since its conception, the Conflux Network has experienced 63 restarts. The team produced 50,000+ words of popular science content and tutorials, about 300 popular science videos, and published three papers, two of which were included in top international conferences.
Community-led activities and ecosystem projects such as Conflux Pioneers Initiative, Conflux UMA Edu Initiative — Dubhe and ConFi City Blind Box NFT, laid the foundation for the popularization, entrepreneurship and application of blockchain technology and the further development of DApps on top of Conflux Network.
Now, the infrastructure of the Conflux network has been initially established. We will also retain the testnet to provide the development and test environment same as Conflux Tethys for developers. We will adhere to the spirit of decentralization and keep the algorithms open source.
As China’s independently developed blockchain network, Conflux would like to embrace developers all over the world and welcome outstanding developers and ecosystem builders to join the Conflux Network. Together, we will promote the growth of the entire network. Conflux will also provide comprehensive support to developers at all levels of technology, community, funding, and policies.
When the infrastructure and ecosystem construction are completed, we hope that the excellent performance of the Conflux network can be used to empower future businesses, achieve communication and mutual trust between assets and data, and create a more valuable network across the globe.
The launch of Conflux Tethys is not the end, but the beginning of a great new journey. The team will continue to provide technical guarantee and support for the Conflux Network for a period of time before it is finally delivered to the community. We hope that the Conflux Network can leave a wonderful legacy in the history of the rapidly iterating blockchain crypto network.
“Our mainnet launch is the most important milestone for Conflux. In our first two phases, we fine tuned the performance and the security of the network. Now Conflux is fully decentralized. From now on, all transactions in Tethys will be immutable records on the Conflux blockchain. Future updates to Conflux will be enabled only via hard forks upon the community consensus.” — Fan Long, Founder of Conflux Network
“The launch of Tethys — our final phase — marks a significant moment for all applications on the network. They no longer need to worry about the migration during updates and any change to the Conflux ledger state is now permanent,” Long says. “We also have exciting sponsor features online to support developers and users that will make smart contract transaction costs nearly free.”
“Blockchain is the most influential technology of our time and it will eventually change every aspect of our society. Trust is a fundamental aspect to society and blockchain will revolutionize how it is established between humans and technology,” Long continued. “The whole organization, myself included, worked days and nights on Conflux. I sincerely hope it will become the vessel that accelerates and drives fundamental change. We’re confident we have created a public permissionless blockchain that will stand the test of time.”
Thank you to our amazing families, friends, supporters, community, and partners for your endless support. This is just the beginning for Conflux Network!
About Conflux Network
The only state endorsed public, permissionless blockchain project in China, Conflux Network is an open-source, layer-1 blockchain protocol delivering heightened scalability, security, and extensibility for the next generation of open commerce, decentralized applications, financial services, and Web 3.0. Conflux Network is overseen by a global team of world-class engineers and innovative computer scientists, led by Turing Award recipient Dr. Andrew Yao. Fostering entrepreneurship and innovation, Conflux elevates startups and organizations across industries and continents to generate decentralized marketplaces and digital assets for meaningful business and social impact. Founded in 2018, Conflux has raised $35 million in capital from prominent investors including Sequoia China, Metastable, Baidu Ventures, F2Pool, Huobi, IMO Ventures, and the Shanghai Municipal Science and Technology Commission.