China’s Ether. What is Conflux and why Chinese authorities supporting it

Our experts tell us how the infrastructure of Conflux project is set up. How developers manage to achieve partnerships with large technology companies, and what led to the growth of the CFX token

In April, major cryptocurrency exchange Binance and decentralized platform Uniswap announced support for a new blockchain, Conflux. Behind its development is a team with the open support of the Chinese government. And the project’s infrastructure is also being implemented in major technology companies. And the market capitalization of the Conflux native token is approaching the $1 billion mark.

Investments and Partnerships Investments and Partnerships Conflux Network

Conflux Network is registered in Singapore, but the investors and all of its key employees are from the Chinese tech elite or have roots in mainland China. Founded in 2018, the company has raised $40 million from investment funds including Sequoia China and Baidu Ventures. In late March, the DWF Labs fund made a $10 million purchase of CFX tokens directly from the company, which was also a strategic investment in the project.

Fang Long, an associate professor of computer science at the University of Toronto, is behind the development of Conflux. And Andrew Chi-Chih Yao, who is the only Chinese Turing Prize winner to hold the position of chief scientist for the project. At least 10 of the company’s development team graduated from Tsinghua University’s computer science program.

Conflux’s blockchain went live in 2020. And since then, more than 300 platforms, brands and companies have used it, according to the developers. In 2023, the company partnered with China Telecom, China’s second-largest telecom operator, to create the “first SIM card on blockchain. As well as the popular social network Xiaohongshu to introduce NFT technology. The social network has 200 million users and is considered the Chinese analogue of Instagram.

Conflux works on the Tree-graph consensus algorithm, a kind of hybrid between Proof-of-Work (PoW). At that, on which Bitcoin operates, and Proof-of-Stake (PoS), which Ethereum or Cardano use. According to the developers, the network can process up to 3 thousand transactions per second. At the same time maintaining a high level of security and reliability. The blockchain has two subnets – Core and eSpace. eSpace is used for decentralized finance (DeFi) applications. The Conflux blockchain already has a CNH stabelcoin tied to the CNY exchange rate. And another “stablecoin” pegged to the Hong Kong dollar is expected in the future.

Support for a Chinese state

The developers themselves call Conflux the only regulatory-compliant blockchain in China with an indigenous Chinese team. They emphasize that the project has never conducted any form of ICO banned in China. In 2021, the Shanghai government gave Conflux Network a grant of more than $5 million. The company later received approval from Hunan provincial officials. With whom it was able to reach an agreement to incorporate its infrastructure into the government’s document workflow. And an administrative data verification system.

In China, government approval often allows a company to gain access to lucrative contracts in the public sector. Building relationships in the country plays an important role in doing business. And such an official endorsement is a notable event whose implications for Conflux go beyond mere PR.

China dominates the global blockchain market with an 84 percent share, compared to the United Kingdom (11 percent) and the United States (14 percent). Conflux wrote this when announcing the partnership with Uniswap. This, they said, is evidence of a “thriving ecosystem that makes China a critical player in Web3 project development.” Regulatory barriers in the U.S. and EU are expected to boost the growth of the crypto industry in Asia. More than 80 companies plan to open offices in Hong Kong. Where the government’s loyal attitude toward the blockchain industry “creates a vital link to mainland China,” the publication said.

Our experts note when the developers announced their partnership with Uniswap. Then they stressed that projects operating in currencies other than the U.S. dollar will benefit from it in a noticeable way.

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October highlights – Conflux hardfork, Lambda main network launch, Telos network update, Hydra hardfork review from Crypto-Upvotes experts

In October, there will be several high-profile events. Which can affect both price of individual coins and market as a whole. Crypto-Upvotes experts review

Launch of Lambda main network

Lambda (LAMB) – provides data storage capabilities for decentralized applications. Also, this project provides shared data storage services across multiple blockchains with management features. In addition, the site provides data privacy protection. As well as proof of ownership and distributed intelligent computing. Thanks to Sharding technology, the project provides high network speed. Which increases as the blockchain expands. On 10 October it is planned to launch main network of this project. And there will also be launched a cross-network bridge with Ethereum network. Which will open up access for validators and the ability to stack LAMB tokens. For early holders there will be an Airdrop on October 10 and October 15.

Conflux hardfork

The Conflux network update will begin in mid-October. Most of the changes will be available on October 25. It will also add the ability to change rewards without a hardfork and improve validator node performance.

This project was created as a competitor to Ethereum and was supported by Chinese government agencies. Project funding involved the leadership of Shanghai. As well as large private investors, including Sequoia China, Huobi Group, Shunwei Capital and Rong360.

Telos network update

Telos was launched in 2018 and is a fork of EOSIO blockchain. In 2022, the four largest forks of EOSIO (EOS, WAX, TELOS and Ultra) formed a coalition to switch to a common code base. This resulted in the Antilope hardfork.

Telos is unrivaled in versatility. With its EVM, Telos can be home to a huge number of decentralized applications. Telos is the only network that supports smart contracts on EOSIO and Ethereum.

Its compatibility with Solidity, Vyper and EOSIO C++ means that migration will be more accessible than ever. No other network offers as much compatibility as Telos. Telos is compatible with a record 95% of applications.

The move to new software is another step towards independence from, developer of EOSIO. Owners of validation nodes (nodes) on the core network need to upgrade their software to the Leap 3.1. release (previous name Mandel 3.1) by October 26.

Hydra hardfork

HydraChain project runs on Proof of Stake algorithm and was created as a solution for real business. Project features are 100% burning of all transaction fees, fixed transaction fees. As well as smart contracts, compatible with virtual machine Ethereum. Minimum stacking return of 20% per year. Anyone can become a full-fledged node in a few clicks and bid on Hydra to maintain their network. Stackers get a high economic stream through blockchain rewards.

Update will occur after block number 477,300 is found.  The number of processed transactions per second will increase to 2 thousand. And it will be possible to delegate stacking. Users need to update their software by October 27.


Important updates and changes to these old crypto projects can increase this token’s price. They can also significantly affect the whole cryptocurrency market. Therefore, we recommend to keep an eye on these important changes of these projects

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