Conflux‘s Hong Kong Office Officially Opens, Ushering in a New Chapter of Global Growth

HONG KONG SAR – Media OutReach – 27 October 2023 – On October 25th, the Conflux Hong Kong office celebrated its official launch with an opening ceremony at the Hong Kong Cyberport.

With the development of the global digital economy, embracing digital transformation becomes a proactive and strategic choice. The BSIM Card solves the identity authentication problem, bridging the gap between the digital and physical worlds. The next focus of digitizing the economy lies in the deep integration of digital and real-world assets. In his speech, Dr. Wu Ming mentioned that the Hong Kong office will continue to actively engage in digital economy compliance business. Serving as the foundational infrastructure for the digital economy, it will support Hong Kong and the Greater Bay Area in vigorously developing a blockchain-based cross-border trade settlement system using the Hong Kong dollar. This initiative, coupled with the “Belt and Road” strategy, aims to construct a digital payment ecosystem, unleashing the potential and innovative value of Hong Kong and the Greater Bay Area.

The Conflux Hong Kong office welcomes partners from various industries to consult and collaborate to foster a more vibrant and diverse ecosystem. Leveraging its performance and integration advantages, Conflux will engage in strategic collaborations with its ecosystem partners in areas such as technological innovation and talent exchange. With the support of the Greater Bay Area, Hong Kong serves as Conflux’s gateway to digital innovation, embracing policies that explore the innovative potential and future prospects of digital economy and Web 3.0.

Hashtag: #Conflux

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About Conflux

Conflux was established in 2018, with Professor Long Fan and Chief Scientist, as well as sole Chinese Turing Award recipient, Academician Andrew Yao, at its core. The team is composed of a group of top young computer scientists from prestigious global institutions such as Tsinghua University, Shanghai Jiao Tong University, China University of Science and Technology, and the Massachusetts Institute of Technology. Focused on the research and development of blockchain fundamental infrastructure and key technologies, Conflux is dedicated to bringing more people the benefits of blockchain technology.

After two years of intensive research and development, the Conflux team launched its public chain globally. Its core innovation lies in the Tree-Graph consensus algorithm, which organizes blocks based on a tree-graph structure. This novel approach integrates several innovative technologies, including a high-bandwidth transaction forwarding protocol, dynamic bandwidth allocation, transaction latency execution, and incremental MPT data structure. These innovations significantly enhance the overall performance of the blockchain system, covering aspects such as networking, consensus, storage, and execution.

Conflux now boasts 3000+ transactions per second (TPS), 5000+ nodes, 0.5-second block time, and 23-second confirmation time. The mainnet has been running stably for nearly three years, with over 24.7 million on-chain accounts, 127 million transactions, and nearly 18,000 deployed smart contracts. Conflux ranks third in the world in terms of network size (by number of consensus nodes) and is the only Chinese public blockchain that stands among the top global performers. With stable cross-chain services and extensive developer tool support, Conflux has incubated and hosted hundreds of diverse ecosystem projects. Among them, more than 150 enterprises have been incubated domestically in the digital collectible platforms category alone. Additionally, Conflux has collaborated with various global brands on blockchain foundational technology and metaverse activities, including China Telecom, Xiaohongshu (Little Red Book), McDonald’s China, Oreo, and Naixue’s Tea.

The team’s independently developed core blockchain technologies have been published in multiple top international academic papers and received two granted patents in the United States. Their innovative and advanced solutions have garnered widespread attention from both the academic and industrial sectors. Conflux is notably the only Chinese-led blockchain project mentioned in the technical whitepaper of Diem (formerly known as Libra), Facebook’s consortium chain project. With its globally leading performance, Conflux has shattered the monopoly of Western countries in the blockchain underlying technology field.

About BSIM Card

The Blockchain SIM card (“BSIM card”), jointly developed by Conflux and China Telecom, leverages the hardware security advantages of SIM cards, to protect users’ private keys, presenting a seamless and secure solution for Web 3.0 users. The BSIM Card is nearly identical to traditional SIM cards in appearance but offers 10-20 times more storage space and significantly enhanced computational capabilities. It can generate and store user public-private key pairs within the card and perform digital signatures without revealing the private key, thereby reducing the risk of malicious software attacks such as mobile Trojan Horses and other viruses. Its advantages include:

  1. Portability: Integrated into the user’s phone SIM card, eliminating the need for additional devices.
  2. High Security: Features a Secure Element (SE) chip with a security level equivalent to bank card chips.
  3. High Performance: Utilizes ECC hardware co-processors for fast signature generation.
  4. Universal Compatibility: Adopts a Bluetooth 4.0 interface, compatible with Android and iPhone smartphones.
  5. User-Friendly: User interface aligns with common mobile apps, reducing the learning curve.
  6. Easy Promotion: Can be bundled with carrier marketing systems, facilitating promotion and subsequent value-added services.

From a regulatory perspective in digital economic governance, using the BSIM Card as the entry point for user-managed blockchain accounts and Web 3.0 network access indirectly achieves blockchain/Web 3.0 account real-name registration through mobile phone number verification. This approach reduces KYC costs, minimizes user privacy exposure, and provides better conditions for the widespread adoption of Web 3.0 applications.

Applications of BSIM Cards include digital asset management, digital identity, “three-proof” phones (anti-fraud, anti-harassment, anti-loss), and IoT terminals.