KuCoin AMA with Conflux (CFX) — A Blockchain Without Barriers
Dear KuCoin Users,
Time: April 18, 2022, 10:00-10:41 (UTC)
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/
Ming Wu — Co-Founder & CTO of Conflux
Q&A from KuCoin
Q: Please introduce yourself to the KuCoin Community.
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 KuCoin TG group for today’s AMA session. Here is my Twitter account, @spark_ren. Please follow me on Twitter for further information.
Q: For our community members who aren’t familiar with the Conflux network, can you please give them a quick overview?
Ming Wu: 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: Can you also share with us 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, Mesan, 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.
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 28 million TVL within a week and is still growing.
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.
Q: What is the best way for someone watching today to get started with Conflux?
Ming Wu: Recently, we’ve held numerous events in collaboration with KuCoin, including this AMA and the Earn & Learn. We appreciate the passion that the KuCoin 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.
As our 1st AMM DEX Swappi fair launched last week, you can participate in farming and staking on Swappi by providing liquidity and staking your PPI and LP tokens with the extra 40x+ incentives. Besides Swappi, we also have other newly integrated ecosystem projects that have integrated or are on their way to integration at this moment and waiting for you to discover.
Free-Ask from KuCoin Community
Q: Can you explain how your Tokenomics Distribution is? How many tokens will be minted? And How many tokens Will be locked by the team?
Ming Wu: You can find this information in our whitepaper on our website: https://confluxnetwork.org/zh/.
Q: NFTs are hot-trending now. Do you have a play to have NFTs on your platform? If so, can you tell us the plans for your project in NFTs?
Ming Wu: As I said in the AMA, there are a lot of business entities that minted their NFT on Conflux. And we are also going to solve the storage problems that a large volume of NFT brings. Just to name a few again, McDonalds and Oreo China both minted official NFTs on Conflux Network.
Q: Could you tell us about your smart contract's internal or external audit? Have you done any audits before? Or do you plan to review your smart contract in the future?
Ming Wu: You mean the smart contract of the ecosystem projects, right? They use different audit companies, like Certik, Peckshield, Quantstamp, etc.
Q: If the bear market comes, will your token probably dump? Do you have any plan to prepare for this bear market? How will you handle the panic selling?
Ming Wu: I think Conflux has its basic value to anti the bear market. With our eSpace and the ecosystem boom, I believe the price experience and sustainable growth.
Q: Do you have any Bug Bounty to check for weakness? In what way do you plan to make Your project more complete?
Ming Wu: We had before when our mainnet first launched. Now it has already been stable for more than a year.
Q: Do you have a whitepaper? If yes, please share it with us. And secondly, are you working on auditing your project to make its security more secure and reliable?
Ming Wu: Yes, we have. See our website https://confluxnetwork.org/.
Q: Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?
Ming Wu: We don’t have a Coin Burn / BuyBack system natively implemented into our protocol. However, every quarter we will set up an ecosystem governance vote regarding what to do with our Ecosystem Fund.
In the past, our community has voted for the burning of unused pre-mine funds, as you can see here on our governance page: https://governance.confluxnetwork.org/en/governance/.
Q: Many projects have problems with UI / UX, and this one turns off new users. How do you plan to improve the interaction with new users and users outside the crypto space?
Ming Wu: We have made a lot of efforts to improve our blockchain scan and plugin wallet.
Q: How can users stay updated with this project? Are there channels, including local communities, where users can get the latest updates?
Follow us on social media:
- Official Website: https://confluxnetwork.org/
- Developer Documentation: https://developer.confluxnetwork.org
- Twitter: https://twitter.com/Conflux_Network
- Telegram English: https://t.me/Conflux_English
- Discord: https://discord.com/invite/aCZkf2C
- Github: https://github.com/conflux-chain
- Medium: https://confluxnetwork.medium.com
KuCoin and Conflux have prepared a total of 12,500 CFX to give away to AMA participants.
1. Free-ask section: 500 CFX
2. AMA activity: 12,000 CFX
Activity 1 — Quiz: 9,000 CFX
Activity 2 — Price Guess: 1,950 CFX
Participation Rewards: 1,050 CFX
. . .
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