thecoinrepublic.com
- In the last one week, Conflux ($CFX) noted an increase of 480% in its trading price.
- Meanwhile, China’s second largest wireless carriers partnered with Conflux to develop Blockchain-enabled SIM cards – BSIM.
Conflux Network is a proof-of-work or proof-of-stake hybrid blockchain. It is a high throughput first layer consensus blockchain that utilizes a unique Tree-Graph consensus algorithm. The blockchain is enabling the parallel processing of blocks and transactions for increased throughput and scalability.
As the only regulatory compliant, public, and permissionless blockchain in China, the blockchain network provides a unique advantage for projects building and expanding into Asia, connecting decentralized economies to strengthen the global DeFi ecosystem.
CFX price analysis
At press time, Conflux (CFX) price was trading at $0.3073. However CFX is down 5.49% in the last 24 hours. The one-month price analysis of CFX states that it has increased by almost 1000%. And its year-to-date price surge is almost 1290%. CFX marked the upsurge of around 480% in recent one-week, as per the data sourced from Tradingview.
Conflux Network partnered with China Telecom
It must be noted that last one week, Conflux Network announced its partnership with China Telecom, the second largest wireless carrier in China. Their partnership will develop Blockchain-enabled SIM cards – BSIM.
According to Conflux “the Web3 product will be the largest blockchain hardware product ever seen globally, involving the most users and applications.” It also noted that “China Telecom will launch the first BSIM pilot program in Hong Kong later this year.”
Following the partnership, “the BSIM card integrates Conflux’s Tree-graph, dual proof-of-stake, and proof-of-work technology.” It will enable the highest system performance for any blockchain in the world. However, Conflux is looking forward to this initiative, to lowering the barriers to entry for Web3 and the Metaverse.
The blockchain network further mentioned that “the BSIM card will manage and store the user’s public and private keys in the card and carry out digital signatures in a way that the private key does not exit the card.”
“the BSIM card can also allow encrypted storage, key retrieval, and other operations.”
In its tweet, Conflux stated that “the R&D phase for the BSIM card is complete – and it’s connected to Conflux’s main network in testing! This prototype has storage & sending functions for digital assets.”
Besides CFX’s price surge, Conflux’s recent partnership helped in boosting queries for keywords related to Conflux Network. And the bull run of the CFX market also came ahead of the vote on its token burn proposal sometime this week.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.