Conflux Network Weekly Market Update - May 28
Our first Conflux Network Weekly Update! Recent Conflux Network updates, community events, and latest industry news.
Welcome to Conflux Network’s Newsletter, Powering Decentralized Commerce Through A Scalable Trust Layer for a New World of Dapps, Web 3.0 and Finance
Lots going on with Conflux Network and the blockchain industry this past week. Check out our latest updates, events, and industry updates!
Recent Updates
Conflux Network Economic Model
In our first economic model announcement, we looked at the value system, governance rules, and community collaboration mechanisms that play into our economic system, we also let out community know that the initial pre-mine at our genesis block will be 5 billion CFX tokens. In our latest update, we look further into the incentives of our economic model for participants and stakeholders, like our direct builders, system maintainers, and ecosystem contributors. We also break up the 5 billion of the genesis tokens among different participants in our network. In part 3, we are going to discuss how the economic model of Conflux Network solves the problem of system resource marketization.
Our Latest Bi-Weekly Progress Report
We have published our latest bi-weekly progress report with our latest developments from May 11th - 24th. Some of our latest developments include:
Added support to disable contract reentrancy invocation in EVM.
Ongoing maintenance of issues observed in testnet, including forked states, node reputation management, graph-unready blocks during synchronization, etc.
Conflux DEX infrastructure completed an upgrade of the early-warning of the risk and accuracy control.
In Africa, we officially announced our partnership with Fliqpay, a renowned local project enabling cryptocurrency payments from anywhere in the world.
ConfluxScan v1.0.1 completed test environment check, optimized some features related to contract and token.
ConfluxPortal released v0.2.0, added sponsor feature, and optimized Chinese and English language.
DeFi for Next-Generation Blockchains
The latest installment of our DeFi for Next-Generation Blockchains series has been released! In part two we look at the ways we can improve mass adoption in the DeFi ecosystem, we examine data pulled from our twitter poll and studies from some of the leaders in the industry regarding what key areas have to be addressed for mass user adoption. We also look further into the timeline of DeFi and the future it is heading towards based on the evolution of the financial landscape. With a large focus on the regulatory environment and capital flow of digital assets, we have demonstrated our outlook on the DeFi market and the many ways Conflux will benefit the ecosystem. This article was released following the first installment of the series “How to Enter The Arena” an in-depth look at the strategies to enter the space.
Exploring DeFi Innovations
In our latest DeFi article, we take a deep dive into future innovations and the many new routes DeFi is headed down, with a focus on security, insurance, and non-collateralization there are many new exciting protocol ideas we plan incentivizing developers to build. We look at the many ways non-collateralization can be achieved either through stablecoins or loans. With these new protocols, many exciting ideas can be built like futures and options trading. We also further examine insurance and what would be necessary for a DeFi ecosystem where user’s funds are insured when interacting with DApps and the importance of insurance in decentralized finance.
Conflux Network Community Events
We have participated in numerous online AMAs hosted by local communities in China (Jinse Finance), Korea (Sidong 식스동 코인 바로알기) and Africa (Blockchain Nigeria). The AMA with the Blockchain Nigeria community was Conflux’s first online community collaboration in the African market. We also just hosted our first AMA with our Discord and Telegram Community.
Released a new DeFi webinar livestream with DeFiner Founder Jason Wu and DeFi Labs founder Diane Dai as guests.
Participated in numerous online events over the past two weeks. In China, Conflux participated in the online “Turing Award Blockchain Showdown” organized by Bitpie and the “Two Year Anniversary Livestream” hosted by 499 Blockchain.
In South Korea, we participated in an online AMA hosted by the 4-Dollar community.
Industry News
Chinese Officials Propose East Asian Stablecoin
Global managing partner at Sequoia Capital and a member of the Chinese People’s Political Consultative Conference Shen Nanpeng, put forth a proposal on May 21 that would create a new digital currency meant to facilitate cross-border transactions in the east-Asian trade market; more specifically, Japan, Korea, and China. The proposed stablecoin would be kept to its peg by a reserve of fiat currencies, including the Japanese yen, Korean won, Chinese yuan, and Hong Kong dollar. The reason for a new stablecoin separate from the Chinese Yuan CBDC is to slash currency conversion costs, fix remittance settlement, assist in economic recovery post-COVID-19 and to serve as a test project for other national digital currencies in the east-Asian market.
France Announces First Succesful Test of Digital Euro
The French central bank Banque de France has completed its first tests of a locally-created blockchain-based digital Euro on May 14th, in their ongoing experiments with a central bank digital currency across Europe. The stablecoin hopes to serve the digital securities market and in the coming weeks, the French central bank plans to resume tests. According to different news sources, the new tests will include sending the Euro CBDC between banks and wallets.
World Economic Forum unveils ‘Blockchain Bill of Rights’
The World Economic Forum’s Global Blockchain Council has recently unveiled 16 new principles in an attempt to create some universal standards for the blockchain ecosystem and new entrants in their “Blockchain Bill of Rights.” The 16 principles are divided amongst the 4 categories of Transparency, Governance, Privacy & Security, and Interoperability. Some of the principles include ensuring users know how a service is operated, and its potential risks, and also limiting data collection to only that which is essential.
Korean Tech Giant LG Is Developing a Blockchain Identity System
LG has recently partnered with Evernym, most notably known for its Sovrin platform, to develop a new blockchain-based decentralized identification technology in efforts to replace driver's licenses and passports. The partnership between the LG and Evernym aims to be the leader in international digital identity standards according to their announcement at the World Wide Web Consortium.