Conflux Network Weekly Update | April 30 - May 6
Conflux Founder Fan Long speaks to community in new AMA session; Conflux sponsors Open DeFi Hackathon; April progress report released.
Latest From Conflux
To provide the community more transparency, our Founder Fan Long has been taking part in live AMAs to provide progress updates, share upcoming developments and answer community questions.
On Wednesday, May 5th, Fan spoke with the English speaking community and shared details about the upcoming hardfork, what projects we are working on in China, receiving government support through research grants, and more.
In case you missed it, you can watch the replay by clicking the button below.
The Role of the CFX token in the Conflux network
Conflux is a high-throughput blockchain network created by Turing Award recipient Dr. Andrew Yao. The network uses the Tree-Graph, a novel consensus mechanism that optimizes security and scalability without sacrificing decentralization. To support the growth of the ecosystem, Conflux uses a token, CFX, to provide several economic incentives. The unique token economics of CFX is designed to promote participation in the Conflux Network at every level, incentivizing behaviors that contribute to the optimal functionality of the ecosystem.
Progress Report - April 2021
⭐️ Highlights ⭐️
We have released our April 2021 progress report which covers development, ecosystem, partnership and community progress.
Math wallet browser extension now supports Conflux.
Announced a partnership with Magic Labs. Magic is solving identity and key management pain points for developers end end-users through password-less authentication.
🎉 Reached 30,000 followers on our official Twitter account! Thank you to the community for all your support.
We have updated our developer documentation including organizing the docs to make them easier to follow and we also added new guides and tutorials. View updated documentation here.
Community & Events
📣 Conflux Sponsors Open DeFi Hackathon / May 3-23 📣
💰 Now OVER $150,000k in rewards! 💰
🔗 Hackathon Details: http://bit.ly/2PRDP2T
Open DeFi is hosting their first hackathon, bringing together developer communities from our extensive member network to connect and grow the DeFi ecosystem. The event will run for 3 weeks.
⚒️ Bounty: Conflux-Native Crypto-Backed Stablecoin
🤑 Conflux Prize: $5,000 USD in $CFX
Conflux is sponsoring the hackathon with a $5,000 USD reward. The challenge of this bounty is for builders to create a solution that enables a user to stake CFX or other cTokens as collateral in a vault that allows users to borrow a USD-pegged stablecoin against it while taking into consideration the maximum loan-to-value ratio or utilization ratio. Developers can use an open-source DeFi protocol as inspiration such as MUSD from the mStable team or DAI from the MakerDAO team.
👨💻 Register & find a team here 👉 HAPPY HACKING!
Industry News
Q1 2021 DeFi Report
Q1 2021 was filled with breakthrough events in the entire history of crypto to date. An array of achievements were unlocked across various sectors of cryptocurrency as we breached the $2 trillion market cap. We believe the cryptocurrency industry will finally experience a wide-scale retail adoption by the end of this year. Source
Open DeFi unravels new plans for DAO
Decentralized finance alliance Open DeFi has announced it will create a decentralized autonomous organization to support its vision for an open and global cross-chain DeFi ecosystem.
The alliance launched in late 2020 with the goal of bringing together Western and Eastern DeFi projects and has since seen some of the sector’s top projects join its ranks, including Aave, Synthetix and Balancer. Source
ING says DeFi is more disruptive than Bitcoin
Netherlands-based ING Bank has been analyzing the risks and opportunities associated with the exploding decentralized finance (DeFi) space.
A paper released last month titled “Lessons Learned from Decentralised Finance,” carefully weighs some of DeFi’s pros and cons, and concludes that “the best of both worlds is achieved if centralised and decentralised financial services cooperate.” Source
Privacy coins and ZKSnarks, how do they work?
An important segment of the crypto industry revolves around so-called "privacy coins," which promise highly anonymous transactions. Privacy coins, notably Zcash (ZEC), rely on a technology called zk-SNARKs, which stands for Zero-Knowledge Succinct Non-Interactive Argument of Knowledge.” This field is also referred to as zero-knowledge cryptography. Source
Looking at the Metaverse landscape
When we were talking about the difference between Crypto and Blockchain gaming, we had drawn a table between the market leaders and their challengers. Among the “Metaverse” classification, Decentraland was unmistakably the market leader and its biggest competitor at that time was CryptoVoxel. Mor recently, Somnium Space came to round off the horizon of projects offering a universe accessible in high-end virtual reality. Source