Conflux Network Weekly Update | June 4-10

Conflux hosts Blockchain Summit at Pujiang Innovation Forum; May monthly progress report; Conflux attends Bitcoin Conference in Miami.

Latest From Conflux

Chinese Officials Embrace Blockchain During Conflux-Hosted Blockchain Summit at Pujiang Innovation Forum

As part of the 2021 event, Conflux hosted a summit titled "Future Connect - Pujiang Innovation Forum: The Blockchain Development Summit." The summit centered on the role of blockchain in the 14th Five-Year Plan, an outline of China's economic and social development over the next several years. 

Founded in 2008, the Pujiang Innovation Forum is an annual event that features speakers and thought leaders from international organizations, universities, research institutions, and global think tanks.

Conflux Network Monthly Progress Report — May 2021

Our monthly progress report is out! Some highlights from the month of May include:

🌉 Interaction of algorithms between PoS and PoW achieved

📊 Conflux is now live on Messari

🤖 Verox AI partners with Conflux bringing AI tech to Conflux

🤝 ForTube announced a strategic partnership with Conflux

⭐️ Stably will be joining the Conflux ecosystem

📈 Released our 6-month progress since Mainnet

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Community & Events

Last weekend our DeFi Analyst Sami Tannir and our Ecosystem Manager Geoff Le Fevre attended the Bitcoin Conference in Miami, FL. Thousands attended the first in-person event since the pandemic began. Conference goers heard from some of the biggest names in the industry including Michael Saylor, Nick Szabo, Anthony Pompliano, Cameron and Tyler Winklevoss and more.

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Industry News

El Salvador becomes the 1st country to approve Bitcoin as legal tender

With the passage of the bill (approved by 62 out of 84 legislators), El Salvador became the first country in the world to accept the cryptocurrency Bitcoin as its legal tender. Despite opposition from the opposition to speeding up the vote, with the help of his supporters, the bill was finally voted in favor of El Salvador’s President Nayib Bukele. Source

How to grow decentralized communities around a token network

Decentralized organizations enable work to be distributed to the community members instead of being entirely driven by top-down decision making hierarchies. While tokens financially align participants to contribute value to such a network, it is grassroots community leadership and ownership that enables the long-term success of a token network. Source

Understanding MEV in PoW

Originally defined as miner extractable value (MEV) in Flash Boys 2.0, MEV refers to the additional profit a miner can make by including, re-ordering, inserting, or omitting transactions from the blocks they produce. While the process of winning a block is fairly democratic, the winning block producer has significant control over the transactions that can be included in the block. Source

Restructuring DAOs For Fair Compensation Mechanisms, Reputation and Efficiency

As protocols expand into multiple revenue streams, chains, and different verticals of DeFi, it is quickly being recognized that the current governance solution has not been able to scale quite the way DeFi innovations have. This issue has been pointed out by the communities of multiple leading protocols such as Yearn Finance and MakerDAO. Source