Conflux Network Weekly Update | Nov 13-19
Introducing the Conflux Network DAO; exclusive interview with Decrypt, using Conflux to improve blockchain gaming
Latest From Conflux Network
Announcing the Formation of the Conflux DAO
To achieve decentralized governance and healthier development of the Conflux Network, we believe that the formation of the DAO is critical not only for the future of the network but also for the benefit of every staking member in the community. Along with the community, the Conflux Foundation will continue to explore the governance methods of the DAO. Conflux is prepared for its first vote on governance which includes but is not limited to improving user experience, enhancing network efficiency, and modulating CFX circulation. Every CFX or FC holder has the right to vote, and the vote weight depends on the duration of their pledges.
Conflux Network’s Founder Fan Long Sits Down With Decrypt
Our Founder Fan Long sat down for an exclusive interview with Decrypt to discuss Conflux’s successful mainnet launch, regulatory compliance, blockchain and cryptocurrency development in China, and the Open DeFi alliance.
“Similar to the US government, the Chinese government doesn’t know how to deal with revolutionary technology such as blockchain, there is no instruction book and no rigid rules. That's why for us, the first and foremost tactic is to maintain a communication channel on what we are trying to work on so there are no surprises.”
The Convergence of Blockchain and Gaming
Blockchain has the potential to unlock even more potential in gaming through off-loading marketplace creation and management to third-parties while using custom smart contracts to still generate income from traded assets. One of the biggest roadblocks is the complexity of connecting to blockchains for developers who are new to the blockchain space. To reduce the barrier to entry, a simple flow of information between a game, a blockchain, and a marketplace is proposed. This flow incorporates audited contracts from Open Zeppelin to ensure security, and packages and modules created specifically for integrating NFTs on Conflux Network into games.
Community & Events
We are hiring!
Interested in or know someone interested in working in the blockchain space The Conflux global team is currently hiring for 4 positions! If you believe you or someone you know would be a good fit for these roles we encourage you to apply. Please send your resumes to: careers@conflux-chain.org
- Product Marketing Strategist
🚨 Only a Few Days Left!
📣 Hacking Decentralized Commerce Virtual Hackathon
🗓 Project Submission Deadline: Sunday, November 22nd
🏆 Over $20K worth of prizes for the winners!
🚀 Build new DApps - DeFi, NFTs, payments, marketplaces, and core infrastructure
✅ Co-sponsored tracks by @AaveAave & @chainlink
✅ Solidity compatible
**All valid project submissions will be rewarded with 100 $CFX for their contribution**
Conflux Network is excited to launch our first virtual hackathon Hacking Decentralized Commerce in collaboration with Gitcoin! Conflux Network is developing the technology to build the future of commerce which is more collaborative, equitable, and decentralized! The hackathon starts right after our mainnet launch to propel the DApp ecosystem. Come build on a faster, safer PoW blockchain network that is Solidity compatible and has new mechanisms like built-in staking and transaction sponsorship!
There are two main tracks to participate in this hackathon. The first track focuses on building new DApps and products for DeFi, NFTs, payments, marketplaces, and core infrastructure. The second track is co-sponsored by our partners Aave and Chainlink for the integration of the Conflux Network with partner technologies.
Community Ambassadors Program
If you are an active blockchain community member and love Conflux Network, we encourage you to sign up for our Community Ambassadors Program! We welcome all applicants regardless of your location! You will be responsible for organizing local meetups and sharing the word about Conflux in your community.
Industry News
Chinas Biggest Bank to Issue $3B in Bonds Tradable for Crypto
China Construction Bank (CCB) has tapped Labuan-based digital asset exchange Fusang for the issuance of $3 billion worth of debt securities through blockchain technology. If successful, Fusang intends to work with the “Big Four” Chinese bank on the issuance of certificates in other currencies, including the yuan, said Fusang CEO Henry Chong in the report. With the blockchain issuance, CCB – the second-largest bank globally by market capitalization – aims to reduce the costs traditionally associated with financial intermediaries. Source
What is holding back Institutional capital from flowing into DeFi?
DeFi’s growth and euphoria thus far have been driven by existing crypto holders and traders flooding into the space. Should institutional and or mainstream retail investors enter DeFi, it would herald in a new era of potentially explosive growth. But with the current state of the ecosystem, this is unlikely to happen yet. Source
Cross-chain integration may be the trend to look out for in 2021
As we navigate the final quarter of 2020, analysts and experts point out that trends of the DeFi market that are likely to dominate 2021 include cross-chain products, DeFi and CeFi integrations, and derivatives platforms. “Major new development for 2021 will be DeFi integrations into more traditional financial institutions.” Source
It’s been 5 years since the first ICO, how have token sales changed?
Exactly five years ago, Vitalik Buterin and Fabian Vogelsteller co-authored the ERC-20—a new standard for cryptocurrencies. One that would lead to the biggest blockchain funding boom in history. From the 2017 initial coin offerings (ICOs) boom to today’s decentralized finance (DeFi) industry, the ERC-20 token was a critical step in blockchain history. Source
Flash loans continue to take their toll on DeFi
Since the first exploit on bZx 9 months ago, flash loans continue to exploit arbitrage opportunities and drain liquidity out of DeFi. In November alone flash loans are responsible for the loss of $2 million from Akropolis, then $3.3 million from Cheese Bank, followed by $6 million from Value Finance and finally $7 million from Origin Protocol. Source