Conflux Network Weekly Update | Oct 16-22
Mainnet is launching October 29th; FC Exchange Plan Announcement; Conflux & Gitcoin Present Hacking Decentralized Commerce Hackathon
Powering Decentralized Commerce Through A Scalable Trust Layer for a New World of Dapps, Web 3.0, and Finance
Latest From Our Blog
Mainnet FC Exchange Plan Announcement
With our mainnet set for launch on October 29th, the FC coin will officially be converted to Conflux Token (CFX), the official native token of Conflux Network. There will be no public sale for CFX, the only way to acquire the token on launch day would be through converting your FC tokens from pre-mainnet transactions, or mining.
Once our mainnet is officially live, the Conflux Foundation will release the swap smart contract which exchanges FC to CFX. The foundation will stake 21 million CFX in the contract for holders of FC to exchange. FC holders can deposit FC to the exchange contract and get CFX at a 1:1 conversion rate. Read the full announcement here.
Conflux Network Partners with Fetch.ai
We are excited to announce that Conflux Network has partnered with Fetch.ai. Fetch.ai is a Cambridge-based artificial intelligence lab building an open-access decentralized machine learning network for smart infrastructure. The partnership paves the way for the adoption of AI and cross-chain interoperability among blockchain-based systems with Conflux, the only permissionless blockchain project in China. Read more here.
Unleashing Communities With NFTs
As an emerging asset class that represents intellectual property rights to digital assets, NFTs are not just challenging traditional intellectual property-based business models, but enabling new bottom-up business models for long-tail digital assets. We are just at the beginning of understanding how they can be used to unleash communities, and in this post, we explore some of the ways communities are using them as a new decentralized commerce lego. Read more here.
Community & Events
Announcing Our First Hackathon: Hacking Decentralized Commerce
Over $10K worth of prizes for the winners!
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.
Our Next Virtual Meetup: NFTs in Gaming and Metaverses
Join us on Tuesday, October 27th as we take a look at the future of art and gaming. We will take a deep dive into NFT gaming and metaverses and explore the ways we can tackle current roadblocks as well as capture more users with exciting NFT opportunities such as governance, layer-2 scaling, and virtual reality.
Save your spot to hear from the founders of The Sandbox, the Blockchain Game Alliance, Decentraland, and others. As well as, discover what’s next in the growing NFT gaming market.
Conflux 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
Chinese banks investing more in blockchain than insurance and securities
Almost all Chinese state-owned banks have been involved in the trade finance field by blockchain platforms this year. As reported by the China Construction Bank (CBB), there has been a 400-billion-yuan turnover in blockchain-based transactions and settlements. Compared with other financial institutions in China, banks have the most urgent demand for blockchain.
“Blockchain technology can help banks alleviate the problems of information asymmetry and trust asymmetry. It is helpful to reform the internal system of the bank and optimize its management system and business process, banks can achieve a better balance between financial risk prevention and innovation.”
Source
Peer-to-peer NFT sales surge in Q3 2020
Messari’s research tracked the demand for NFTs, which includes digital art, collectibles, and in-game items, over the third quarter. It found the cumulative number of users who interacted with peer-to-peer NFT marketplace OpenSea surpassed 25,000 and that the platform saw a record of $2 million in total volume in September. Source
How crypto institutional services evolved over time
The crypto brokerage space in 2020 shows the continued growth in institutional interest for digital assets, with aspiring firms continuing to grow and new entrants — notably Coinbase, via its acquisition of Tagomi. Roughly 74% of the businesses that offer institutional trading services were founded in 2017 or later. Source
Stablecoin supply has passed the $20 billion milestone
The total outstanding supply of stablecoin has surged past $20 billion, according to data compiled by The Block Research. Most of that growth has been driven by the two largest stablecoins by total supply, Tether and Centre's USDC. Source
Paypal set to enable crypto payments in 2021
PayPal has been granted a first of its kind conditional Bitlicense by the New York State Department of Financial Services and will begin enabling its 346 million users to buy, hold and sell cryptocurrency directly from their PayPal account from early next year. Source