Conflux Network joins forces with Chinese authorities to salvage an ultra-immense-scale public blockchain infrastructure

Conflux Network joins forces with Chinese authorities to salvage an ultra-immense-scale public blockchain infrastructure

The platform is portion of the “Belt and Road” initiative.

Conflux Network has joined forces with the Chinese authorities to accomplish an “ultra-immense-scale blockchain infrastructure platform for the Belt and Road Initiative,” essentially essentially based totally on an announcement made at some point soon of a conference on March 30, which was once first published by Chinese journalist Wu Blockchain and formally confirmed by Conflux Network this day.

The most important focal point of the undertaking is to perform a public blockchain infrastructure platform. This platform will likely be in a plight to toughen the implementation of tainted-border cooperation initiatives along the Belt and Road Initiative. This would maybe well perchance provide the faulty for organising choices that…

— Conflux Network Decent (@Conflux_Network) April 1, 2024

The undertaking saw the participation of lots of Chinese entities, in conjunction with IT regulatory agencies, academic institutions luxuriate in Shanghai Jiao Tong University and Fudan University, and consultants from authorities our bodies, essentially essentially based totally on a fresh press starting up.

The Belt and Road Initiative (BRI), launched by President Xi Jinping in 2013, objectives to join China with continents across the globe thru a network of infrastructure initiatives. As portion of this initiative, the new blockchain platform will enable collaborating international locations to watch and prepare tainted-border economic, trade, and cultural activities, thereby facilitating smoother world collaboration.

China’s revelation of this immense-scale blockchain undertaking comes amid China’s ongoing ban on crypto procuring and selling. The ban, applied in September 2021, prohibits all crypto-connected activities on the mainland.

Despite final skeptical of crypto procuring and selling, the Chinese authorities looks more commence to non-fungible tokens (NFTs) and Web3. In late 2023, the Other folks’s Republic of China Ministry of Industry & Files Technology announced plans to accomplish NFT and Web3 markets alongside the Metaverse between 2024 and 2025.

The Chinese central authorities acknowledged that this will likely formulate a strategic doc for the enchancment of Internet 3.0, relieve the enchancment of NFT and disbursed choices (DApp), focal point on promoting tainted-chain, privateness computing, intriguing contracts and different technical fields,…

— Wu Blockchain (@WuBlockchain) December 20, 2023

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