Conflux Network Expands to Hong Kong
Toronto, Canada, 28th December, 2022, ChainwireDr. Ming Wu, cofounder of Conflux Network was invited to Hong Kong to talk with various government and private agencies about the digital economy, innovation, and technology. He also reached an initial strategic cooperation intent.
Conflux is currently in the process to register related entities for entry into Hong Kong. This will solidify its role as the foundational infrastructure of Web3.
This announcement follows the October announcement of the “Policy Declaration on the Development of Hong Kong Virtual Assets”, which has opened the door to a more welcoming blockchain environment in Hong Kong.
The Hong Kong Government invited Dr. Ming Wu, co-founder of Conflux Network to discuss the rise in tech innovation via Web3 and how Conflux Network could play an important role in these developments. Dr. Ming Wu met with the heads and staff of various institutions as part of the “Policy Declaration on the Development of Hong Kong Virtual Assets”, which was officially released in October. Many Hong Kong crypto and blockchain companies have moved to more welcoming areas in recent years due to strict COVID-19 travel restrictions and regulatory uncertainty. Dr. Ming Wu introduced Conflux Tree-Graph, explaining that it is the only compliant public chain in China. It has achieved 3000+TPS, 5000+ nodes, and 0.5s block generation. It has 2-3 orders-of-magnitude advantages over the first-generation international public chain “Bitcoin” as well as the second-generation public network “Ethereum” in terms of throughput, confirmation times, and cost of usage. Dr. Mig Wu stated that Hong Kong’s open crypto environment provides more opportunities for practitioners in Web3 or Metaverse, especially for those who are from China. This allows people to innovate in a compliant way and have greater freedom to use the technique. This will allow Web3 to be integrated into traditional internet businesses and economies, thereby maximizing its value. Conflux will be able take a completely different strategy by expanding to Hong Kong and could become the foundation for the Web3 vision in Hong Kong. Conflux Network was named a potential unicorn in the Emerging Giants report from HSBC/KPMG. It is a private startup company that is valued at more than $1 billion. This is one of five blockchain-related companies that made the prestigious list. ConfluxConflux is a Layer 1 permissionless blockchain that connects decentralized economies across borders. Conflux has recently migrated to hybrid PoW/PoS consensus. Conflux offers a permissionless Layer 1 blockchain that connects decentralized economies across borders and protocols. This is a significant advantage for projects looking to expand into Asia. Conflux has worked with global brands and government agencies in the region on blockchain and metaverse initiatives.