Recap AMA CryptoVN x Conflux Network
We are pleased to announce the next ama: CRYPTOVN X Conflux Network
⏰ Time: 20:00 PM (UTC+7) September 03, 2020.
The ama session will have 3 parts:
? 1. Introduction
? 2. Free asking from community
? 3.Quiz
? Total prizes: $100 FC
Part 1: Introduction
Host:
We will go to part 1
Are you ready?
Cris – Global Marketing Manager Conflux Network:
Yes!
Host:
Q1) Could you share the story of how Conflux Network started?
Cris – Global Marketing Manager Conflux Network:
Conflux started out at Tsinghua University, China’s most reputable university, as a research project focused on finding ways to scale up blockchain to make it faster and more secure. Once investors like Sequoia Capital, Huobi Group and Baidu Ventures showed interest and invested, the project turned into a well-funded venture with the aim to launch a global public blockchain network.
Dr. Andrew Yao, who is the only Chinese recipient of the Turing Award, and various deans of top blockchain and technology collegiate programs, are among those working to create this next generation of distributed systems. Conflux is now overseen by a diverse global team with the mission to promote cross border collaboration by developing decentralized open source technologies and facilitating open commerce.
Host:
Great
Next question
Cris – Global Marketing Manager Conflux Network:
Lets do it!
Host:
Q2) What is the mission statement of Conflux Network and how does it differentiate itself from other blockchains?
Cris – Global Marketing Manager Conflux Network:
Conflux Network is seeking to improve security, speed and efficiency across a number of industries and relevant business challenges from finance to government.
A fundamental issue for base layer blockchain protocols is scalability and speed. We’re one of the few layer-1 protocols using a novel PoW-integrated DAG structure providing between 3,000 and 6,000 transactions per second for enterprise applications. That structure, called Tree Graph, is an energy-efficient proof of work mechanism that allows the network to pursue efficiency without sacrificing safety, decentralization, or trustworthiness.
To compare our transaction throughput to the industry standard, Conflux Network’s technology features a reduced confirmation time and increased transaction throughput of 6,400 transactions per second, while Visa handles about 1,000 to 4,000 per second.
Host:
Thank you for great answer ?
Next question
Cris – Global Marketing Manager Conflux Network:
thanks for the good question
Host:
Q3) Conflux is the only state-endorsed permissionless blockchain in China. What’s the current relationship that Conflux Network has with the Chinese government?
Cris – Global Marketing Manager Conflux Network:
The fact that Conflux was born out of academia and conducted a regulatory compliant fundraise, has always allowed us to develop a trusted and productive relationship with the Chinese government. Representatives from our organization sit on the National Blockchain and Distributed Accounting Technology Standardization Technical Committee, a group formed by the Chinese Ministry of Industry and Information Technology, to discuss and set industry standards for distributed ledger technology.
This relationship is beneficial in many ways. It gives us access to China-based communities, marketplaces and business channels through an extensive network of developers, users, investors, and enterprise industry experts, while increasing reliability and risk mitigation through regulatory compliance and advisory from the Shanghai government.
In partnership with The Shanghai Science and Technology Committee, Conflux Network has created the Tree Graph Research Institute to advance education in blockchain development, particularly public, permissionless networks. Additionally, and also supported by the Shanghai government, Conflux plans to establish an Incubation Center to further innovation in emerging technologies.
Host:
Wow, truly a very promising project
Next question
Q4) Conflux recently started it’s Mainnet Phase II – Oceanus – which will focus on mining initiatives and the PoW algorithm. Please tell us more!
Cris – Global Marketing Manager Conflux Network:
Overall we’ll be focusing on an all-around pilot run around our mining algorithm, DApps (https://www.securities.io/what-are-dapps-decentralized-applications/), Dex, and other DeFi (https://www.securities.io/what-is-defi/) products with our ecosystem partners. The network features and functions will be gradually released to the community in order to increase the level of decentralization while maintaining high-levels of system security and performance throughout the network. This will ensure that the team’s focus and attention will not be affected too much by the secondary market fluctuation.
To break it down a bit more, during the first half of Oceanus we’re organizing several mining campaigns, ranging from mid-scale with hundreds of participants to large-scale with thousands. This will even further verify the stability of our network. Following that, once we’re sure of the network’s security and stability and we have the right amount of network contributors, we’ll migrate onto the official Conflux proof of work mining algorithm.
Host:
Don’t forget join Conflux telegram guys https://t.me/Conflux_English
Cris – Global Marketing Manager Conflux Network:
nooo!
https://t.me/confluxvietnam
please join, also for the bounties later on ?
Host:
Last question for part 1
Q5) Is there anything else that you would like to share about Conflux Network?
Cris – Global Marketing Manager Conflux Network:
We’re very excited about the steps being made in the DeFi ecosystem. To help push development forward, we have developed a cross-chain protocol ShuttleFlow (https://medium.com/conflux-network/conflux-shuttleflow-a-cross-chain-asset-protocol-15ad6b2a9539). This, among other DeFi use cases, will play a major role for financial inclusivity, stability, and security, especially in post-COVID economies where we are seeing a rapid shift towards digitalization.
We recently launched a 2.4 billion CFX token (approximately $240 million) rolling grants program dedicated to advancing innovations in software development and research for the Conflux Network ecosystem. The multi-year grants program is designed to kick start the creation of essential components of the technology stack and accelerate venture building on Conflux. Another objective of the program is to get closer to the developer community, understand their vision for the network and support them with requirements to drive innovations.
We’re also working closely with governments and enterprises in China on various blockchain projects like storing contracts and certificates of architectural design on blockchain, tracking of parts on blockchain and provenance of suppliers, a public information systems project, a project with a power corporation for traceability of green energy transfer, among others. The Hunan government recently endorsed us, which is the second of its kind for Conflux after Shanghai’s government did so last year.
Host:
Thank you for great answers
Part 1 end now
We will go to part 2
Free asking from community
I will open chat group in 3 mins
People will put they question and you will pick top 5 best question to answer it
Part 2: Free asking from community
@Hoang_NamV – telegram user:
Give some reasons that why & Where High TPS is required .. Currently, Blockchain with low TPS like Ethereum transactions are also Fast ! So, whats the main work of High TPS ?
Cris – Global Marketing Manager Conflux Network:
With higher TPS, you normally also have lower transaction fees. If you look at all this yield farming / liquidity mining that is happening, where the platform tokens gain value fast and loose value faster, throughput and lower fees are key!
If you really want to use crypto in the real world, you need to be able to confirm payments fast. You simply cannot wait 30minutes for buying a bottle of water.
@MoooritzH – telegram user:
Currently, Conflux Oceanus is about mining and decentralization! Is there any way to participate in the decentralization of Conflux Network?
Cris – Global Marketing Manager Conflux Network:
Yes!
right now in Conflux Oceanus, we are welcoming more and more mininers from all over the world to participate in the decentralization and security maintenance of Conflux Netowrk
you can see all trust nodes by the community on this website: https://confluxmap.com/
If you’re interessted in mining please join our Vietnamese community https://t.me/confluxvietnam or visit this website for instructions: https://mining.confluxnetwork.org/
Everyone with a CPU and a computer less than 5 years old can bscially join our network! We have more than 2000 nodes right now:
This means that we are the 4th PoW blockchain protocol in terms of active nodes world wide!
@fokinni – telegram user:
Staking is currently a Popular topic in Crypto Industry & its helpful to Many projects to encourage investors to hold tokens and make it healthful for project ecosystem.
Does,
The Great projects Also Supports Staking? If yes, then what are the Requirements for a Node and Validator Node be? Also, How rewards based on for running a Node?
Cris – Global Marketing Manager Conflux Network:
That’s a great question! Although we are a PoW public blockchain, we do have staking!
When the mainnet launches at the end of October, all users can stake with an approx. 4% yearly interest rate!
We will have an article about Staking and Collateral for Storage on Conflux!
On Conflux Network, users can stake their tokens and receive an annualized return rate of about 4% that is generated from the additional issuance of tokens. The compound interest is implemented in the granularity of blocks where Conflux Network generates 2 blocks per second and approximately 63,072,000 blocks per year. The interest generated by each block is 4% / 63,072,000. Considering compound interest, the one-year interest rate is about 4.08%.
In addition to staking, Conflux tokens are used as collateral for storage and as a pricing method for the usage of storage.
On Conflux Network, for data that requires long-term storage, such as smart contract data, a Collateral for Storage (CFS) will be charged when the data is written at the price of 1 CFX / KB. The collateral is locked until the corresponding storage is freed or overwritten by someone else, and the corresponding interest generated by the locked collateral is given directly to miners for the maintenance of storage. This mechanism is more fair and reasonable than the one-off storage fee in Ethereum. For example, if there is a total of 100 GB of data to be maintained and stored, the total CFS is about 100 million CFX, and the interest generated by each block is about 0.06 CFX.
@Alika061 – telegram user:
What are your strategies in building a big and strong community? Do you agree that the power of the community will lead your project to grow globally? What are the services you offer to the community
Cris – Global Marketing Manager Conflux Network:
As a public blockchain, Conflux observes that developer and user adoption are the biggest challenges of the project. Ethereum has built the gateway for the developers to build Dapps onto their platform, but the poor performance of Ethereum has given the developers serious constraints to properly build the foundation of their projects. On the other hand, Users have to afford expense fees and go through complicated UX to use it. The capacity is bottled at 25-30 TPS and each transaction cost you over half a dollar.
This is the challenge for the entire blockchain community, including Conflux. But Conflux is able to revolutionalize the blockchain system by improving the capacity by two magnitudes to over 3500 TPS and less a penny to use it for each transaction. Therefore when Conflux approaches these developers with a considerably brighter alternative, they will be naturally attractive. Conflux is already working with a few groups of blockchain developers to develop on Conflux with directions such as Data Oracles, Layer 2 Networks, Decentralized Exchanges, etc.
Because of this, we are always expanding our communities worldwide!
Currently, we have almost 100k community members world wide! And we will start our community in Turky as well!
Our Vietnamese community is actually one of the first communities outside of China ?
For developers, we have launched the grants program, which you can find here: grants.confluxnetwork.org
I encourage everyone with an entrepreneurial mindset and a great blockchain idea to apply!
@kartika84 – telegram user:
Do you have any plans to attract non-crypto investors to CONFLUX ? Because it is the success of a project to get more investors who are still not in the crypto world specially as a new project entering to crypto. What are the plans to increase awareness about CONFLUX around in non-crypto space? And which region is in your mind? @ConfluxCris
Cris – Global Marketing Manager Conflux Network:
100% We are working with two projects to make on-ramping from Fiat to Crypto easily ?
We also have a transaction sponsorship mechanism to help users not to think about how to pay for transaction costs at the very beginning. You can read more about it here: https://medium.com/conflux-network/conflux-transaction-sponsorship-mechanism-2c9acfe770c2
In addition, we are also working with traditional enterprises for supply chain tracking and data security!
Don’t forget to join https://t.me/confluxvietnam everyone ?
Part 3: Quiz
List winner AMA
Part 2:
1. @Hoang_NamV
2. @MoooritzH
3. @fokinni
4. @Alika061
5. @kartika84
Part 3:
1. @bietcacgi
2. @Trumcrypto
3. @meowmeow_01
4. @Skyler_11
5. @trumcryptovn
