Building Web 3.0 – Why Conflux Network is endorsed by China
Eden Dhaliwal is the Global Managing Director at Conflux Network, a high-performance, layer-1 blockchain protocol designed for scalability, security, and extensibility for the next generation of open commerce, decentralized applications and Web 3.0. Conflux claims to be the most endorsed DLT project in China.
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Why you should listen:
Conflux Network is an open protocol for a new world of Dapps, finance, and Web 3.0. As a fast and secure public blockchain, Conflux Network combines Proof of Work and a Tree-Graph structure to power a new generation of decentralized commerce.
Prior to joining Conflux, Eden was a Partner at Outlier Ventures, where he worked on crypto tokenomics. Eden helped develop Outlier’s Convergence Thesis – the Convergence Stack is a set of privacy-protecting, peer-to-peer, open-source technologies that will decentralize the cloud and unbundle internet platforms to build Web 3.0.
Key takeaway:
Founded in 2018, Conflux Network raised $35 million in capital from investors including Sequoia China, Metastable, Baidu Ventures, F2Pool, Huobi, IMO Ventures. Conflux Network has backing from the Shanghai Municipal Science and Technology Commission.
Currently in Testnet, Conflux Network seeks to provide the security of a POW network with transaction speeds an order of magnitude faster. The key enabler technique is a novel DAG-based ledger structure together with an optimistic concurrency control to achieve a consistent order of transactions among all the nodes in the network. In Conflux, the throughput bottleneck is no longer at consensus layer. Unlike other scalability solutions such as DPOS and hybrid consensus, the Conflux consensus algorithm is decentralized and permissionless without any hierarchy.
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