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Conflux Network Launches Mainnet

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Conflux

After two years of hard work, the Conflux Network will be officially launched. Here, we provide a detailed overview of our path to mainnet.

Unlike most of the peers, Conflux designed a three-phase launch plan to roll out the functionalities and the features step-by-step. The reasons for such a design are two-fold.

Firstly, to guarantee the network stability in the early stage and to shake out all the bugs of major functionalities, e.g. in the Conflux cross-chain protocol. Secondly, Conflux targets to bring applications and meaningful transactions onto the network along with each of the three phases, so that by Phase III, there will be an established Conflux ecosystem, instead of an empty network.

Conflux believes such a three-phase design is a healthier approach for the network as well as for the whole industry in the long run.

Phase I — Pontus

In Phase Pontus, the Conflux Decentralized Finance (DeFi) Solution will be launched.

Conflux Network

Conflux Network, a high-performance PoW public protocol, is by nature one of the most suitable ground layer solutions for the DeFi ecosystem.

In order to push the development of our DeFi ecosystem, our technical team has developed a cross-chain protocol — ShuttleFlow. The cross-chain protocol provides the user with a secure, efficient and convenient way to bridge their assets across various chains.

In the beginning, Conflux and our ecosystem partners will form a cross-chain custodian alliance to securely map various mainstream assets like BTC, ETH, or USDT onto the Conflux chain by using multi-signature technology. The Conflux Foundation will reward the assets brought onto the Conflux Network and at the same time, compensate users in case they lose their assets due to technical problems or bugs in the cross-chain protocol.

In the early stages of the Shuttleflow cross-chain protocol, we’ll be inviting members of the cross-chain custodian alliance by invitation. It will also include current Conflux ecosystem partners, a well-known cryptocurrency wallet, custodian service, and stable-coin providers.

The list of the alliance members and multi-signature custodian contracts will be public and for everyone to monitor at all times. As the cross-chain alliance will grow and evolve, it will gradually move towards an autonomous operation and provide more services to the users.

Besides Shuttleflow, Conflux community developers (shoutout to Justin and Sophia) and the Conflux team have jointly created the decentralized transaction protocol — BoomFlow.

BoomFlow features instant exchange contracts and a high-frequency matching engine to ensure smooth and highly efficient operations and services based on decentralized exchanges (DEX) built on the Conflux Network.

Operators and service providers can connect with the BoomFlow protocol in a permissionless manner, and use an API interface to customize their own cost parameters, develop a personalized and user-friendly interface, and adopt a unique user operation strategy.

In Pontus, along with the DeFi solution, we’ll also be launching the first Decentralized Exchange DApp — MoonDex.

MoonDex is developed and presented by the Cross-chain Alliance member, DAppBirds.

The MoonDex project was kicked off several months ago and the development and operation are all on track. Together with the DAppBirds team, we are building a Decentralized Exchange with the same level of user experience as a centralized exchange.

MoonDex will be unfolded in mid-April.

Conflux Fans Coin will be used as an exchange medium in the MoonDex during the Phase Pontus. All the Conflux community members and FC holders are encouraged to experience the MoonDex platform.

During the phase Pontus, Conflux Foundation will make sure that the users will not suffer asset loss caused by technological issues. If the network misbehaves or experiences other technical issues that perhaps result in asset loss, Conflux Foundation will compensate for the value of difference.

In essence: A decentralized exchange in the Conflux network provides liquidity for the underlying assets of the blockchain and utilizes the high performance of the Conflux network to provide traffic for the application layer from the very beginning.

Phase II — Oceanus

In Phase Oceanus, we’ll be focusing on mining and the PoW algorithm.

In the first half of this phase, we will organize several mining campaigns, from mid-scale (hundreds of participants) to large-scale (thousands of participants), to further verify the stability of the network.

Up to this point, the mining algorithm we use will still be SHA256. Although the coins mined from this period of time are not official CFX, Conflux Foundation has allocated a generous budget for these campaigns to encourage more participants to contribute to the network computing power and security.

In the second half of the phase, once we are sure of network security, network stability, and sufficient network contributors, we will migrate to the official Conflux PoW mining algorithm.

In pace with the raising of computing power and network security, we expect to see more mainstream assets, like BTC and ETH, to be accumulated on-chain from MoonDex and from the Conflux ShuttleFlow. The Conflux ShuttleFlow itself will kick off the integration with the Bitpie wallet as the first Instant Exchange wallet on Conflux.

During Phase Oceanus, we will be focusing on an all-around pilot run around the mining algorithm, DApps, Dex, and other 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.

For the Phase Oceanus, we call out for all Conflux community members to participate in our mining activities, as well as, our existing and potential ecosystem partners, especially DeFi teams, to join us to start the product design and development.

Phase III — Tethys

This will be the final and fully functional Mainnet of the Conflux Network.

The swap between FC and CFX will officially start. Conflux ShuttleFlow will open up to applications from this point onwards. The Conflux Foundation will also have an Ecosystem Development Plan in place to facilitate an extensive ecosystem.

There are currently 11 alliance members. In the beginning period, The Conflux Foundation will decide on the selection of the alliance members. Once the alliance is stable, Conflux Foundation will gradually fade out from an acting role and leave the alliance in the form of DAO.

Summary

The whole design of the launch plan took months of deliberation. The Conflux team and many peers within the industry have witnessed many renowned projects launching their mainnet with a big gesture and even bigger expectations, but with barely any real movement or progress after that.

We always appraise and pursue high performance of blockchain systems. The blockchain world has witnessed many projects claiming to achieve hundreds or even thousands of TPS but only utilizing a fraction of the claim when the mainnet actually launches (several thousand transactions per day, not per second).

Conflux’s major breakthrough is high performance under PoW. We have more reasons, as we endeavor further, to avoid such a situation for the Conflux Network mainnet launch.

Conflux’s efforts revolve around pushing the industry one step further. Built on that, the three-phase launch plan can and will assist Conflux to have a network with meaningful transactions, necessary applications, sufficient contributors, and a primarily established ecosystem by Phase III — Tethys.

In the course of this journey, the Conflux team welcomes and encourages all of our community members, ecosystem partners, and other interested parties to join us.

In Phase I — Pontus, community members, and other FC holders are welcomed to experience a new, enhanced Dex platform. In Phase II — Oceanus, we encourage the Conflux community and other mining communities to participate in our assorted mining activities. In addition, the technology integration with our existing partners, oracle solution, layer-2 solution, and other undergoing DApps, will take place in this stage. Developers and miners are highly encouraged to follow the latest updates of Conflux and to reach out for more information. Once we are at Phase III — Tethys, Conflux will present not just a mainnet, but a formed ecosystem.

Disclaimer: This is a paid sponsored post. Readers should do their own due diligence before taking any actions related to any company, product or service mentioned in this article. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this sponsored post. 

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Blockchain Technology: The Driver for Social Change

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Driver for Social Change

Technologies are created to solve problems. Sometimes they make our work easier and efficient. Sometimes they bring in new ways to do them. The Internet and open-source revolution has already made our world better in many ways, while also bringing new problems of their own. Blockchain technology is the new forefront where similar things can happen. There are many applications of blockchain technology that aim at revolutionizing various industries and commerce. But can it really change our societies too?

In the words of Dev Sharma, CEO and founder of Blockwiz, “Blockchains have the potential to drive some much-needed social changes in our current structures. It can bring social justice through securing records like car ownerships and reduce malpractices by its transparency when applied to supply chains and government spending. The potential is vast and often threatening to authoritarian systems where power is used in the wrong way.”

The world has already started revolting against the misuse of authority and power by public and private institutions. This has brought us laws and policies that protect our privacy and security on the internet. Similar movements have come and faded in the past because efficient systems that can replace the current ones had been missing for the most part. However, with blockchain technology at our side, many such movements can find solid footing now.

Most resolvable social problems arise due to current systems being susceptible to tampering and lacking transparency. Being centralized and hierarchical, these systems have multiple points of failure. This leads to corruption, unreliability, and excessive resource costs. All this can be solved by implementing blockchains in these systems. They can also be used to automate traffic management, property management, tax, fine collections, etc; activities that are vulnerable to misuse and corruption.

“History suggests that centralized systems of governance had failed for the same reason. The unequal distribution of power and misuse had brought down empires. Democracy and federal governance being the closest to decentralization we could get, it is still very vulnerable to socio-political injustice. And needless to say, very inefficient as well. The last two decades have seen a tremendous rise in technology but their direct use to solve socio-political problems has been limited. However, blockchain technology can be a direct solution to many of them.”  added Mr. Sharma of the Canada-based crypto marketing agency.

The concept of smart cities has already taken these applications into account. While the use may be limited to public systems and operations, it can be easily extended to governmental and legal systems. Our current technologies are capable of managing and resolving many small needs of our societies without human intervention or oversight. The only roadblock to a technology-driven social change is the implementation and their use. Especially now, when we have the solutions and yet the problems remain!

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Blockchain and IoT – Is There a Future Here?

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Blockchain and IoT

Blockchain technology has disrupted the world of today, especially as the pandemic hit us. The restrictions and lack of engagement during the Covid-19 waves have diverted the attention of people all over the world to cryptocurrencies. While all that is going on, The technology kept evolving to provide many more use cases for Blockchains we see today. Some of these use cases can be utilized for many socio-economic applications too.

History has it that new technologies are often integrated with other technologies to give powerful applications for the users. One such combination that has been in talks is the integration of blockchain and IoT (Internet of things). Both the technologies are young and disruptive. The market for blockchain technology-based IoT systems has a huge potential in the global market.

“IoT has been one of the most exciting markets of the current generation. It had its issues with security and susceptibility to hacking. Blockchain technology can overcome these issues easily because of its tamper-proof and secure nature. While providers such as Amazon for Alexa devices and others have overcome this to a certain extent, they can still use the decentralized nature of blockchains to further the cause. Similar to what Android did for the smartphone market, blockchain can revolutionize IoT.” said Dev Sharma, CEO and Founder of Blockwiz, a global crypto marketing agency.

IOTA and its Tangle network aim to fulfill this gap in the market. Internet of Things (IoT) differs from most blockchains in crucial ways which makes them unusable for it. IoT can work on a system that supports multiple chains and nodes to connect multiple devices to the system. Conventional blockchains are based on a single-chain connecting and recording all activities to it. Also, as the number of activities (transactions) and the number of branches increase, the speed of transactions decreases and the cost per transaction increases. IoT requires a system that can do the opposite of this.

“The Tangle network is built on the principles of IoT and blockchain technology. As the branches increase, their speed increases while the cost remains negligible. Such a system can greatly increase the applicability and security of IoT activities. Also, being a publically available system, it can be used by developers for a wide range of applications at a very low cost. Being decentralized, it can be used by everyone throughout the globe. This is the heart and core of blockchain technology.” added Mr. Sharma of the Canada-based agency.

One of the most important advantages of using Blockchain technology for IoT is the secure accounting of all activities. This can be used to investigate any IoT system for tempering and misuse. This may not be possible with devices like Google Home, Alexa, and other systems since their data storage is centralized and inaccessible to users without legal intervention.

While many of us consider IoT devices being used in homes to control connected machines throughout our homes, the application of this tech is much more vast. Self-driving cars, traffic control, global supply chains, self-servicing machines, etc can all use IoT-like systems to enhance and automate our processes. However, the most important impact of the system is on the environment. Using lesser resources is the reason why such a system can have negligible transaction fees/costs which also points to savings on the environmental front.

The power of IoT with blockchain technology has the potential to automate large and complicated systems with low resource costs. We have all heard of the concept of smart cities, IoT is among the major technology that is used to define it. These concepts can easily become reality through a public blockchain system for IoT. Our world is changing continuously through technologies and the hope is that we can change it for the better, for us, and for the environment we live in.

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12 Days of Crypto: Playbetr Announces a Crypto Africa Giveaway – Here’s How to Take Part

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Crypto Africa Giveaway

Crypto betting platform Playbetr has announced the official launch of its Playbetr Africa Giveaway. The giveaway, according to Playbetr is designed for a specific category of users Premised on a long-standing tradition of “12 days of Christmas”. 

Ho-ho-ho, Santa Claus and Playbetr are already on their way to their best users with gifts! Playbetr, with the help of Santa Claus, is announcing a big contest for its African community! Each of them is designed for a specific category of users.

In this article, we will tell you about the “12 Days of Crypto” Giveaway.

Premised on a long-standing tradition “12 days of Christmas”. Santa Claus in partnership with Playbetr will be rewarding its growing family in Africa. 

How to Participate & Eligibility

You stand a chance of winning by taking part in any of the following activities.

  • Set up a Playbetr account.
  • Place a bet on our platform.
  • Show your support on our Facebook and Twitter pages.
  • Share your affiliate links with your friends.
  • Tag them under our posts on Social Media.
  • A random like, retweet, placed a bet, or comment under our post – all of these take part in this draw and help you win a prize. So, don’t waste your time and go get your reward.

The competition has a reward system. Each winner gets $10 in crypto in your Playbetr wallet. 

There will be 103 winners in total. The giveaway ends on January 2, 2022. Follow the hashtag across all socials for more details #PlaybetrAfrica.

Don’t waste your time and go get your reward. Good luck, have a great holiday, and bet on Playbetr!

12 Days of Crypto

Disclaimer: This is a sponsored post. Readers should do their own due diligence before taking any actions related to any company, product, or service mentioned in this article. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product, or service mentioned in this post. 

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