Mrbut : The ama program is allowed to start, the group will be muted in parts 1 and 2
At the beginning of the event, both guests from Conflux will briefly introduce themselves and the project @ConfluxCris @Ares tks
Ares Tian :
I studied real estate in the UK for 4 years. After Master Degree graduation I returned to China and started my career as an investment assistant. During this job I began to know and find interest in blockchain. By the beginning of 2019, I heard about Conflux and joined the company. Now I am responsible for Chinese marketing and operation.
It is an honor to have the opportunity to share and communicate with you all! Now plz let my teammate Cris introduce more about Conflux and himself
Cris@Conflux Tsinghua:
Thanks Ares! I’m Chris, and I am half German half Chinese. I got my Bachelor’s in Mechanical Engineering in Hamburg Germany, worked at Volkswagen and buildup a brand new factory in Papua New Guinea.
During my Master’s at Tsinghua University I co-founded the Tsinghua International Blockchain Association (TIBA), was a senior project manager at a global crypto fund and incubator Blockchain Founders Fund, and co-founded an enterprise blockchain as a service platform before becoming global marketing manager at Conflux.
Conflux is a turing complete PoW blockchain system,and greatly improves the performance of the underlying network using the innovative Tree-Graph consensus algorithm, reducing transaction confirmation time and thus increases transaction throughput.
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.
Born from the top minds of Tsinghua University and University of Toronto, Conflux Network is overseen by a diverse global team with the mission to promote cross border collaboration by developing decentralized open source technologies.
In addition, Conflux Network is the only public blockchain supported by the Chinese government!
MrBut : So according to shared information, Conflux is developing very strongly in china market
Thanks for the brief sharing of the project. We will step up to the first question from the form @ConfluxCris @ares
Ques 1. Do you planning to advance into overseas markets such as Europe, Africa, and America through partnerships other than China ? @ConfluxCris @Ares
Ares Tian:
We have built strong relationships with our communities all over the world. We currently have communities in China (40,000 members), Vietnam (5,000 members), Korea (1,900), Africa (1,600) North America (7,800 members).
We localize our marketing managers to give the community and local partners a better connection and host online and offline events to expand presence. Since Q1 2020 we also have a Global team based in Toronto, Canada and a team in Lagos, Nigeria (Africa). Next regions we are expanding to are Turkey and Russia, if you guys have any friends from there, let us know :D
Mrbut :
Ques 2. On moving forward through your roadmap, what are your most important next priorities? Does ConFlux team have enough fundamental ( Funds, Community, ect ) to achieve those milestones? @Ares
Ares Tian :
Currently, we are working very hard on our mainnet launch which will be in 3 stages:
Phase 1: Pontus- the Conflux Decentralized Finance Solution has been launched
Phase 2: Oceanus- the major focus is mining and the PoW algorithm.
Phase 3: Tethys- be the final and fully functional main-net of the Conflux Network.
The reason for this is because we don’t want to launch a mainnet and be an empty network like many other projects! In addition, we want to alleviate all possible problems that might occur in phase 1 and 3, so that the main net will be as smooth and bug-less as possible. Now Pontus has been running smoothly for more than a month. The next focus will be anti-asic GPU mining and PoW algorithm.
As for funds, during crypto-winter in 2018 we have raised 35mio. USD from traditional VCs, such as Sequoia or IMO, but also Baidu and Xiaomi. The traditional VCs invested in us, not only because of our team, but also because of our vision and that they believe that we are the only one able to achieve it. Thanks for asking
Mrbut: Continue a question about surrounding the Conflux protocol of choice
Ques 3 : Some people think that cross-chain protocol is merely a hype right now. They think there arent many chains with value at the moment. Even if cross-chain is realized, it is not going to be very meaningful? Ares
Ares Tian:
In the short term, there is certainly a state of coexistence of many chains instead of having only one chain in use. Thus, there will be communication between chains necessary in order to bring blockchain to the masses.
I suppose in the future there will be a lot of public chain ecosystems with diversified on-chain assets, therefore cross-chain will become a standard that all public chains need to implement in order to co-exist in harmony.
MrBut : ok tks Ares
Ques 4 . What are the best services provided by #CONFLUX for traders and investors in digital asset trading? Ares
Ares Tian: for this question I ll mainly share about on-chain trading, DeFi or DEX for instance.
Firstly, thanks to the high TPS, the on-chain transaction speed is high. It only takes around 20 second for a transaction on Conflux to be confirmed, while being completely decentralized with PoW consensus. Together with low transaction fees, Conflux will make on-chain assets trading much more friendly for users. Also, Conflux’s smart contract design has made some key innovations allowing developers to pay for the user’s transaction fees and let others sponsor the developers transaction fees. That means when specific users transfer assets on-chain, they do not need to pay transaction fees. This guarantees low market entry barriers and friendly user experience for DeFi and DEX traders and investors.
Now we are working hard to develop DeFi DApps on Conflux, plz let me know if you have any idea about DeFi or DEX.
MrBut : Tks Ares Next is the final question selected from the form
Ques5. Inflation of coin price is a problem that many crypto projects currently face, it has a very negative effect on the price and quality of the whole project. So, I have a questions: What solutions do you have to reduce the inflation? Ares
Ares Tian:
First of all, I can not say inflation is totally negative. As a deflation model, BTC will finally go out of block creation reword, and likely the transaction fee will highly increase to maintain the willingness of miners for verifying transactions. The system operation cost worn by each user will highly increase. On the contrary, Conflux Network and Ethereum chooses an inflation economic model which in the long-run maintains ecosystem stability.
Also, for Conflux, a stake for storage mechanism which also means staking for incentives has been designed to control the inflation. Projects, developers and even community members can stake to receive more storage on Conflux Network. We will have more information released in the upcoming week, so stay tuned an join us our community :D
Mrbut :
We will move on to Part 3: All members can directly ask the Guest anything about Conflux
Ques 1 : Which types of Dapps are able to run on Conflux? @youfig
Cris@Conflux Tsinghua:
This is a good question!
We are Solidity and EVM compatible. If you’re an developer familiar with Etheruem, and have even deployed a DApp yourself, your can simply recompile it, run it Conflux Network and convince yourself of our protocol :DWe also have other SDKs you can use if you’re familiar with other coding languages! I highly recommend you to check out the following sources to creat your first DApp on Conflux:Developer Webpage: https://developer.conflux-chain.org/Developer Specifications
https://confluxnetwork.org/static/Conflux_Protocol_Specification_20200517.pdf
Github: https://github.com/Conflux-Chain
So many questions XD! Unfortunetly we cannot answer them all, but I hope you can join our Vietnamese Telegram group for more questions and up stay tuned with Conflux: https://t.me/confluxvietnam
Ques 2 : Looking at the structure of Conflux Network do you think the protocol is ready to receive a massive adoption? @maxim822
Cris@Conflux Tsinghua:
Once we have reached phase three — Tethys — of our mainnet we will be ready for mass-adoption.However, being ready is still different to actual mass-adoption. There are still many thing we have to do, like more community building, increasing the amount of community driven developmend, becoming a stronger key player within the industry, or adjusting to the regulations world-wide and more!
We are working on it step by step, and always welcome community members to support us! Feel free to contact me or Ares if you are interessted! We have many ways to include everyone from the community and you don’t have to be a developer to grow the ecosystem with us.
Ques 3 : What your team strategy to gain more Adoption? Can you share us on recent achievement your team are most of? @Sujit_Raaje
Cris@Conflux Tsinghua:
There are several strategies we are creating or following:
1) We are partnering with strong projects or communities world wide! It’s impossible to achieve mass-adoption by ourselves!
2) We are creating more developer focused webinars, tutorials for the everyone, from beginner to professional！This way people can realized their dreams and let the inner entrepreneur go wild!
3) We will have a grants program for the community to support our ecosystem development
4) In collaboration with the Shanghai government we have opened a blockchain research and incubation center in Shanghai, where we will not only support Chinese team and projects, but also welcome teams and projects world-wide to China.
On of the recent achievements from our partner DAppBirds is the first decentralized exchange build on top of Conflux called MoonDEX. You’re a winner in this AMA so I highly recommend you experience a decentralized exchange with speeds of a centralized exchange! It’s really easy to use!
Ques 4 : What is Conflux’s Proof-of-Work consensus algorithm better than Proof-of-Stake when compared to scalability, decentralization and security? @EnajiteNg
Cris@Conflux Tsinghua:
PoW based-protocol is the most proven and successful model so far. Bitcoin and Ethereum are the most influential blockchain project. Although EOS, Tron and many other POS projects have emerged in the Blockchain world, none of them are widely adopted.
After all, what blockchain provides fundamentally is trust. Security and decentralization are the key to build trust in the beginning. POS has many problems in terms of security and decentralization
Compared to POS, Pow based protocol starts to amass value roles of MOE(Medium of Exchange) and SOV(Storage of Value). People are able to trust bitcoin with billions of dollars transactions and people start to build decentralized finance applications on Ethereum. One of the most widely used De-Fi is stable coin, which in total has over 5 billion token circulation. Most of the circulation is issued on Omni-Ledger (Bitcoin Ledger) and Ethereum.
I want to add, that we will have staking on top of Conflux, so you can stake your future Conflux Tokens and earn interest! #join our Conflux Vietnam Telegram to stay updated https://t.me/confluxvietnam
Ques 5 :
1) What is the objective of have 2 types of tokens? CFX and Fanscoin?
2) I am a Big fan of you guys, CONFLUX was my first ama session in the Kardiachain group, so my question is: Can you describe your current relationship with the Kardiachain guys? @Tony253210
Cris@Conflux Tsinghua:
CFX coins will our final mainnet coins when we reach mainnet phase three — Tethys!
FCs are a smart contract on top of Conflux to incentivize and reward early ecosystem contirbutors! You can swap them to CFX on a 1:1 basis in the future!
KardiaChain and us are good friend! Just recently we have co-hosted the Vietnam blockchain Movement on Facebook: https://www.facebook.com/groups/hextravn
After Covid-19 and the travel ban, I’m sure we will organize offline events together as well! I hope to see you there .
Ques 6 : Do Coinflux have any new partneship recently? And what advantage of this partnership to the project? @Agz18
Cris@Conflux Tsinghua:
1) Chainlink, the most well-known and reputable Oracle service. We partnered with them to enable secure connections between the blockchain and the non-blockchain world.
2) Morpheus Labs, a Blockchain Platform as a Service provider, where enterprises, companies, projects, and developers outside of the blockchain space can deploy blockchain ideas in a modular and easily accessible way.
3) bloXroute, the first layer-0 blockchain scalability solution, to optimize the already high-performing Conflux Network and make it even faster and future proof!
4) dAppBirds, a well-known DApp platform that will be launching the first decentralized exchange build on top of Conflux called MoonDEX.
5) Fliqpay, an African company based in Nigeria that enables cryptocurrency payments from anywhere in the world and one of the best way to accept payments globally. I’m sure that you all have heard about Fliqpay.
We have many more partnerships that we will announce soon
MrBut:
The AMA session is closed.
Thanks @ConfluxCris Ares for joining the ama today, Hopefully in the future you will see the Conflux project growing and more people know more. Thanks to everyone who participated in asking the question. Tks all.
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