Conflux Network was conceived by Dr. Andrew Yao, a renowned scientist and Turing Award recipient. In 2018, the Conflux Foundation was established to develop an open-source application framework based on the unique Tree-Graph consensus mechanism. This mechanism sets Conflux apart from other blockchains and has garnered attention for its scalability and performance.
Conflux Network formed strategic partnerships with the governments of Shanghai and Hunan. The Tree-Graph Research Institute, established in collaboration with the Shanghai government, and the Key Laboratory of Blockchain Infrastructure & Applications, in partnership with the Hunan government, were created to drive the development and adoption of the Conflux blockchain.
The internal testnet of Conflux was launched in May 2018, followed by a successful funding round, securing $35 million for further development. The public testnet was introduced in Q2 of a subsequent year, and the Conflux mainnet went live in Q4. Conflux is China's only regulatory-compliant public, permissionless blockchain due to its unique funding approach and government support.
In 2022, the Conflux developers focused on key features to strengthen the protocol. They introduced the Proof-of-Stake (PoS) finality mechanism to complement the existing Proof-of-Work (PoW) consensus. Additionally, the integration of Ethereum Virtual Machine (EVM) functionality in Q1 extended the platform's compatibility. In Q3, Conflux IPFS integration and other improvements were made to enhance the Web3 infrastructure.
In 2023, Conflux Network, a recognized player in the Chinese market, has seen substantial growth and recognition in the crypto industry. The company has benefited from China's softening stance on crypto, providing a favorable operating environment. Conflux is unique in claiming to be the only crypto company approved to operate in China, even after the 2021 government ban on all crypto products.
Furthermore, Conflux recently received a $10 million investment from DWF Labs, a digital asset market, demonstrating support from key industry players. These developments highlight Conflux's growing acceptance in the Chinese and global crypto communities and its emerging prominence as a notable blockchain platform.
