On June 12, Chinese President Xi Jinping expressed his admiration for Andrew Chi-Chih Yao, the chief scientist of the Conflux Network and a prominent professor at Tsinghua University, through an open letter celebrating his contributions to science and education in China.
In his letter, President Xi Jinping highlighted Yao’s unwavering dedication to Tsinghua University and his remarkable achievements in fostering education and innovation. Xi’s words were a testament to Yao’s commitment to advancing scientific research and nurturing talent over the past two decades since his return to China:
“In the 20 years since you returned to China to teach, you have turned your patriotism into a journey of serving the country,” Xi wrote. “You have devoted yourself to Tsinghua University and made great achievements in teaching and educating people and scientific research innovation. I would like to express my sincere greetings to you.”
Encouragement for Future Innovations
President Xi encouraged Yao to continue his pioneering work in exploring new models for cultivating innovative talents. He emphasized the importance of interdisciplinary approaches and cutting-edge innovations, urging Yao to further his efforts in building a high-level talent training and scientific and technological innovation base. Xi reaffirmed his support for Yao’s ongoing contributions to China’s goals of achieving self-reliance in science and technology:
“Continue your journey of exploring independent training models for innovative talents, promoting interdisciplinary and cutting-edge innovation, building a high-level talent training and scientific and technological innovation base, and making new contributions to achieving high-level scientific and technological self-reliance,” Xi added.
Conflux Network, where Yao serves as chief scientist, is a prominent layer-1 blockchain operating on a hybrid proof-of-work and proof-of-stake consensus mechanism. Managed by the Conflux Foundation, also known as the Shanghai Tree-Graph Blockchain Research Institute, Conflux distinguishes itself as the “only regulatory-compliant public blockchain in China,” supported by the Shanghai Municipal People’s Government.
Conflux’s Strategic Contributions to China’s Blockchain Goals
On April 1, 2023, the Chinese Government unveiled a new initiative led by the Conflux Network, named the “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative.” This ambitious project aims to establish a public blockchain infrastructure capable of supporting cross-border applications, aligning with China’s strategic vision for the Belt and Road Initiative.
“The main focus of the project is to create a public blockchain infrastructure platform. This platform will be able to support the implementation of cross-border cooperation projects along the Belt and Road Initiative,” stated the government during the announcement.
Conflux’s Unique Position in China’s Crypto Landscape
Conflux operates in a unique position within China’s stringent regulatory environment regarding cryptocurrencies. Despite the nationwide ban on initial coin offerings (ICOs) and crypto trading, Conflux manages to maintain its operations and has launched its own token. As of the time of publication, the Conflux token is trading at $0.1947 and has a fully diluted market capitalization of $975 million.
This regulatory alignment and government support possibly allow Conflux to thrive where other blockchain projects might struggle under China’s strict crypto policies.
| Feature | Description |
|---|---|
| Chief Scientist | Andrew Chi-Chih Yao, a distinguished professor at Tsinghua University and leader at Conflux. |
| Blockchain Platform | Hybrid proof-of-work and proof-of-stake consensus mechanism. |
| Government Support | Endorsed by the Shanghai Municipal People’s Government. |
| Belt and Road Initiative Platform | Developing a public blockchain for cross-border applications and cooperation. |
| Token Information | Conflux token trading at $0.1947 with a market cap of $975 million. |
| Regulatory Compliance | Positioned as the only regulatory-compliant public blockchain in China. |
President Xi Jinping’s open letter to Andrew Chi-Chih Yao underscores the profound impact that dedicated individuals can have on a nation’s scientific and educational advancements. Conflux Network’s strategic role in China’s blockchain and technological future is a testament to the importance of government-supported innovation in driving progress. As Conflux continues to develop and expand its capabilities, it stands as a beacon of potential within China’s evolving technological landscape, poised to make significant contributions to the country’s ambitions for scientific and technological self-reliance.
Featured image credit: Foreign, Commonwealth & Development Office via Flickr