The Hong Kong government asked Conflux Network co-founder and doctor Ming Wu to speak about the network’s potential role in the future of technological innovation enabled by Web3. Dr Ming Wu met with the directors and front desk personnel of several organizations to talk about the new “Policy Declaration on the Development of Hong Kong Virtual Assets,” which was released in October.
Due to strict travel control measures and regulatory uncertainty, many Hong Kong blockchain and cryptocurrency companies have relocated their operations to more accommodating regions over the past few years. Coinciding with the introduction of the world’s first two cryptocurrency exchange-traded funds in Hong Kong, this policy demonstrates a marked shift in emphasis toward digital assets.
According to Dr Ming Wu, the Conflux Tree-Graph public chain is the only complaint, public, permissionless chain in China, and it has achieved 3000+ TPS, 5000+ nodes, and 0.5s block generation. Compared to the international first-generation public chain “Bitcoin” and the second-generation public chain “Ethereum,” it has advantages of 2-3 orders of magnitude in throughput, confirmation time, and cost of use. This system has the best performance in the industry.
“Hong Kong’s open environment for crypto provides more opportunities for practitioners in Web3 and Metaverse,” Dr. Mig Wu said. As a result, locals enjoy the greater latitude to develop novel approaches to technical and commercial issues while meeting all applicable regulations. This will hasten Web3’s incorporation into existing online industries and economies for maximum value extraction. Taking a new direction in Hong Kong, Conflux could serve as the cornerstone of the city’s Web3 plan.
After being identified as a potential unicorn by HSBC and KPMG in their joint report on the Emerging Giants in Asia Pacific, Conflux Network has decided to grow aggressively. Only one of five companies working in the blockchain industry to receive this honour.