Founded in 2018, Conflux Network Raised $35 Million From Prominent Investors
Conflux Network, the only state endorsed public, permissionless blockchain project in China, has announced the launch of Tethys, the Conflux mainnet. Conflux’s three-phase mainnet launch strategy allowed for ample network debugging and stability testing and for participants to gradually build, transact and contribute throughout the network’s developmental and foundational periods.
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The launch of Tethys – the final phase – means that applications longer need to worry about migration during updates and any change to the Conflux ledger state is now permanent. Sponsor features are now online to support developers and users that will make smart contract transaction costs nearly free. Beginning immediately, all transactions in Tethys will be immutable records on the blockchain and future updates will be enabled only via hard forks upon the community consensus.
Conflux Network is an open-source, layer-1 blockchain protocol delivering heightened scalability, security, and extensibility for the next generation of open commerce, decentralized applications, financial services, and Web 3.0.
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After raising $35M from prominent investors including Sequoia Capital, Conflux received endorsements from government officials in Shanghai and Hunan, launched a blockchain research center supported by the state Shanghai Science and Technology Committee, and spearheaded a global initiative called Open DeFi, a member-led organization that aims to bridge the gap between the East and the West while developing the huge DeFi market opportunity.
Overseen by a global team of world-class engineers and innovative computer scientists, Conflux is led by Turing Award recipient Dr. Andrew Yao. Driving entrepreneurship and innovation, Conflux elevates startups and organizations across industries and continents to generate decentralized marketplaces and digital assets for meaningful business and social impact.
Conflux co-founder Fan Long and global managing director Eden Dhaliwal are available for comment.
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