Chinese President Xi Jinping Praises Blockchain Executive in Open Letter

 June 14, 2024

By Sharan Kaur Phillora

Chinese President Xi Jinping has publicly commended Andrew Chi-Chih Yao, the chief scientist of the Conflux network and a professor at Tsinghua University, in an open letter dated June 12, 2024.

Here’s what we know:

In his letter, President Xi praised Yao for his significant contributions to education and scientific research in China over the past two decades. Xi highlighted Yao’s dedication to Tsinghua University and his achievements in fostering innovation and interdisciplinary research.

“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”

President Xi encouraged Yao to continue his efforts in exploring independent training models for innovative talents, promoting cutting-edge innovation, and building a high-level talent training and scientific innovation base. Xi reiterated his support for Yao’s role in advancing China’s goals of achieving high-level scientific and technological self-reliance and building a strong nation in education and technology.

Conflux, a layer-1 blockchain operating on a hybrid proof-of-work and proof-of-stake consensus, is supported by the Shanghai Municipal People’s Government and is known as the Shanghai Tree-Graph Blockchain Research Institute. It is notable for being the only regulatory-compliant public blockchain in China.

On April 1, 2024, the Chinese government unveiled a new public blockchain infrastructure platform led by Conflux Network, named the “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative.” This platform aims to support cross-border cooperation projects along the Belt and Road Initiative by providing a robust public blockchain infrastructure.

Despite China’s stringent regulations on cryptocurrency trading and initial coin offerings (ICOs), Conflux operates its own token, CFX, which is currently trading at $0.1947 with a fully diluted market capitalization of $975 million. The project’s government affiliation and regulatory compliance have allowed it to thrive in an otherwise restrictive environment for cryptocurrencies in China.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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