Home Technology Conflux Network Further Solidifies its Role as Foundational Infrastructure for Web3 and the Metaverse within China
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Conflux Network Further Solidifies its Role as Foundational Infrastructure for Web3 and the Metaverse within China

by uma

 

  • Conflux Network co-organized the 2022 Tree-Graph – Deding “Metaverse” Venture Capital Conference in Shanghai in November 2022 which brought together over 30 Metaverse projects and 50 industrial investment funds.
  • Dr. Fan Long, co-founder of Conflux Network, spoke about the tremendous opportunity for “Metaverse” growth within China and how Tree-Graph technology will be integral to realizing these development prospects.
  • Dr. Ming Wu, co-founder of Conflux Network, was invited to Hong Kong to speak with various government and private organizations about the digital economy, innovation and technology, and has reached an initial strategic cooperation intention. 
  • Conflux is already in the process of registering related entities for the entry into Hong Kong.

Conflux today releases their key findings, trends and observations from the 2022 Tree-Graph – Deding “Metaverse” Venture Capital Conference in Shanghai. The event focused on the virtual world of the “Metaverse” and how this information-based digital territory is laying the groundwork for a highly informatized human society. It has mapped out the key aspects of Web2 in relation to Web3 to illustrate a clearer picture of the future of digital economies.

Key findings and trends from the event were:

  • China’s investment in the Metaverse is only growing
    • It is estimated that the market size of China’s Metaverse will maintain a continuous growth trend from 2022 to 2027. In 2027, the market size will reach 126.35 billion yuan, with an average annual compound growth rate of 32.98%.
    • In January 2022, Shanghai issued the “Shanghai 14th Five-Year Plan for the Development of Electronic Information Industry”, and for the first time in the country, “Metaverse” was included in the local Five-Year Plan. 
    • Since 2022, more than 20 provincial and municipal governments across China have proposed development plans for the Metaverse and other digital technology fields.
  • Why Tree-Graph blockchain is the best infrastructure to build the Metaverse on
    • The total number of contract deployments is nearly 15,000, and the number of nodes ranks among the top three in the world. Without sacrificing decentralization at all, the TPS is above 3,000, and the transaction confirmation time is within 30 seconds. The system’s performance ranks first in the world.
    • Tree-Graph Blockchain (known as Conflux Network) is the only regulatory-compliant, public, and permissionless blockchain in China. Conflux provides a unique advantage for projects building and expanding into Asia.

Further solidifying Conflux as a technological leader of Web3, Dr. Ming Wu was invited by the Hong Kong Government to discuss the rise of tech innovation through WEB3 and how the Conflux Network could play a foundational role in these developments. 

During the visit, Dr. Wu Ming had an in-depth discussion with the heads and reception staff of various institutions under the new “Policy Declaration on the Development of Hong Kong Virtual Assets”, officially released in October. Topics included how to create better development conditions for digital economy innovation and technology and what kind of new vitality innovation and high-tech talents will bring to the development of science and technology in Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area.

Ming Wu, CTO of Conflux Network, said ‘Hong Kong’s open environment for crypto provides more opportunities for practitioners in Web3 and Metaverse, especially for those from China. People here have more freedom to make the technique and business innovations in a compliant manner. This will also accelerate the integration of Web3 into the traditional internet business and economies to maximally extract its value. By expanding to Hong Kong, Conflux will be able to take a whole different strategy and have the potential to become the foundation to fulfil the Web3 vision of Hong Kong.’

 

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