Conflux Network and China Telecom have revealed a massive breakthrough in the blockchain world: their first blockchain-based SIM card. According to an official announcement, this card will be tested in Hong Kong, and its main goal is to deliver blockchain solutions to China Telecom’s enterprise customers. With the help of Conflux Network’s public blockchain technology, users could reduce costs and increase their efficiency in their businesses.
Conflux Network’s Co-Founder and CTO, Ming Wu, transferred a commemorative NFT from Conflux’s BSIM card account to China Telecom’s during the launch event, symbolizing their partnership. The BSIM card resembles a regular SIM card and is compatible with Android and iOS. However, it offers significantly larger storage space (10-20 times) and much stronger computing power (several dozen times), as explained by Fan Long, Conflux Founder and President of the Tree-Graph Research Institute. Initially, the BSIM card will be tested in Hong Kong, which aims to become a global hub for the Web 3.0 industry. It will then be introduced to mainland China and international markets.
It’s an exciting development for many in the industry, and it could be a major step forward for the world’s adoption of blockchain technology. In a joint statement, @Conflux_Network and China Telecom said, “this is the first time our public blockchain tech has been applied in a mobile network setting and it marks an important milestone for the development of blockchain technology in China.”
What are BSIM ?
Blockchain SIM cards, also known as blockchain-based SIM cards or crypto SIM cards, incorporate blockchain technology into their functionality. Unlike traditional SIM cards that primarily provide authentication and connection to cellular networks for voice calls, text messaging, and data services, blockchain SIM cards embrace the decentralized and transparent nature of blockchain.
By utilizing a blockchain SIM card, users benefit from improved privacy, security, and autonomy over their mobile connectivity. Unlike traditional SIM cards that store data on vulnerable centralized servers prone to hacking attacks, blockchain SIM cards address this issue by leveraging ledger technology to store and monitor SIM card information. The data stored on blockchain SIM cards is distributed across a network of nodes, making it nearly impossible to access.
While traditional SIM cards can be vulnerable, blockchain SIM cards offer secure and transparent identification and identity management services, empowered by the enthusiasm of blockchain technology. This effectively combats fraud and illegal network access. Additionally, blockchain SIM cards facilitate mobile access in remote and underserved areas. Ultimately, blockchain SIM cards introduce an innovative approach to mobile communication that enhances security and accessibility while maintaining the decentralized essence of blockchain technology.
What is Conflux network ?
The Conflux Network was created in 2018 by a team of researchers and engineers led by Dr. Andrew Yao, a Turing Award-winning computer scientist and professor at Tsinghua University. The project received support from various institutions, including Tsinghua University, University of Toronto, and Shanghai Tech University.
The Conflux Network is a blockchain platform designed to provide a high-performance infrastructure for decentralized applications (dApps) and digital assets. It aims to address scalability issues commonly faced by existing blockchain networks.
One notable feature of Conflux is its use of a novel consensus algorithm called Tree-Graph, which combines elements of both Proof of Work (PoW) and Proof of Stake (PoS) mechanisms. This hybrid consensus algorithm enables the network to achieve a high throughput of transactions while maintaining security and decentralization.
The network is built to support smart contracts and dApps compatible with the Ethereum Virtual Machine (EVM). This compatibility allows developers to easily migrate their existing Ethereum-based applications to the Conflux Network, leveraging its improved scalability and performance.
Conflux also prioritizes interoperability with other blockchains, aiming to facilitate seamless communication and asset transfers across different networks. This interoperability can foster collaboration and connectivity within the broader blockchain ecosystem.
In terms of governance, Conflux employs a decentralized and community-driven approach. Its governance model enables token holders to participate in decision-making processes, such as protocol upgrades and parameter adjustments. Token : $CFX.
Overall, the Conflux Network aims to provide a scalable and secure infrastructure for decentralized applications, offering improved performance and interoperability while maintaining decentralization and community involvement.
China Telecom in numbers
China Telecom Corp., Ltd. is a major Chinese telecommunications company that is part of the state-owned China Telecommunications Corporation. It has been listed as a red chip company and its H shares are traded on the Stock Exchange of Hong Kong since November 15, 2002. It is included in the Hang Seng China Enterprises Index, which tracks the H shares of state-controlled listed companies. China Telecom was previously listed on the New York Stock Exchange until January 2021. As of June 2021, it is the second-largest wireless carrier in China with 362.49 million subscribers.