On June 12, Chinese President Xi Jinping released an open letter to Andrew Chi-Chih Yao, an education entrepreneur and a guru of blockchain technology. The chief scientist of the Conflux network and a professor at Tsinghua University, Yao, was highly appreciated by Xi for his hard work and success.
Acknowledging Yao’s Contributions
In his letter, President Xi appreciated Yao’s dedication to China noting that Yao has been in China to teach for the past two decades. ”For the twenty years since your return to China to teach, you have transformed your patriotism into a service to the country,” Xi said.
He recognized Yao’s input in the educational and teaching processes in the advancement of scientific research. Xi told Yao to keep pushing forward with interdisciplinary and advanced innovation, improving talent education, and supporting China’s scientific independence.
Chinese Blockchain and the Position of Conflux Network
Conflux, a layer-1 blockchain that has the backing of the Shanghai Municipal People’s Government, claims to be the only regulatory-compliant public blockchain in China. This blockchain combines the hybrid proof of work and proof of stake consensus methods.
On April 1, the Chinese government launched a new public blockchain infrastructure project and the lead is the Conflux Network. This “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative” is a project that targets cross-applications.
Despite the prohibition of initial coin offerings and cryptocurrency trading in the country, Conflux works with its token, and its price is at $0.1949 with the total market capitalization of $785 million.
This shows that President Xi has a good understanding of Yao which underlines that the Chinese government has identified blockchain technology as a key aspect of its scientific and technological development.
Also Read: Blockchain Too Slow for Tokenization: Financial Professor Hilary Allen
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