During the launch event, Ming Wu, who is the co-founder and chief technology officer of Conflux Network, sent a commemorative NFT from Conflux’s BSIM card account to China Telecom’s account to symbolize their partnership. Fan Long, the President of the Tree-Graph Research Institute and Founder of Conflux, stated that the Conflux Network’s research team has developed a BSIM card that looks like a regular SIM card and works with Android and IOS operating systems. However, it has significantly more storage space (10-20 times) and computing power (several dozen times).
Before being launched in international markets and mainland China, the BSIM card will be tested in Hong Kong, which aims to establish itself as a leading center for the Web 3.0 industry. In 2020, the Shanghai municipal government provided support for the establishment of the Tree-Graph Research Institute, which aims to advance the progress of the Conflux blockchain.
On Wednesday, Xinhua News Agency stated that the Institute is participating in the creation of IEEE P3217, which is an international standard for blockchain developed by the Institute of Electrical and Electronics Engineers. This standard will establish the connection between blockchain and blockchain applications and is expected to be released in June 2023. Introduced in 2018, Conflux Network is a layer 1 blockchain that asserts itself as the sole regulatory-compliant public blockchain in China. Several blockchain and metaverse initiatives in the country have been worked on in collaboration with various companies and government entities.
The introduction of the BSIM card caused the price of Conflux CFX to reach a 10-day high of $0.3253 on May 16. As per the information provided by CoinMarketCap, the token’s current trading value in Hong Kong at 11:30 a.m. is US$0.3007, which shows a rise of more than 15% for the week.