As partnership news continues to surge in the cryptocurrency market, the latest announcement comes from Conflux Network and Alibaba Cloud.

Often referred to as China’s Ethereum (ETH), Conflux Network has officially announced its collaboration with Alibaba Cloud to promote Web3 advancements in Hong Kong.

In a formal statement, the public layer-1 blockchain project, Conflux Network, confirmed its partnership with Chinese e-commerce giant Alibaba Cloud.

“We are thrilled to announce a collaboration between Alibaba Cloud and Conflux Network to bring cutting-edge Web3 solutions to businesses in Hong Kong.

This partnership aims to revolutionize various sectors in the Hong Kong market, including retail, tourism, entertainment, art, education, and more, through the latest technology.

Leveraging Conflux’s proven success in China, Alibaba Cloud’s state-of-the-art technology, and the unwavering support of Cyberport’s vibrant community, this collaboration is set to foster a thriving Web3 ecosystem in Hong Kong.”

Despite the market’s overall downturn, the news of the partnership did not influence Conflux (CFX) prices. Over the last 24 hours, CFX has experienced a 6.2% drop and continues to trade at $0.12 at the time of writing.

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Q2 Launch Targeted, Subject to Regulations

Fan Long, Conflux CEO, expressed optimism about the launch timeframe, stating, “We hope they [HKMA] could push it as soon as possible. If it’s going fast, maybe in Q2, people will be able to get them from exchanges, which is the fastest possibility.” However, he acknowledged that the final timeline depends on the progress of the regulatory sandbox.

The HKMA’s sandbox provides guidance for firms seeking to issue stablecoins in Hong Kong. This follows a consultation document released by the HKMA on February 29th regarding regulations for stablecoin issuers. The Financial Services and Treasury Bureau proposed that stablecoin issuers pegged to fiat currencies require HKMA licenses.

Addressing Market Demand for HKD Stablecoin

The dominance of US-dollar pegged stablecoins has led some financiers to question the ability of authorities to maintain local currency pegs. Alessio Quaglini, CEO of Hong Kong-based Hex Trust, expressed his doubts about the necessity of an HKD stablecoin, stating, “I am also thinking if we really need HK dollar stablecoin.”

The Conflux-AnchorX partnership aims to address this potential market demand by introducing AxHKD. This Hong Kong dollar-backed stablecoin will maintain a 1:1 peg through a 1:1 trading band with the HKD. The entire system will be backed by reserves of highly liquid assets.

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This paradigm shift opens up new dimensions for Bitcoin‘s use cases, creating interaction and application layers that go beyond typical digital asset use cases. By adopting an approach that is embedded within the PoS protocol and includes integrated staking mechanisms, those who hold BTC on the Conflux platform can actively contribute to network security and governance.

Conflux’s PoS (Proof of Stake) consensus infrastructure has a structure of over 300 nodes and adopts verifiable secret sharing (VSS)-based key sharing for decentralized BTC asset management. This approach provides strong security by distributing BTC asset management responsibilities across nodes, and is also in line with Conflux’s commitment to a secure and scalable blockchain infrastructure.

By adopting VSS-based key sharing, Conflux increases the security level by preventing a single point of failure when managing Bitcoin assets. These tasks are instead shared across many independent nodes within the network. This approach is a perfect fit for Conflux’s commitment to a secure and scalable blockchain infrastructure.

Conflux Network’s PoS consensus acts as a trusted Bitcoin Oracle

The PoS consensus protocol records the root hash of the latest ledger state to the Bitcoin network. Additionally, Conflux’s PoS consensus acts as a trusted Bitcoin Oracle and provides rich Bitcoin chain metadata, such as the Merkle root of all qualified writes, through internal contracts. This feature enables on-chain contracts to seamlessly access events happening on the Bitcoin blockchain.

By integrating EVM compatibility, our network allows for the seamless management of Bitcoin-based assets such as BTC and xRC20 tokens (such as BRC20 and ARC20) with smart contracts. This capability plays an important role in decentralized finance (DeFi) and blockchain-based applications. It enhances the potential in this area by supporting the creation of complex financial instruments, yield-generating protocols, and interactive gaming experiences.

In conclusion, the EVM-compatible Bitcoin Layer 2 solution on Conflux opens an exciting door for developers and innovators in the blockchain space. This integration opens new doors for cross-chain functionality by providing developers with seamless interaction with three domains, creating a more connected blockchain landscape.

By combining Bitcoin’s value storage properties with Conflux’s advanced technology stack, it offers users a unique proposition: active participation in network security and governance through staking mechanisms, as well as the opportunity to access a wider range of decentralized applications. This combination sets the stage for wider adoption, more innovation, and ultimately pushing the boundaries of blockchain technology even further.

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