BW.com weekly AMA with Tang Zhe from Conflux: we aim to accomplish what Ethereum aren’t able to achieve; shared vision brought our work together with BW.com.
The AMA (Ask Me Anything) held every Friday by the BW.com official telegram(following as BW) invited Tang Zhe from Conflux this week. During the BW 8Communities questions regarding all aspects of the Conflux project, Mr.Tang elaborated the reason why Conflux was born: achieve what is restricted for Ethereum, he also expressed the vision for Conflux in the future: make mainstream-level blockchain adoption a reality sooner. Meanwhile, He expressed his sincere admiration for the multicultural environment of the BW International Community and expressed his confidence in the long-term cooperation with BW.com as an eco-partner.
The BW international operations team recorded the whole interview and shared the essence here:
Section 1: Introduction
Allen: @zhe_conflux, could you tell us a little bit background of yourself? how you enter into this industry and how’s everything now? thanks
Tang(Following as T): of course Allen, I got into the industry in the winter of 2015 when I started mining Bitcoins with a few friends, then I got involved with a few projects in the space, such as Gifts ($30 million raised in 30 seconds) and Nebulas ($60 million raised in private sale),now I am with Conflux as its Operations Manager.
Section 2: Questions from BW 8 global Communities
Question1 is @lienismynick from BWVietnamese Community: When is your plan for the main-net, How far has the work progressed, and What will the main-net bring to the CONFLUX ecosystem and its community?
(Khi nào là kế hoạch của bạn cho mainnet, công việc đã tiến triển đến đâu và mainnet sẽ mang lại điều gì cho hệ sinh thái CONFLUX và cộng đồng của nó?)
T: The Mainnet is expected to officially launch between Q4 2019 and Q1 2020, Conflux Network is currently in its Testate stage, where Conflux has achieved between 1500–3500 TPS with 20–30 seconds confirmation time (equivalent to that of 6 blocks in Bitcoin of an hour confirmation time). We have just completed a live show of running 7 months of Ethereum transactions on Conflux Testnet, and it was completed in 25 minutes.
Question2 @Cruisez from BWIndonesian Community: How to sort the blocks into the parent edge category or the reference edge of the Tree Graph structure? Then is it possible to divide to the next side again by maximizing the Ghast algorithm?
(Bagaimana memilah blok masuk kategori parent edge atau edge referensi dari struktur Tree Graph?kemudian apakah kedepan memungkinkan untuk membagi ke beberapa sisi lagi dengan memaksimalkan alogaritma Ghast?)
T: That’s a very good tech question.
The Tree-Graph Consensus mechanism made up of the parent edge is very important to Conflux’s consensus mechanism. It enables machine nodes in the Conflux network to decentralize and securely agree on the full sequence of blocks and transactions. The structure of the tree determines the choice of the pivot chain, and the choice of the pivot chain further determines the full order relationship of the block and the transaction. Therefore, it is better to refer to Conflux’s book structure as a Tree-Graph structure than to generalize it into a DAG structure.
In contrast, some other existing DAG-structured projects, such as IOTA, Byteball, etc., have their own disadvantages: either do not support full sorting of transactions, cannot support smart contracts; or can’t use decentralization The way to achieve the node’s consensus on the full order of the transaction, sacrificing security.
Question3 @KeiraNight from BWEnglish Community: All current projects are concerned with the TPS speed and quantity of transactions. Old projects have also improved their algorithm and network. So what else can your project bring and evolve these statistic? Can we Stake your token and earn Rewards?
T: One aspect of how we’re gonna evolve this statistic is enterprise adoption；The key ingredient for Big Money for their store of value and investment has to be safe & secure, and that’s why it is centralized. We see that finances getting into the blockchain are getting onto PoW consensus protocols because newer blockchains with PoS or DPoS simply cannot be trusted by Big Money, but only decentralized networks；The best examples are stable coins, which are pretty all based in Ethereum. However, Ethereum’s capacity restricts its potential to grow, due to its high fee, long confirmation time, and low throughput. One of its best enterprise use cases is Collateral & Borrow, as seen for DAI. But with Conflux, we can experience unlimited possibilities such as Credit & Borrow, and we expect enterprise adoption is one of the areas where Conflux will be picked up； As for staking, that might be a possibility in the future to motivate our community to HODL and earn rewards.
Question4 @a458895542 from BWIndian Community: Hello Tang Zhe, it is so nice that we have you in the AMA with us today. My question: How will ConfluxChain differentiate yourself from other old and a new proof of stake and solidity based blockchains? What is the current or future selling point for programmers and merchants to switch over to using ConfluxChain instead of sticking around with their familiar ones such as Ethereum?
(“हैलो तांग झे, यह बहुत अच्छा है कि हम आज हमारे साथ AMA में आप है। मेरा सवाल: कैसे ConfluxChain अपने आप को दांव और ठोसता आधारित blockchains के अन्य पुराने और नए सबूत से अलग होगा? प्रोग्रामर और व्यापारियों के लिए वर्तमान या भविष्य की बिक्री बिंदु क्या है ConfluxChain का उपयोग करने के बजाय ऐसे Ethereum के रूप में अपने परिचित लोगों के साथ चारों ओर चिपके के पर स्विच करने के लिए)
T: Guys， I just wanna say，I love the multiculturalism in BW community, they are all from different languages, that’s very cool!
Our technical team has replaced the original blockchain structure with a Tree Graph structure and replaced the longest chain and the heaviest (GHOST) with the GHAST (Greedy Heaviest Adaptive Subtree) main chain selection rule.
The chain GHOST rules made a strict mathematical proof of the correctness of the theory. The impossible triangles of performance, security and
decentralization cannot be broken, but we push performance to the current physical limits while securing security and decentralization.
In fact, the biggest difference between GHOST and GHAST is that the weights of all the blocks in GHOST are the same. We are actually moving forward in the most subtree of the selected block; GHAST is a comprehensive algorithm defined on our tree diagram, in GHAST The weight of each block is determined by the topology of all blocks before the block.
Question5 @ ngyrey from BWJapanese Community: Which protocol does Conflux use? What is the coding feature of Conflux?
Answer: What makes Conflux unique is that it is currently the highest performing POW-based public blockchain in the world, even much higher than a lot of PBFT-based Blockchains (Libra), partially decentralized public blockchains (EOS). The biggest difference with those based on PBFT and POS with Conflux is that Conflux is POW-based and is permissionless, decentralized, and secure. To put it simply, it inherits the POW Nakamoto’s Vision and achieves world-leading performance.
Question6 @ChiNgad0r from BWSpanish Community: Could you explain what’s Tree-Graph(TG) blockchain structure? What’s the biggest difference that TG has compare to multi-chain structure, Sharding and Merkle Tree structure?
(¿Podría explicar cuál es la estructura de blockchain de Tree-Graph (TG)? ¿Cuál es la mayor diferencia que TG tiene en comparación con la estructura de múltiples cadenas, la estructura de Sharding y Merkle Tree?)
T: In the so-called DAG structure, each block has only one edge in the figure, and in Conflux’s Tree-Graph structure, each block except Genesis block has two edges: the parent edge points to the father node, and There can only be one father; the reference edge points to other nodes, expressing the Happens-Before relationship between different nodes. If you only look at the parent side, the structure of the book is a tree; if you look at the parent side and the reference side at the same time, the structure of the book is a picture. The tree diagram structure refers to such a structure that contains a tree in the diagram.
Question7 @Ramafadillah92 from BWTurkey Community: so many coins in cryptospace right now so what the benefit from fc coin for investor? so investor would buy it.what is the foundation of ideas in building this project, so that it can become a promising asset.
（Şu anda kripto uzayda çok para, bu yüzden yatırımcı için fc para yararı nedir? Böylece yatırımcı satın alır. Bu projeyi inşa etmek için fikirlerin temeli nedir, böylece umut verici bir varlık haline gelebilir.）
T: Conflux is based on a simple idea: we aims to accomplish what Ethereum aren’t able to achieve. As a public blockchain, Conflux observes that developer and user adoption are the biggest challenges of the project. Ethereum has built the gateway for the developers to build Dapps onto their platform, but the poor performance of Ethereum has given the developers serious constraints to properly build the foundation of their projects. On the other hand, Users have to afford expense fees and go through complicated UX to use it. The capacity is bottled at 25–30 TPS and each transaction cost you over half a dollar.
This is the challenge over the entire blockchain community. So is Conflux. But Conflux is able to revolutionalize the blockchain system by improving the capacity by two magnitudes to over 3500 TPS and less a penny to use it for each transaction. Therefore when Conflux approaches these developers with a considerably brighter alternative, they will be naturally attractive. Conflux is already working with a few groups of blockchain developers to develop on Conflux with directions such as Data Oracles, Layer 2 Networks, Decentralized Exchanges, etc.
Question8 @Sovietrutot from BWRussian Community: The TPS for conflux mechanism could go up to 6400, that’s roughly 3times of the VISA card which we already userd every day in the normal life, so is there any financial company or institutes that conflux has already work with since your TPS has already meet certain level for business requirement? if not, why? And what’s the vision for conflux when we talking about TPS and adoption? What conflux could really do in the real life business scenario?
(Механизм TPS для механизма слияния может подняться до 6400, это примерно 3 раза по сравнению с картой VISA, которую мы уже использовали каждый день в обычной жизни, поэтому есть ли финансовые компании или институты, с которыми слияние уже работает, поскольку ваш TPS уже соответствует определенным требованиям? уровень для бизнес-требований? если нет, то почему? И каково видение слияния, когда мы говорим о TPS и усыновлении? Что в действительности может сделать слияние в бизнес-сценарии реальной жизни?)
T: Our private sale has already concluded with $35 million, sold to investors such as Sequoia, Baidu, Huobi, Binance, MetaStable etc
80% of our investors are from traditional VC space and we are already in talks with giants such as Baidu and DiDi to move some of their traditionally centralized operations onto our blockchain once our mainnet becomes live again with Conflux, we can experience unlimited possibilities such as Credit & Borrow, and we expect enterprise adoption is one of the areas where Conflux will be picked up Possibilities that can only be achieved with a super performing blockchain such as Conflux.
Section 3: Lively Question
Question9: What are the motivations behind making a Fans Coin (FC)?
T: Answer: We have concluded out private round already of $35 million, and will not be launching an ICO, IEO, or any public sale event. What we are doing is an IBO, Initial Bounty offering where we’re giving away $millions of FC tokens to anyone who contributes to the ecosystem, as we are a completely open network. The link is here: https://bounty.conflux-chain.org/.
The Bounty Program will include a wide variety of tasks, whether it’s helping Conflux develop in open source code, improving on a small widget, or promoting the Conflux community, and making an emoticon for Conflux. Everything that contributes to the Conflux ecosystem can be “bountized” and rewarded for the effort. We decided to call the reward FansCoin (FC), which is a smart contract similar to ERC-20 but developed on the Conflux Testnet. You can swap it into the Mainnet CFX of 1:1 ratio through the smart contract once the Mainnet launches in 2020Q1
Question10: Is Conflux confident that security is safe?
T: The chain GHOST rules made a strict mathematical proof of the correctness of the theory. The impossible triangles of performance, security and decentralization cannot be broken, but we push performance to the current physical limits while securing security and decentralization.
In fact, the biggest difference between GHOST and GHAST is that the weights of all the blocks in the GHOST are the same. We are actually moving forward in the most subtree of the selected block; GHAST is a comprehensive algorithm defined on our tree diagram, in GHAST The weight of each block is determined by the topology of all blocks before the block.
Question11: Why Conflux is working with BW? how you guys’ opinion on this partner as bw?:)
T: BW has caught our eye as a particularly promising exchange due to its amazing achievements so far. To build a world-class exchange, BW represents a promising solution to address the lack of trust issues in traditional exchanges and opens up opportunities for the next generation of the best and brightest players in the blockchain space.
BW is ranked #3 in Korea and top 20 worldwide, an indisputable achievement by any standard of the crypto space
Both of our projects share the core vision of enabling mainstream-ready Dapps and usher in the new decentralized paradigm. This is no small task, but by fostering meaningful partnerships we can work together to make mainstream-level blockchain adoption a reality sooner.
Conflux is honored to be collaborating with BW by joining the BW ecosystem and we look forward to assisting one another in building our decentralized future.
Thanks for watching this AMA. If you are interested in Conflux, please visit their official website: https://www.conflux-chain.org/
official Twitter: https://twitter.com/ConfluxChain
official Community: https://t.me/Conflux_English
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