Conflux Network Partners with China Telecom to Develop Blockchain SIM Cards, Driving 134% Surge in CFX Token

• China Telecom, China’s second-largest telecom provider pairs up with Conflux (CFX) to create blockchain-enabled SIM cards
• Conflux explained that the blockchain-enabled SIM card, or BSIM card, is designed to securely manage and store a user’s public and private keys within the card.

China Telecom and Conflux Partner to Develop Blockchain-Enabled SIM Cards

China Telecom, China’s second-largest telecom provider, and Conflux (CFX) have partnered to develop blockchain-enabled SIM cards. The initial trial of the project will take place in Hong Kong, which is making significant efforts to become Asia’s main cryptographic technology hub.

Conflux explained that the blockchain-enabled SIM card, or BSIM card, is designed to safely manage and store a user’s public and private keys within the card, while also enabling digital signatures without the private key ever leaving the card. The BSIM card also offers encrypted storage and key retrieval capabilities.

This means that users who transition to the BSIM card can securely store their digital assets, conveniently transfer them, and display them across a wide range of applications.

Conflux is a public blockchain network that aims to improve the security of existing blockchain platforms by using a new consensus algorithm called Tree-Graph. Tree-Graph is a novel approach to blockchain consensus that combines elements of the Proof of Work and the Practical Byzantine Fault Tolerance consensus mechanisms.

One of the key features of the Conflux network is its scalability. Scalability refers to the ability of a blockchain to handle a high volume of transactions quickly. The Tree-Graph algorithm allows for the creation of multiple parallel chains, which helps to improve the network’s scalability.

Conflux also has a built-in mechanism for cross-chain communication, enabling the interaction of different chains in the Conflux network.

The partnership between China Telecom and Conflux is a significant development for the blockchain industry. It shows that major telecom providers are starting to take notice of the potential of blockchain technology.

The development of blockchain-enabled SIM cards could have a major impact on the way we interact with the internet. It could make it easier and more secure to store and transfer digital assets, and it could also open up new possibilities for cross-chain communication.

The price of CFX has spiked by 44.9% in the 24-hour timeframe, fueled by the positive news of the partnership. CFX is still down by over 95% from its all-time high, but the partnership with China Telecom could be a sign of things to come for the project.