BSIM: Hong Kong's Blockchain-Based SIM Card
Conflux Network,a public blockchain, in partnership with China Telecom, China's second largest wireless communication operator, has unveiled its inaugural blockchain-based SIM card (BSIM).
The BSIM card grants users the ability to tap into blockchain-based functions, encompassing chain data storage, digital identity validation, and asset management. Information from Conflux suggests that BSIM can notably boost smartphone security, shielding them against cyber-attacks.
At the launch of the new SIM card, Ming Wu, the co-founder of the Conflux network and its Chief Technical Officer, transferred a commemorative NFT from the Conflux BSIM wallet to the China Telecom wallet. Such a move underscored the collaborative spirit and shared ambitions of both enterprises.
Fan Long, Conflux's founder and the President of the Tree-Graph Research Institute, communicated that the BSIM card appears just like an ordinary SIM card and is fully compatible with Android and IOS operating systems. However, the BSIM holds a substantial edge over a standard SIM card in terms of memory capacity and data transmission speed, outperforming it by 10-20 times.
In the subsequent phase, the BSIM card will be subjected to extensive and meticulous testing during a pilot project in Hong Kong, a city aiming to position itself as a global hub for the cryptocurrency and Web3 industry. Upon the pilot's completion, BSIM will be made available for purchase in mainland China and foreign markets.
The Tree-Graph Research Institute, founded in 2020, is committed to fostering comprehensive development of the Conflux blockchain. It garners robust backing from the municipal government of Shanghai.
The Institute is actively engaged in the development of IEEE P3217, an international blockchain standard that defines and outlines interface formats between blockchain and decentralized applications (dApps). As reported by the Xinhua News Agency, the finalized version of IEEE P3217 is set to be released in June 2023.
Established in 2018, the Conflux Network is an L1-blockchain aiming to serve as China's sole public blockchain in compliance with regulatory standards. Beyond that, Conflux Network is actively working with a range of businesses and government bodies on the development of blockchain projects and the country's metaverse.
Following the unveiling of the BSIM card, the value of the CFX coin surged by over 15%, reaching a ten-day peak at $0.31.
Conflux enhances the transfer of assets by providing speed, efficiency, and low-cost transactions without congesting the network. The blockchain platform operates on the Tree-Graph consensus mechanism, which is a hybrid of the Proof-of-Work (PoW) and Proof-of-Stake (PoS) algorithms. The protocol leverages Turing smart contracts, written in Solidity similar to Ethereum, and is compatible with EVM (Ethereum Virtual Machine).
With a market capitalization of over $857.6 million, the CFX coin currently ranks 55th on CoinMarketCap.
