Conflux Tree Graph Blockchain System 2.0 released, providing digital identities for people in the "metaverse"

"Conflux Tree Graph Blockchain Public Chain System 2.0" adds a virtual shard that is fully compatible with the "Ethereum" ecosystem.

At the 2022 Shanghai Blockchain Innovation Strategy Promotion Conference and Major Achievements Release Conference held today, the Shanghai TreeGraph Blockchain Research Institute released the "Conflux TreeGraph Blockchain Public Chain System 2.0". As a third-generation public chain with the number of dynamic nodes ranking among the top three in the world, the TreeGraph Blockchain will support the "Metaverse" and "Web3.0" industries on a large scale, release the production capacity of digital information industries such as VR (virtual reality), AR (augmented reality), online games, and artificial intelligence, and help the intensive leapfrog growth of the digital economy.

Wang Ye, deputy director of the Municipal Science and Technology Commission, said that blockchain technology is one of the key core technologies of the digital economy, and the development of a blockchain public chain system is a highly competitive international track. The Conflux blockchain was independently developed by young Chinese scientists, and its superior performance has been proven in practice.

At present, the number of accounts in the TreeGraph blockchain public chain system has exceeded 10 million, the number of smart contracts has exceeded 6,000, and the number of transactions processed per day has reached 300,000 to 500,000. Without sacrificing security and decentralization, the "Conflux TreeGraph blockchain public chain system 1.0" has broken through the bottleneck of transaction throughput and confirmation time of the blockchain public chain, and can process more than 3,000 transactions per second, which is 428 times the first-generation public chain "Bitcoin" system and 75 times the second-generation public chain "Ethereum" system. It is called the third-generation public chain by the industry.

After more than a year of research and development, the "Conflux TreeGraph Blockchain Public Chain System 2.0" has been launched. Professor Long Fan, director of the Shanghai TreeGraph Blockchain Research Institute, said that compared with the 1.0 version of the system, the 2.0 version has achieved three aspects of upgrades and iterations.

First, a final confirmation mechanism using proof of stake (PoS) has been added. This upgrade confirms the status of the blockchain through PoS voting, which not only improves the security of the system and enhances the ability to resist 51% attacks, but also simplifies the confirmation rules, making the TreeGraph blockchain system more friendly to developers and users.

Second, a virtual shard, Conflux eSpace, has been added that is fully compatible with the Ethereum ecosystem. It functions similarly to running a Windows virtual machine on an Apple computer, which can run Windows applications. With Conflux eSpace, users can easily use existing tools in the Ethereum ecosystem to directly access the TreeGraph blockchain. This update makes the TreeGraph blockchain system more developer- and user-friendly and easier to migrate.

Third, it supports BLS signature technology, which improves the efficiency of voting on the blockchain. This technology can aggregate many digital signatures into a very short signature, which can not only improve the efficiency of PoS consensus voting, but also play a role in DAO (distributed autonomous organization) and other blockchain applications.

"The prosperity of the Conflux TreeGraph blockchain public chain system ecosystem is the most important task at present besides the research and development of TreeGraph technology. We hope that more and more blockchain applications can be deployed on the TreeGraph blockchain system." Long Fan said. In his view, data is the foundation of the digital economy, and data rights and interests are the biggest difference between the "Web3.0" and "Metaverse" eras and the "Web2.0" eras. At present, we can rely on TreeGraph's leading blockchain technology advantages to proactively plan the construction of digital identities for enterprises and natural persons, because digital identity is the basis of data rights and interests, and it is also one of the foundations of urban digital transformation. "'Metaverse' is not a simple superposition of multiple information technologies or digital twins. Data rights and interests are an important direction for the future development of the Internet."