Xi Jinping Praises Blockchain Exec in Open Letter
On June 12, Chinese President Xi Jinping penned an open letter deeply commending Andrew Chi-Chih Yao, the leading scientist behind the Conflux network and a distinguished professor at Tsinghua University. Xi expressed his admiration, noting that over the past two decades since Yao returned to China to teach, he has embodied patriotism through his dedicated service to the nation. The president acknowledged Yao’s significant contributions to Tsinghua University, highlighting his remarkable achievements in both education and scientific research.
Xi Jinping further encouraged Yao to continue his innovative endeavors and to strive towards nurturing innovative talents. He stressed the importance of promoting interdisciplinary and advanced innovation, and of establishing a high-level training base for talent in science and technology. Xi expressed his confidence in Yao’s ability to contribute to China’s scientific and technological self-reliance and emphasized his ongoing support for Yao’s efforts in strengthening the country’s educational and technological framework.
The Conflux network, which Yao is chiefly involved with, is a layer-1 blockchain. It operates using a hybrid proof-of-work and proof-of-stake consensus mechanism and is managed by the Conflux Foundation, also referred to as the Shanghai Tree-Graph Blockchain Research Institute. The Shanghai Municipal People’s Government supports this project, which asserts itself as China’s only regulatory-compliant public blockchain.
On April 1, the Chinese Government announced a new public blockchain infrastructure platform spearheaded by the Conflux Network, titled the “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative.” This initiative aims to provide a foundational public blockchain to support cross-border applications within the Belt and Road framework. According to government statements, the project’s primary goal is to facilitate the implementation of international cooperation projects along the Belt and Road Initiative, fostering greater integration and collaboration.
The creation of this platform is significant as it positions Conflux as a unique entity within China. Unlike other cryptocurrency projects, Conflux has a distinct relationship with the Chinese government. Despite the country’s stringent regulations on cryptocurrency, including a comprehensive ban on initial coin offerings (ICOs) and crypto trading, Conflux continues to operate its own token.
As of the current publication, Conflux’s token trades at $0.1947. It boasts a fully diluted market capitalization of $975 million, showcasing the project’s substantial presence in the digital currency sphere. The development and support of such a project under stringent regulatory conditions point to potential governmental endorsement, which is atypical for blockchain projects in China.
Conflux’s status as the only compliant public blockchain within the rigorous Chinese regulatory landscape underscores its unique positioning. This governmental backing might be a key factor enabling its ongoing operations and notable token performance, despite the broader crypto trading ban in the country.
Throughout his educational and scientific journey, Andrew Chi-Chih Yao has not only contributed to academia but also played a pivotal role in advancing China’s technological frontiers. This recognition from the highest level of the Chinese government is a testament to Yao’s impactful work and the potential of the Conflux network to drive technological innovation within China and beyond.
The acknowledgment from President Xi Jinping highlights Andrew Yao’s contributions to China’s education and technological sectors. The continued support from the Chinese government for projects like Conflux illustrates the strategic importance placed on blockchain technology as a driver of innovation and cross-border collaboration in the future.
32 thoughts on “Xi Jinping Praises Blockchain Exec in Open Letter”
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Theres a lot of praise for Yao, but at what cost to the broader tech ecosystem in China? Selective support isnt the answer.
Kudos to Yao for pushing the boundaries of tech innovation in China! His recognition by President Xi is well-deserved.
This feels like another move by the government to control the narrative around blockchain tech. Are we supposed to ignore the ICO and trading bans now?
A huge congrats to Andrew Chi-Chih Yao! His efforts and dedication to China’s scientific advancements are truly inspiring.
It’s great that Yao is acknowledged, but how about supporting the wider community of Chinese innovators rather than selectively promoting compliant projects?
What an honor for Yao! His pioneering work in blockchain technology and education deserves every bit of this recognition. 👏🧠
So, the government bans crypto trading and yet backs this project? Hypocrisy at its finest!
Thrilled to see Yao’s hard work and dedication getting acknowledged at such a high level. His contributions are invaluable!
Wow, an incredibly well-deserved recognition for Andrew Chi-Chih Yao! His contributions to Tsinghua University and China’s tech advances are truly commendable. 🙌
Yaos dedication to Tsinghua University and to national progress is inspiring. Congratulations on this high commendation!
Continual support from the government for Conflux is a clear sign of how crucial Yao’s work is. Exciting times ahead!
The Belt and Road Initiative’s blockchain infrastructure platform is such a promising venture. Great work, Yao and the Conflux team!
Token performance means little when its artificially supported by government policies. True innovation can’t flourish under such constraints.
The Conflux network is definitely making waves thanks to Yaos leadership. Excited to see what the future holds for blockchain in China!
It’s hard to take this seriously when Conflux seems to be the only “compliant” blockchain. What about the rest of the crypto projects suffocated by these strict regulations?
The Conflux network’s compliance and innovation are game-changing for China’s tech landscape. Cheers to Yao for leading the charge! 🌟🔬
High praises to Professor Yao for his relentless pursuit of innovation and excellence. China’s tech future looks bright!
Absolutely delighted to see Yaos hard work and impact being recognized at the national level.
It’s such an honor to have Yao’s work celebrated by President Xi. His dedication to education and technology is a true asset to China!
President Xi’s words of encouragement and support for Yao’s work at Conflux is a significant boost to blockchain innovation in China. Keep going strong! 🇨🇳💪
Exciting to see the Chinese government supporting blockchain projects like Conflux! Props to Yao for leading this innovation.
An incredible moment for Yao and the Conflux network! Their advancements in blockchain tech are ushering in a new era of innovation.
Yao may have made significant contributions, but the restrictive environment around blockchain in China cannot be overlooked. Real progress needs freedom!
It’s amazing to see the Conflux network getting such high-level recognition. Yao is truly a genius driving China forward in technology and education.
Such a proud moment for Tsinghua University. Andrew Yao’s innovative work truly shines as a beacon of progress and excellence. 🌟🎓
Yao’s efforts in education and blockchain tech are truly commendable. With the support of the Chinese government, great things are on the horizon!
Sure, the Conflux token trades at $0.1947, but whats its real value if its propped up by government backing? Market manipulation much?
Xi Jinping’s praise means nothing when independent blockchain projects get crushed under Chinas regulations. Support for one doesn’t fix a broken system.
A standing ovation to Mr. Yao for his significant contributions. With government backing, the Conflux network is set for great success! 🌐🌟
Kudos to Andrew Chi-Chih Yao for his visionary work in blockchain and tech! His recognition by President Xi is truly well-earned.
This letter from Xi Jinping feels more like a PR stunt than genuine support for innovation. The double standards are glaring.
President Xis praise for Andrew Yao’s contributions sends a strong message of support for blockchain innovation in China. Well-deserved!