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Elastos is teaming up with Conflux, known as the “Chinese Ethereum,” to simplify blockchain interactions globally. This partnership aims to make Bitcoin transactions and exchanges smoother using Conflux’s strong infrastructure and Elastos’ advanced BeL2 technology.
Conflux is special because it’s the only regulatory-compliant, public, and permissionless blockchain in China. This opens up big opportunities, especially in Asia. Conflux processes transactions quickly and securely, supports asset transfers between different blockchains, and can handle a lot of transactions at once without any slowdowns. It also has a built-in system for staking, which rewards users, and a unique fee structure that makes it easy for new users to join. The whole system runs on the CFX token, which is central to its economy.
Asian Markets and the launch of Hong Kong’s First HKD-Backed Stablecoin
Conflux is perfectly positioned to open up blockchain adoption in Asia. By complying with Chinese regulations, it can facilitate blockchain growth in this highly potential region. Conflux has partnered with fintech company AnchorX to launch Hong Kong’s first Hong Kong dollar-backed stablecoin, called axHKD. This stablecoin integrates traditional finance with blockchain, making cross-border transactions and virtual asset trading easier and more efficient.
The Power of BeL2
BeL2 technology enables Bitcoin to interact with smart contracts on other blockchains, expanding its use. It allows developers to create decentralized applications (DApps) using Bitcoin’s security and liquidity. BeL2 focuses on making cross-chain interactions and smart contract integrations smoother, enhancing Bitcoin’s capabilities.
New Financial Opportunities
With the launch of the axHKD stablecoin, new financial opportunities arise. Bitcoin holders will be able to use BeL2 to take out loans in stablecoins, using their BTC as collateral, but without bridging it like traditional wrapped alternatives. This introduces Bitcoin maximalists to traditional finance without selling assets, while allowing lenders to work with Bitcoin holders to offer secure finance services and earn interest. To learn more about BeL2’s loan DApp, read here. To watch a demo video, check out at Elacity!
How We Collaborate
- Enhanced Transactions: BeL2 allows Conflux users to perform Bitcoin transactions securely and efficiently.
- Cross-Chain Exchanges: BeL2 enables seamless exchanges between Bitcoin and other assets.
- Smart Contract Integration: BeL2 facilitates new DeFi applications by integrating Bitcoin with smart contracts.
- Loan App: Bitcoin holders can use their BTC as collateral for loans in stablecoins like axHKD, bridging traditional and digital finance.
Making the SmartWeb a Reality
Combining Conflux’s infrastructure with BeL2’s capabilities paves the way for the SmartWeb, a decentralized internet enhancing security, privacy, and control over digital assets. Excited to learn more? Head over to the BeL2 website and follow Infinity for the latest updates!
