​CFX token rate rises by 14% after blockchain-enabled SIM cards are released

What’s new? On May 16, the rate of the CFX token of the Conflux Network blockchain gained 14% overnight to reach $0,3227. The increase came on the back of the company’s announcement that it began issuing blockchain-enabled BSIM SIM cards. The project was implemented with the participation of the Chinese state telecommunications company China Telecom. By 13:30 UTC, CFX corrected to $0,121, according to Binance.

Press release

Conflux is an open, interoperable, and scalable Layer 1 (L1) blockchain, that runs on a hybrid consensus algorithm combining Proof of Work (PoW) and Proof of Stake (PoS), providing high transaction speeds and low fees. It is the only open blockchain that complies with PRC regulations. It cooperates with Shanghai authorities and McDonald’s China.

What else is known? On May 16, the parties conducted their first public transaction using a new SIM card, in which Conflux co-founder Wu Ming transferred a non-fungible token (NFT) from one card to another. According to Li Anmin, Deputy Dean of the Research Institute at China Telecom Group, the implementation of BSIM will start in Hunan province and will be just the first step toward blockchain adoption.

BSIM will be used for work with digital assets, digital identity authentication, interaction with IoT devices, and other Web 3.0 scenarios.

BSIM is a fully compatible SIM card with Android and iOS cell phones. In this, its memory capacity and processing power are tens of times greater than those of classic SIM cards. With BSIM, one can generate and store encrypted private keys, and securely store, transfer, and display one’s digital assets in a variety of applications.

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Conflux Network and China Telecom began developing the SIM card in February. Back then, on the back of news of their collaboration, the CFX rate jumped by 48% to $0,0778. And on January 27, the CFX rate rose by 143% following the integration of blockchain into the Chinese social network and e-commerce platform Little Red Book (Xiaohongshu).