LayerZero has announced a strategic partnership with Conflux aimed at expanding LayerZero’s presence into the Asia-Pacific region and revolutionizing blockchain-based SIM cards (BSIM). The SIM cards are a product of a collaboration between Conflux and China Telecom.
Conflux is a blockchain company that aims to build a multi-chain ecosystem to enable creators, communities, and markets to connect globally across borders and protocols.
Its protocol uses a Tree-Graph consensus algorithm to lower confirmation times and increase TPS (transactions per second).
Conflux utilizes a highly tested PoW (proof of work) consensus to provide increased security and anti-reentrance attack protection at the protocol level.
Its token economy is built with low fees and built-in staking interest that provides a foundation for innovative DeFi (decentralized finance) apps.
Additionally, Conflux brags that it is the only crypto company with approval to operate in China after the government banned all crypto products.
The company has partnerships with China Telecom and Little Red Book, a China-based social media platform, to provide NFTs (nonfungible token services) for Chinese users.
LayerZero is an interoperability protocol that enables direct, cross-chain transactions between blockchain networks. It allows users to move liquidity between blockchains without having to go through third-party systems, which means that a single pool of liquidity can participate in multiple DeFi applications across different chains and ecosystems.
SIM card for on-chain transfer
Details about the BSIM project reveal that it empowers users with the capability to transfer assets and messages across various blockchain networks using LayerZero’s interoperability protocol.
These blockchain-enabled SIM cards, which will undergo a pilot in Hong Kong, are designed to securely store private keys on mobile devices.
LayerZero Labs CEO Bryan Pellegrino confirmed in a statement that their integration with Conflux represents an expansion into the Asia Pacific region.
He noted that this region has a history of leading in Web3 technology. Additionally, Pellegrino mentioned that the BSIM project aims to access a portion of China Telecom’s extensive user base, which numbers 390 million users.