Conflux surges 134% following partnership to develop blockchain SIM cards
Alongside its surge in price, Conflux's foundation has burnt close to 500 Million CFX tokens in a bid to make it less inflationary.
Conflux Network (CFX) surged 134% in the last 24 hours to $0.14460 at the time of writing, according to CryptoSlate’s data.
The surge in price follows from the Conflux Network scoring a partnership on Feb. 15 with the second largest wireless carrier in China — China Telecom — to develop Blockchain-enabled SIM cards (BSIM).
What are blockchain SIM cards?
Conflux Network said the BSIM would manage and store the user’s public and private keys in the card and carry out digital signatures so that the private key does not exit the card.
“The BSIM card integrates Conflux’s Tree-graph, dual proof-of-stake, and proof-of-work technology, enabling the highest system performance for any blockchain in the world.”
The technology is designed to make mobile phones the key to entering the Web3 and metaverse, according to a promotional video seen by CryptoSlate.
BSIM’s pilot program would be launched in Hong Kong later this year, with other pilots expected in places like Shanghai, according to the press statement.
Conflux gains ground in China
Meanwhile, this is not the first partnership Conflux would be getting from the Asian country.
The Chinese app Little Red Book integrated the blockchain network to allow its users to mint non-fungible tokens (NFTs) that can be displayed on their profile pages.
CFX is one of the best-performing digital assets in the current year — the project’s foundation has burnt close to 500 Million CFX tokens in a bid to make it less inflationary.
The token has risen by 129% in the last seven days and 381% in the previous 30 days, according to CryptoSlate data.