Conflux multichain protocol shuts down after two years
The Conflux multichain protocol, operated by Conflux Foundation, is shutting down after two years. The ShuttleFlow ecosystem, which was a key component of the protocol, will be passed on to Web3 studio Zero Gravity, who will take over its operation and development. User funds will be securely migrated from ShuttleFlow to Zero Gravity, ensuring a seamless transition. The decentralized application (dApp) will remain partially operational until January 2024, allowing users to retrieve any bridged assets. Conflux, known as the “only regulatory-compliant public blockchain in China,” had previously launched the Shuttleflow asset bridge to facilitate decentralized finance transactions and boasted a proof-of-work algorithm capable of processing up to 6,000 transactions per second. With this shutdown, the future of Conflux and its ecosystem remains uncertain.
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Conflux multichain protocol shuts down
The Conflux multichain protocol, operated and maintained by Conflux Foundation, is set to shut down after two years of operation. This decision comes as the ShuttleFlow technology stack, which powers the protocol, will be transferred to Web3 studio Zero Gravity. Zero Gravity will continue to develop the protocol under a new brand. Despite the shutdown, developers assure users that their funds are secure and will be migrated from ShuttleFlow to Zero Gravity without any additional actions needed from users.
Reasons for the shutdown
The decision to shut down the Conflux multichain protocol is primarily driven by the transfer of the ShuttleFlow technology stack to Zero Gravity. With Zero Gravity taking over development, it is necessary to close down the Conflux protocol. This transfer of ownership and development responsibility will ensure the continuity and further innovation of the protocol.
Transfer of ShuttleFlow technology stack
The ShuttleFlow technology stack, which powers the Conflux multichain protocol, will be transferred from Conflux Foundation to Zero Gravity. This transfer signifies a change in operational management and development of the protocol. Zero Gravity, as the new operator, will take over the development responsibilities and continue to improve upon the ShuttleFlow technology.
Security of user funds
Developers have assured users that all their funds on ShuttleFlow are secure during the migration process. The migration of user funds will be handled carefully and securely to ensure the safety of assets. Users who have previously bridged through ShuttleFlow and completed the claim of their bridged assets on the destination chain will not need to take any additional actions for the migration process.
Migration process for users
The migration process for users will be facilitated smoothly by the development team. Users who have bridged through ShuttleFlow and have claimed their assets on the destination chain will not experience any disruption in their access to their funds. For those who have bridged assets but have not completed the claim, there will be a transition period until January 2024 to allow them to retrieve their assets. After this period, the website and servers of ShuttleFlow will be permanently removed.
Partial operational period for dApp
Although the ShuttleFlow protocol is shutting down, the decentralized application (dApp) associated with it will remain partially operational until January 2024. This means that users who have bridged assets but have not yet claimed them will have the opportunity to retrieve their assets during this period. However, it is important for users to complete the process within this timeframe as the dApp operations will cease after January 2024.
Removal of website and servers
After the migration process is complete and the partial operational period for the dApp ends, the website and servers of ShuttleFlow will be permanently removed. This is part of the shutdown process and aims to ensure a smooth transition and prevent any confusion or access to outdated resources. Users are advised to complete any necessary actions and retrieve their assets before the removal of the website and servers.
Background on Conflux
Introduction to Conflux multichain protocol
The Conflux multichain protocol is a layer-1 blockchain solution that has been in operation for two years. It utilizes a hybrid proof-of-work and proof-of-stake consensus mechanism to validate transactions and secure the network. The protocol has gained recognition for its regulatory compliance in China, positioning itself as the only public blockchain that adheres to the regulations set by the Shanghai Municipal People’s Government.
Proof-of-work and proof-of-stake consensus
The Conflux multichain protocol operates on a hybrid consensus mechanism, combining both proof-of-work (PoW) and proof-of-stake (PoS) algorithms. This hybrid approach aims to leverage the strengths of both algorithms, ensuring a secure and efficient network. The PoW algorithm provides the initial validation and security for transactions, while the PoS algorithm allows stakeholders to participate in the consensus process and earn rewards.
Support from Shanghai Municipal People’s Government
Conflux multichain protocol has received support from the Shanghai Municipal People’s Government, further strengthening its position as a leading public blockchain in China. This support underscores the protocol’s commitment to regulatory compliance and its alignment with the government’s vision for blockchain technology.
Regulatory compliance in China
One of the key features of the Conflux multichain protocol is its regulatory compliance in China. The protocol has undergone scrutiny and has met the necessary requirements to operate within the legal framework of the country. This compliance provides users with confidence in the protocol’s legitimacy and ensures that it operates within the boundaries set by the Chinese government.
Partnership with China Telecom
Description of partnership
Earlier this year, Conflux Foundation announced a partnership with China Telecom, one of the largest telecommunications companies in China. This partnership aimed to develop a blockchain SIM card, leveraging the capabilities of Conflux’s multichain protocol. The collaboration with China Telecom showcased the potential for blockchain technology to revolutionize traditional industries and create new opportunities.
Goals of developing a blockchain SIM card
The development of a blockchain SIM card through the partnership with China Telecom had several goals. One of the main objectives was to explore the integration of blockchain technology into the telecommunications sector, enhancing security and efficiency. Additionally, the blockchain SIM card aimed to enable secure and transparent mobile transactions while providing users with greater control over their data and privacy.
ShuttleFlow asset bridge
Purpose and launch
In 2021, Conflux launched the ShuttleFlow asset bridge as part of its efforts to onboard users to decentralized finance (DeFi) platforms. The asset bridge was designed to facilitate the seamless transfer of assets between different blockchain networks, enabling users to take advantage of various DeFi opportunities. The launch of the ShuttleFlow asset bridge marked a significant milestone for Conflux in expanding the accessibility and interoperability of its multichain protocol.
Transaction capacity
The ShuttleFlow asset bridge boasted an impressive transaction capacity, capable of handling up to 6,000 transactions per second. This high transaction capacity allowed users to bridge their assets quickly and efficiently, reducing any potential bottlenecks and delays in the process. The robust transaction capacity of the asset bridge provided users with a seamless and hassle-free experience when utilizing the Conflux multichain protocol.
Integration with Zero Gravity’s dApp
As part of the shutdown and transfer of the ShuttleFlow technology stack, the asset bridge will now be operated and developed by Zero Gravity. This integration will further enhance the capabilities of Zero Gravity’s decentralized application (dApp) by incorporating the functionality of the ShuttleFlow asset bridge. The integration aims to provide users with a comprehensive and user-friendly experience when transacting across different blockchain networks.
Implications for the blockchain industry
Impact on multichain protocols
The shutdown of the Conflux multichain protocol and the transfer of the ShuttleFlow technology stack highlight the dynamic nature of the blockchain industry. It underscores the importance of continuous development and innovation to stay relevant in a rapidly evolving ecosystem. The impact of this shutdown and transfer on other multichain protocols remains to be seen, but it serves as a reminder that collaboration and adaptation are vital for success in this industry.
Potential challenges and opportunities
While the shutdown of the Conflux multichain protocol may present challenges for users who need to migrate their assets, it also brings opportunities for growth and improvement. The integration with Zero Gravity allows for further development and refinement of the ShuttleFlow asset bridge, potentially leading to enhanced features, increased transaction capacity, and improved user experience. Additionally, this transition may open doors for new partnerships and collaborations within the blockchain industry.
Effects on decentralized finance
The Conflux multichain protocol and the ShuttleFlow asset bridge played a significant role in advancing decentralized finance (DeFi) adoption by providing users with a seamless bridging solution. The shutdown and transfer of the technology stack may temporarily disrupt DeFi activities for Conflux users. However, with the integration of the ShuttleFlow asset bridge into Zero Gravity’s dApp, users will still have access to DeFi opportunities, albeit through a different platform. This shift highlights the resilience and adaptability of the DeFi ecosystem.
The role of ShuttleFlow in onboarding users
Benefits and features of ShuttleFlow
ShuttleFlow, as an ecosystem multichain protocol, offered several benefits and features to users. One of the main advantages was its ability to facilitate the seamless transfer of assets between different blockchain networks, eliminating the need for complex and time-consuming manual processes. Additionally, the high transaction capacity of the asset bridge ensured quick and efficient asset bridging, enhancing the overall user experience.
Usage statistics and adoption rate
The adoption rate of ShuttleFlow has been steadily increasing since its launch, indicating its effectiveness in onboarding users to the Conflux multichain protocol and the broader blockchain ecosystem. The usage statistics demonstrate the value and demand for a user-friendly and efficient asset bridging solution. The positive reception of ShuttleFlow further solidifies its significance in the industry.
Transition to Zero Gravity
Plans for developing the protocol under a new brand
Zero Gravity, the new operator of the Conflux multichain protocol, has outlined its plans for developing the protocol under a new brand. This rebranding signifies a new chapter for the protocol and reflects the commitment of Zero Gravity to further enhance the technology and user experience. Users can expect continued development and improvements under the new brand, ensuring the protocol’s competitiveness in the blockchain industry.
Role of Zero Gravity in the future of ShuttleFlow
Zero Gravity’s involvement in the future of ShuttleFlow is significant, as it will involve the operation and development of the ShuttleFlow asset bridge. Zero Gravity aims to leverage the existing features and capabilities of the asset bridge while incorporating its expertise and resources to enhance its functionality. The role of Zero Gravity in the future of ShuttleFlow will be instrumental in shaping the protocol’s trajectory and ensuring its continued success.
Integration with bridging aggregator
Zero Gravity intends to integrate the ShuttleFlow asset bridge with its bridging aggregator, providing users with a comprehensive and seamless experience when bridging assets between different blockchain networks. This integration aims to streamline the asset bridging process, minimizing any potential friction or complexities. The collaboration between the ShuttleFlow asset bridge and the bridging aggregator reflects the synergy between different protocols and projects within the blockchain ecosystem.
Security measures for user funds
Guarantees for the safety of user funds
Developers have taken extensive measures to ensure the safety of user funds during the migration process. Users can have confidence in the security protocols implemented by the development team to safeguard their assets. The migration process will be carried out with the utmost care and diligence to minimize any risks or vulnerabilities.
Migrating funds from ShuttleFlow to Zero Gravity
The migration process for user funds from ShuttleFlow to Zero Gravity will be handled by the development team in a secure and efficient manner. Users can expect a seamless transition of their assets to the new protocol, eliminating any concerns about the safety or accessibility of their funds. The development team will provide detailed instructions and support to guide users through the migration process.
User responsibilities in the migration process
While the development team will take on the bulk of the migration process, users also have responsibilities to ensure a smooth transition. Users should follow the instructions provided by the development team and take any necessary actions to facilitate the migration of their assets. It is important for users to stay informed and proactive during this process to avoid any delays or complications.
Retrieval of bridged assets
Timeline for asset retrieval
Users who have bridged assets through ShuttleFlow but have not yet claimed them will have a designated timeframe to retrieve their assets. The timeline for asset retrieval will extend until January 2024, allowing users ample time to complete the necessary steps and claim their assets. It is crucial for users to adhere to this timeline to ensure a successful retrieval process.
Process for claiming assets on the destination chain
The process for claiming assets on the destination chain will be communicated to users by the development team. Users should follow the provided instructions and complete the necessary actions to claim their assets. The development team will provide support and guidance throughout this process to address any questions or concerns that users may have.
Support for users who have not claimed their assets
Users who have bridged assets through ShuttleFlow but have not yet claimed them will receive support from the development team during the retrieval process. The team will be available to assist users and address any issues that may arise. It is important for users to reach out for support if needed to ensure a successful retrieval of their assets.
Conclusion
The shutdown of the Conflux multichain protocol and the transfer of the ShuttleFlow technology stack mark a significant shift in the blockchain industry. This decision, driven by the need for continued development and innovation, presents challenges and opportunities for users and developers alike. The integration of the ShuttleFlow asset bridge with Zero Gravity’s dApp promises enhanced functionality, while the security measures in place ensure the safety of user funds. Ultimately, this transition signifies the resilience and adaptability of the blockchain industry, shaping its future trajectory. Lessons learned from this process will serve as a foundation for growth and improvement in the years to come.
Source: https://cointelegraph.com/news/conflux-multichain-blockchain-protocol-shuts-down
