Conflux rises 14% after news of blockchain sim card launch
Conflux token rises 14% after China unveils blockchain-enabled sim card
China's state-owned China Telecom and Conflux Network unveiled in Shanghai the first sim card that supports the technology needed for digital assets and other Web3 activities
The Conflux cryptocurrency (CFX) rose 14 percent after reports that China Telecom and blockchain company Conflux Network unveiled the first blockchain-enabled sim card (BSIM). The value of the coin rose from $0.28 to $0.32. According to CoinGecko, as of 2:50 p.m. Moscow time, CFX is trading around $0.31.
China Telecom, China's largest state-owned telecommunications company, the country's second-largest wireless operator, and blockchain company Conflux Network publicly conducted the first operation using a jointly developed blockchain-based sim card in Shanghai on May 16. During the presentation, Conflux Network tech director and co-founder Wu Ming successfully transferred a memorable NFT from Shanghai Conflux Research Institute's (ShuTu) BSIM card to China Telecom's BSIM card.
With a form almost identical to traditional SIM cards, the BSIM is fully compatible with Android and iOS cell phones, and its storage capacity and processing power are tens of times greater than conventional SIM cards, according to the press release.
In addition to traditional functions, the BSIM card has the ability to generate and store users' public and private keys in encrypted form and support digital signatures, using hardware-based security mechanisms to protect personal data.
BSIM is only the first step toward blockchain adoption, with partners exploring a variety of application scenarios for the technology, Li Anming, deputy dean of the China Telecom Group Research Institute, said.
He noted that the card will first be implemented in Hunan province, according to a local eastmoney portal. It will be promoted for digital asset management, digital identity, IoT (Internet of Things) devices, and other Web3 scenarios.
The card was announced back in February. At the time, Conflux said a pilot program would be launched before the end of the year in Hong Kong.