Conflux Launches Blockchain SIM for Crypto Investors in Asia - Revolutionizing Mobile Transactions!
Chinese blockchain startup Conflux Network has developed a SIM card that enables crypto investors to manage their digital assets through smartphones securely.
Key Takeaways
- The SIM card leverages blockchain technology.
- Provide enhanced security and privacy features for crypto transactions.
- Bitcoin has held steady near the $27,300 mark.
- Following the Federal Reserve’s decision to maintain its current monetary policy stance.
Price:
Bitcoin and most other major cryptocurrencies fell after the Federal Reserve hiked interest rates by 25 basis points.
Insight:
In a Q&A with his CoinDesk, chief technology officer of his platform Conflux, Smart, his contract says the company’s blockchain-enabled SIM card (BSIM) offers security and convenience.
A Day Full Of Hope Ends In A Slump.
The U.S. Federal Reserve (Fed) has taken the apparent path of least resistance, raising interest rates by 25 basis points after a banking crisis that shook confidence in traditional financial services firms and the strength of the U.S. dollar. It dashed investors’ hopes of turning more dovish.
“Risk aversion drives bitcoin lower as market anxiety returns amid bank concerns and a rapidly weakening economy,”
Edward Moya, the senior market analyst at forex market maker Oanda, said in an email.
“The Fed may have completed tightening, but the risk of something else breaking in the financial sector remains high.”
Meanwhile, the crypto world had warned that the U.S. Securities and Exchange Commission (SEC) is seeking enforcement action against cryptocurrency exchange Coinbase for security breaches, prompting Tron founder Justin Sun.
To receive the latest shock when it filed a lawsuit against the company for allegedly selling and dumping unregistered items. Submission of securities. Fraud and Market Manipulation. Tron was recently down 10%.
Pandas Moya Described The Allegations Against Sun As “Local.”
“Market manipulation is one of the parts crypto world that still has yet to be cleaned up and is even close to fully being addressed,” he wrote.
How Does A BSIM Card Work, How Is It Different From A Standard SIM Card?
A BSIM card essentially integrates hardware crypto wallet functionality into the SIM card. A user’s public and private keys can be managed and stored on the card, and digital signatures can be performed to prevent the private key from leaving the card.
BSIM cards also allow for encrypted storage and retrieval of keys. BSIM cards have more than 10 times the storage capacity and computing power of traditional SIM cards.
Tokens from the Conflux blockchain have been one of the top performers of the year, up 1,700% since January 1, from 2 cents over 40 cents, quickly reaching a market cap of over $800 million.
This growth is due mainly to Coinflux’s deep roots in China and its blockchain-enabled SIM card (BSIM), which is touted as the unique gateway for everyday users to interact with cryptocurrency-based applications.
These will build these with China Telecom, China’s second-largest mobile operator with an estimated 390 million subscribers, CoinDesk reports. China He Telecom plans to launch its first BSIM pilot program in Hong Kong later this year, and he said at the time, Conflux Network. This could be followed by pilot projects in key locations in mainland China such as Shanghai.