Conflux Network, a state-endorsed public, permissionless blockchain project out of China, today has announced a strategic technical partnership of its cross-chain protocol with ICON Foundation, the catalyst of the largest blockchain network in South Korea powering numerous decentralized applications run by enterprises, government, and financial institutions.
Through leveraging one another’s interoperability technology – Conflux’s Shutteflow and ICON’s Blockchain Transmission Protocol – the partnership enables increased growth potential for Conflux and ICON, as development on one network can bring volume and transactions to the other.
ICON’s recently developed smart contract technology, Blockchain Transmission Protocol (BTP), handles on-chain communication and facilitates the transfer of value, service invocation, and data exchange between networks through a uniform and standardized send-and-receive process, maximizing token and enterprise data exchanges, and ultimately, cross-chain interoperability.
“In collaboration with BTP, Conflux Network can now gain access to ICON’s growing ecosystem, including its digital identity solutions, such as myID” said Eden Dhaliwal, Global Managing Director at Conflux. “Paired with ICON’s expertise in decentralized identity and inclusion into the South Korean fintech space, our partnership will continue to foster scalable, secure, and extensible interoperability technology to Conflux’s growing ecosystem.”
In a similar fashion, ICON will leverage Conflux’s cross-chain asset protocol, ShuttleFlow, to connect Conflux Network’s growing decentralized finance (DeFi) space with ICON’s ecosystem. ShuttleFlow involves multi-signature wallets and custodian nodes, which monitor wallets, initiate burn/mint transactions, and lock/unlock assets on not only Conflux Network but also a wide variety of other networks.
“After speaking with the Conflux team, it’s clear that we had the same intentions for growing adoption in our respective markets while building applications with real-world use,” said Ricky Dodds, Strategy Lead at ICON. “We are excited to partner with Conflux to expand our global connectivity, as South Korea and China continue to bring blockchain more mainstream, and interoperability – using BTP and ShuttleFlow – will allow applications to grow and strengthen the expanding market potential in both countries.”
By leveraging one another’s cross-chain protocols, industry clients, developer, and user communities, and national support entities, Conflux Network and ICON can continue to foster a connected, global ecosystem in which blockchain technology is interoperable throughout endless industry applications and growing networks.