On May 8, Bitcoin DevCon hosted by UTXO Management came to a successful conclusion at the Hong Kong Science Park. Dr. Wu Ming, co-founder and CTO of Conflux, was invited to attend this year's Bitcoin DevCon and delivered a keynote speech titled "Towards the Ultimate Security, Efficiency, and Customizability with BTC Ecosystem" on the same day, sharing Conflux's upcoming new Layer3 architecture with developers and many project parties.
This year’s Bitcoin DevCon focuses on Bitcoin Layer2, aiming to promote the development of Bitcoin innovation and technology and create an important platform for developers and innovators to shape the future of Bitcoin. The hackathon on May 7th focused on Bitcoin Layer2 solutions, while the Demo Day on the 8th showcased innovation and wisdom in the Bitcoin field.
In his speech, Dr. Wu Ming mentioned that today’s high-performance blockchain has met the needs of low-cost and high-frequency transactions, and has increased the diversity of Web3 applications and the possibility of large-scale applications, but people are obsessed with MEME Coin and have forgotten that the original intention of blockchain is to “reduce the cost of trust.” He said that the security of blockchain is precisely the key factor in whether Web3 can accept large-scale users and carry the inflow of traditional capital in the future.
Since entering 2024, concepts such as modularity, security sharing, and parallel interoperability have been repeatedly mentioned, and many related projects have emerged, becoming popular concepts at the moment. Dr. Wu Ming introduced that Conflux's Layer3 architecture is not aimed at solving a certain scenario in Bitcoin Layer2, but proposes a solution for future blockchains that puts security first and has scalability to meet a wider range of demand scenarios, which is the goal of achieving "ultimate security, high efficiency and customizability" mentioned in the speech.
In his speech, he introduced the features of Conflux Layer3 in detail from three aspects: "shared security", "customizable execution layer" and "interoperability". From his introduction, it can be seen that the Conflux Layer3 architecture combines the value storage properties of Bitcoin with Conflux's advanced technology stack. While users experience a rich ecosystem, they can also actively participate in the maintenance and governance of network security through the staking mechanism, which can inject new vitality into the Bitcoin network.
At the conference, Dr. Wu Ming also analyzed the advantages of Conflux Space in terms of shared security, custom virtual machines, and interoperability through a comparison of network structures. He introduced that Conflux has currently planned three main directions for customizable virtual machines: "Virtual machines for the Move language ecosystem", "High-performance EVM virtual machines based on parallel technology", and "Virtual machines that support AI-enhanced smart contracts". He also mentioned that this idea was not a whim, but that preliminary research, design, and development work had begun very early, and the relevant theories had been published at the 2022 ICSE, the top software engineering conference.
Dr. Wu Ming believes that the Conflux Layer3 architecture can open up new entry points for developers in the blockchain field and Web3 co-builders, and also provide new expansion paradigms and expansion ideas for the future development of different public chains.
