Shanghai research house unveils latest 3rd-gen blockchain

A Shanghai-based research house published an updated public blockchain service on Saturday, moving one step closer to the city's goal to revolutionize industries and better embrace the "metaverse" era.

Shanghai Tree-Graph Blockchain Research Institute on Saturday released the 2.0 version of Conflux, which it claimed to be "among the top three third-generation public blockchains worldwide".

Compared with its previous version, this iteration has enhanced compatibility and efficiency on different blockchains, thus better facilitating development in the so-called metaverse and Web 3.0 era. It is designed to empower industries such as virtual reality, augmented reality, online games and artificial intelligence, said Long Fan, founder of Tree-Graph Blockchain Research Institute.

According to Long, because the metaverse is real-time, decentralized and has parts that can work together without being specifically instructed to do so, it is easy to imagine how blockchain fits into the vision for the metaverse.

In December, the Shanghai Municipal Commission of Economy and Informatization, which charts the course for the city's technology footprint, mentioned "metaverse" in its five-year plan regarding the development of the electronic information sector.

Jiang Ziyi contributed to this story.