Conflux becomes first Chinese gov't backed permissionless blockchain project

The Shanghai government has funded its first public, permissionless blockchain project. The government donated more than $5 million. Conflux, a Beijing-based blockchain company, announced on Tuesday, it secured funding from the Shanghai government to spearhead it's public chain's research. The development holds a milestone as the Chinese government is probably backing its public, permissionless blockchain project. Although the Chinese government is supportive of blockchain technology adoption in several sectors, the country has mostly focused on building permissioned blockchain. Conflux now backed by Chinese authorities In the announcement, the blockchain company noted that it secured more than $5 million for its…