ShuttleFlow to Cease Operations, Transfer Technology to Web3 Studio Zero Gravity
Summary:
ShuttleFlow, a multichain protocol by the Conflux Foundation, will shut down, transferring its technology stack to Web3 studio Zero Gravity, which will further develop the protocol under a new brand. Users' funds are secure and will be migrated from ShuttleFlow to Zero Gravity. ShuttleFlow's decentralised application (dApp) will remain partially operational until January 2024 for users to claim their bridged assets. Conflux Foundation previously partnered with China Telecom to develop a blockchain SIM card and established itself as the only regulatory-compliant public blockchain in China.
Conflux Foundation, responsible for the multichain protocol ShuttleFlow, issued a statement mentioning its closure after a two-year run. The technology behind the platform, however, will not vanish. Instead, it will be handed over to Web3 studio Zero Gravity, which will uphold and enhance the protocol under a different name. The development team assured that all funds from users are protected and will be transitioned from ShuttleFlow to Zero Gravity. They confirmed users with assets already bridged via ShuttleFlow don’t need to perform any additional tasks for this changeover.
"After the discontinuation of ShuttleFlow's bridging services, users will be able to utilize Zero Gravity's official dApp or stick with the bridging aggregator which will include the newly deployed Zero Gravity," they noted. The ShuttleFlow dApp will maintain limited functionality until January 2024 to facilitate users who have bridged assets but yet to claim them. Once this period concludes, the website and servers will be entirely removed.
In 2021, the Conflux Foundation launched the ShuttleFlow asset bridge to enable easier entry for its ecosystem users into decentralized finance. The firm stated its proof-of-work algorithm facilitated protocol transactions reaching as many as 6,000 a second. Earlier this year, the Foundation entered a partnership with China Telecom, the nation’s second-largest telecom company boasting over 390 million users, to generate a blockchain SIM card.
Conflux operates as a layer-1 blockchain based on a hybrid proof-of-work and proof-of-stake consensus. The parent institute, Shanghai Tree-Graph Blockchain Research Institute, enjoys support from the Shanghai Municipal People’s Government. As per the organization, it holds the unique distinction of being the “sole regulatory-compliant public blockchain in China.”
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Published At
11/6/2023 4:10:36 PM
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