In this exclusive interview, Professor Long Fan systematically shared for the first time his path choices, independent judgments on industry trends, and advice for young developers. Article author: Lesley, MetaEra. On May 15, at the Hong Kong Convention and Exhibition Centre, the "Striving for Greatness · Waves of Hong Kong" #Conflux 数字金融与生态发展大会上，Conflux Network 创始人龙凡教授，再次出现在公众视野。这位清华「姚班」校友、MIT 博士、现任多伦多大学教授，过去几年几乎淡出公众视野，不曾接受媒体专访，默默地带领团队推进 Conflux 作为中国唯一 # Compliance #公链 的技术探索与全球拓展。面对 # RWA boom, #Memecoin frenzy, and the accelerated development of stablecoins have made the rhythm of the blockchain era faster than ever before. How does Conflux maintain its technical stability in this context? As the only compliant Chinese public chain, what long-term thinking lies behind Conflux's compliant identity? In this exclusive interview, Professor Long Fan systematically shared for the first time his path choices, independent judgments on industry trends, and advice for young developers.
MetaEra: Tell us a little bit about yourself. You are a Ph.D. from MIT, an alumnus of Tsinghua Yao, the founder of Conflux, and many others. If you could introduce yourself, what would be the first identity you would like people to remember? Why?
Professor Long Fan: I am a researcher in computer science, which means I study computer science. You can think of it as the "scientist" that everyone often mentions; this might be the simplest identity that encompasses everything I do. Whether it's being the founder of Conflux, or having studied at MIT, and now teaching at the University of Toronto, all of these are actually part of this identity, or the experience of growing into this identity.
MetaEra: If you could only use one sentence to introduce Conflux, what would you say? Is there a sentence that can help ordinary users instantly remember what Conflux is currently doing?
Professor Longfan: I believe what Conflux is doing now is to persist in building a high-performance public chain based in China or Asia, aspiring to become an important infrastructure in the Web 3.0 era. This is what we have always been doing, and it is also what we will continue to do.
MetaEra: Is this definition something we started defining 18 years ago? Or is it a result that our team has gradually explored over the past seven to eight years?
Professor Longfan: This is how our team has been thinking since 2018. In trendy terms, it's called "staying true to our original intention," and we have been坚持这样做.
MetaEra: Currently, Conflux's Twitter profile defines the project in relation to "stablecoin" and "payment." So, compared to Ethereum, Solana, and other public chains, what are Conflux's significant advantages in terms of stablecoin and payment?
Professor Longfan: I believe the biggest advantage of Conflux in terms of technology is that our overall technical architecture achieves high TPS without sacrificing decentralization and security. Our network can support 3000-6000 TPS, and the confirmation time is also very fast. All of this is actually achieved without sacrificing the number of nodes and without compromising security.
This is a major technical advantage for us and has been validated over the long term. For example, since the launch of the Conflux mainnet, we have maintained zero security incidents, demonstrating the stability and credibility of the architecture. What we are doing is based on our unique market or industry position, focusing on what we are better at or what we should be doing. You can see that we are actively promoting directions such as offshore RMB and stablecoins, and we are also focusing on collaborating with China Telecom on the BSIM card. You can understand the BSIM card as an entry point into the Blockchain world; it is a key channel connecting us to real-world application scenarios.
In fact, all of this illustrates what we can do as a public chain platform that originated in China and is currently the only compliant public chain platform in the country, as well as our unique advantages in this position, which indeed brings different advantages and changes to our on-chain ecosystem. This is why we focus on these matters. Compliance is not something that is "fought for," but rather a "long-term belief + path selection." MetaEra: Recently, Conflux signed a strategic cooperation agreement with partners aimed at cross-border trade scenarios under the Belt and Road Initiative. I am now curious to know which of the many landing scenarios mentioned at the conference do you think can be implemented relatively quickly?
Professor Longfan: I believe there are two aspects worth noting. In fact, the content released at the conference pertains to projects that will have clear progress in the coming month or months, with a predictable implementation path.
For example, for the offshore RMB stablecoin that is currently being promoted, our ecosystem partner AnchorX has everything in place in terms of compliance and other aspects. The main aspect that is still being negotiated is: what kind of way to release the offshore RMB stablecoin in a better way, so that more people can reach it, and at the same time apply it to these scenarios. Therefore, there will soon be a compliant offshore RMB stablecoin running on our chain, and then we will also launch a series of ecological solutions to help this project expand its impact. This will be a priority direction for our next public chain development strategy.
The second is the BSIM card, the whole technology research and development process - not only the software level research and development, but also the overall cooperation with telecom operators and card manufacturers, in fact, for a long time, some things are not completely within our control. But happily, the recent development and coordination of these technologies is almost over, and we expect to be able to launch one or several BSIM cards in some of China Telecom's overseas markets in the next few months, so that users can actually use BSIM cards. If the effect meets expectations, you can expect more promotion, and maybe even cooperate with other operators to promote it. Speakers at the conference were Toshin Peace, one of the world's largest credit card manufacturers. They actually have the motivation to use this as a possible pilot and invest more in this direction in the future.
MetaEra: In fact, Conflux is one of the few public chain projects that currently has a significant advantage in terms of compliance. It has not only actively promoted the implementation in Chinese mainland, but also achieved good development results in Hong Kong and even the international market. Such an identity and positioning is quite special. Do you think that such a path can send a positive signal to the entire industry that it is entirely possible for China's blockchain projects to embark on a development path that is both international and localized under the compliance framework?
Professor Long Fan: The route we have always adhered to conveys the message that compliance is possible and that it is feasible to maintain this stance.
Now we have become the only compliant public chain in China, which actually has its historical causes. This is not something we fought for, but rather, during a wave of regulation and policies in the past, most teams actively gave up on this matter. Many did so out of short-term strategic considerations, such as the high cost of maintaining compliance and communication with regulators in China, leading them to migrate to Singapore, which was the choice of many teams. Precisely because we insist on the path of compliant development, the compliance costs we bear are actually very high. This also means that in many decisions, we must be more restrained. For example, we cannot issue new tokens at will.
Another aspect is that a lot of people were reluctant to try it because it was generally considered impossible, or unnecessary. But we have always believed that this is possible, and we are willing to work hard to achieve it, even if it is at the expense of some short-term benefits in the process. We always believe that there is a lot of value in this matter in the long run.
At the same time, our thinking is more natural. Most of the members of our core team graduated from Tsinghua University, and there are also some researchers who have studied abroad. You're doing a very technical, serious thing. We wonder, why do we have to go into exile? It is possible to persist in a path of normal development. We have always believed that when it comes to compliance, it is not completely impossible to communicate with regulators. We are willing to try to communicate and explore what can be done. In fact, in the process of communication, we also found that regulation is not completely uncommunicable. Everyone has their own starting point, and regulators have their positions and considerations. However, as long as each other is willing to communicate, it is possible for the logic and reasons of both parties to be clarified gradually, and finally find a solution that understands each other and can continue to move forward.
MetaEra: Actually, Conflux has been actively deploying in Hong Kong recently, what role do you think Hong Kong has played in this process? For example, will the policy be more supportive? Will the environment be a little more relaxed?
Prof. Fan Long: First of all, Hong Kong can now be understood as a "special zone" of blockchain. We can understand it this way: when China is faced with something completely new that has both opportunities and huge risks, it often chooses to set up a special zone to pilot first. Blockchain is a prime example of this, and Hong Kong happens to take on this role. Because of blockchain, it brings some financial risks, such as capital flows, cross-border supervision and other issues. For the country, it may be that in Hong Kong, a place where capital is already open, there will be no pressure to pilot it, and this is the current positioning of Hong Kong. You can think that for quite some time, in Hong Kong, all kinds of applications can be legal, and you don't have to worry about various policy risks. As a direct result of this environment, the cost of compliance in Hong Kong is much lower than in the mainland.
In fact, we are looking at this matter from the characteristics of the industry. The industry is currently in a window period. Not just in China, but the vast majority of blockchain projects globally are operating in a distributed manner. In this case, "where people are" and "where the project is registered" are often two separate matters. You will see that many projects, regardless of where team members are located, have chosen to register their projects in Hong Kong recently. The reason is simple: once a project becomes a "Hong Kong project," it is much easier to promote compliance and less likely to encounter unnecessary troubles. From this perspective, Hong Kong is in a natural policy dividend period, which is a very important opportunity window.
Of course, I've been talking to people in the industry lately, and there is a certain sense of urgency in Hong Kong right now, mainly from the United States and other overseas regions. Elsewhere the blockchain is moving very fast. Although Hong Kong's policies have been relatively open, Hong Kong is also reflecting on whether the current policy is still too conservative. If the current pace continues, some key opportunities may still be missed in the future. This may also be the direction in which Hong Kong's policies need to be further adjusted and accelerated in the future. RWA is Evolution, Memecoin is Human Nature: The Bipolar Survival Law of the Blockchain World MetaEra: We've noticed that you haven't been interviewed for a while. Therefore, I would like to take this opportunity to hear from you about the changes that the industry has experienced over the past few years. For example, what do you think about the RWA sector, which has been in the spotlight lately, and the market boom that Memecoin has sparked before? How do you and the Conflux team determine if a track is a "trend" or a "bubble"? In addition, in the face of the continuous switching of hot spots, will Conflux choose to actively chase certain market hot spots, or stick to its established technical and strategic path?
Prof. Fan Long: First of all, I've always looked at it this way, RWA is not a bubble, and stablecoins are not bubbles. Essentially, they represent the industry as a whole, constantly seeking new narratives to optimize its own path as it breaks through regulatory barriers and breaks through existing frameworks. This event in itself makes sense and is an important step forward for humanity in the process of making better use of blockchain technology.
In the past, we talked about "stablecoin", and now we talk more about "RWA", but essentially they are the same thing; it’s just that the concepts are continuously expanding and the narratives are evolving. It can be understood that people within the industry are constantly refining and upgrading the narrative, reinterpreting how Blockchain should be applied in a way that is more easily understood and accepted by the outside world. Therefore, I think this is a good thing, not a bubble.
In fact, the degree of acceptance of these concepts by the outside world changes with time and social context. Take stablecoins as an example, in the early days, no one was optimistic about stablecoins, thinking that it was just an alternative means when coin speculators could not withdraw money, but now, no one talks about it anymore. When you find that stablecoins are already in the top 10 buyers of U.S. Treasuries, it already shows that their use cases and influence go far beyond cryptocurrency trading itself. At present, the main application scenarios of stablecoins are not speculation, but are reflected in payments, transfers, especially cross-border trade. Of course, the exchange scene still exists, but that's no longer mainstream. Things are always evolving, and so is RWA.
Initially, everyone had the impression that stablecoins were tools for trading coins, which many Chinese people viewed as speculative, improper, and even bubbles. But now we see that through RWA, some real assets can be digitally packaged, thereby providing new sources of liquidity for assets that lack liquidity in the real economy. At this moment, people suddenly realize: RWA can serve the real economy and has real value. But in fact, this could have been done before; it’s just being promoted under a different name and narrative.
Ultimately, this represents a shift in perspective for the entire Blockchain industry, conveying the same core message to the outside world: Blockchain technology is valuable and has real-world application potential. Therefore, I believe that RWA is by no means a bubble; it is merely an upgrade in the narrative of our industry, a way to engage in dialogue with the times.
MetaEra: So you think Memecoin is a bubble.
Prof. Fan Long: I think Memecoin is an ancient human need. In fact, it is very simple, gambling on sex is an ancient human need. If gambling had to be a bubble, the Las Vegas casinos would have closed their doors a long time ago.
When it comes to Memecoin, my view is that human beings have a primal urge to "take a gamble," and Memecoin is essentially an expression of this need; it is a form of "gambling in the crypto era."
Memecoin, like gambling, has a banker, and even the president of the United States can be the banker at this table. There are also bookmakers in casinos in Las Vegas, and the casinos themselves are bookmakers. So if you want to ask if this kind of thing is a "bubble", I think the answer to this question depends on your attitude towards "betting".
If you believe that the demand for gambling should not exist, you might see it as a bubble; but if you acknowledge that there is a longing for risk, excitement, and uncertainty in human nature, then it is merely another form of expression, another card table.
At the Memecoin table, people bet, chase uptrends and kill downtrends, and ultimately, it is just a game. Once we see through the essence of this mechanism, there is no need to overly criticize or attack it. After all, everyone is just playing a round in this "casino," and that's all there is to it.
MetaEra: The Conflux team has always adhered to the technical route of "Asia's high-performance public chain", from 18 years to the present, it has not forgotten its original intention, if the time is extended to five years or even longer, do you want Conflux to do the same thing as it is now?
Professor Long Fan: I think we will continue to do this in this direction. Of course, if there's one thing I'm hoping for, it's that we're going to make a lot of progress in what we're sticking to, even if it's not doing it in the same way or in a different way than what many teams do.
The approach of many teams is to keep up with the market and quickly launch a new project within two weeks as soon as there is a hot spot. But our team is relatively more restrained and prudent in its strategy. The pace of what we are advancing is often slow, on the one hand, because the direction itself takes time to precipitate, and on the other hand, it does require our long-term efforts to promote. But we always believe that there are opportunities in this direction. Especially in the context of the continuous changes in the current international situation, the direction we adhere to is gradually showing its value and significance. This value may not be so conspicuous in the short term, but in the long term, it is solid and clear.
So if I want to talk about my expectations for the future, it's this: in four or five years' time, we're going to make even more progress on what we're doing now. I would like to believe that this continued investment will pay off.
MetaEra: Actually, we're seeing a lot of developers coming into Web 3.0 right now, so if there were new developers who wanted to get into the industry, would you suggest they do the underlying infrastructure, the application layer, or some other direction?
Professor Long Fan: I think this actually depends on the individual circumstances of the developers or possibly the team.
In fact, now in China's blockchain industry, there are two main styles of doing things. The first is to be good at seizing short-term opportunities, iterating quickly, and making quick trial and error. There are indeed many outlets in this industry, and there are also many attention scenarios that can be quickly amplified. If you are the kind of team with a strong sense of execution and rhythm, and are willing to actively chase hot spots and trends, then I think you can try more application-oriented directions. Such opportunities do exist. But the premise is, are you really comfortable with this rhythm? Adapting to this rhythm can mean that you're constantly chasing hot spots and trying out all kinds of related products or playstyles.
Another approach is to choose a direction that can be invested in for a long time, whether it is infrastructure, a certain type of subdivided application, or a technology gap in the Infra layer. As long as you confirm that there is a real, unmet need in this direction, you can choose to focus on it. The challenge with this approach is that it requires a truly long-term faith. Because the entire industry is full of short-term temptations and disruptions, the flow of capital, users and resources is highly volatile. It's not easy to persevere in such an environment. But on the other hand, the advantage of this path is that there are not many people who are really willing to do long-term things, so the "real competition" faced is not so fierce. The biggest challenge may not be others, but yourself - whether you can continue to invest and withstand the cycle, and whether you have enough faith and stamina to really precipitate resources.
Therefore, I believe that each team ultimately needs to return to its own endowments and rhythm to find the path that best suits itself.
MetaEra: At this conference, we also saw a lot of projects that are being built on the Conflux ecosystem. I would like to ask if Conflux still has relevant resources or platforms to support the continuous growth and exploration of young developers? Will there be some incentive mechanisms in the future to help more developers join the ecosystem and deeply participate in the construction?
Prof. Fan Long: There have always been various ways to motivate developers in our ecosystem, and we are constantly adjusting and optimizing these incentives. In fact, we've tried a lot of different paths and patterns as well. Our goal is to find projects that are willing to build long-term relationships with us, not just short-term ones.
In fact, there are many "migrant" developers in this industry— they often migrate between different public chains in response to short-term incentives. However, for Conflux, we are more focused on long-term development, so these types of developers provide relatively limited help for the sustainable construction of the ecosystem. From our perspective, we prefer to support those teams that are truly willing to settle down, willing to invest, and have clear long-term plans. We hope to establish solid cooperation with them and promote the joint growth of the ecosystem.
As for another situation, for instance, some developers may have already created similar products in other ecosystems and think they can simply "Copy & Paste" the code to deploy it, then apply for a Grant, hoping to receive funding of twenty to thirty thousand, or even fifty thousand dollars. Our support for this model will be relatively limited.
