Conflux (CFX) is a public layer-1 blockchain designed to enhance decentralized applications (dApps), e-commerce, and Web 3.0 infrastructure by offering greater scalability, decentralization, and security compared to current protocols.
Conflux makes it simpler to transfer assets of value by providing a fast, efficient process that avoids network congestion and keeps transaction costs low. The platform operates on the Tree-Graph consensus mechanism, blending Proof-of-Work (PoW) and Proof-of-Stake (PoS) algorithms to reach consensus. It supports Turing-complete smart contracts written in Solidity, similar to Ethereum, and is compatible with the Ethereum Virtual Machine (EVM).
The growth of Conflux is driven by CFX, the platform's native token, which encourages users to participate more actively. This token is used for transaction fees, network governance, and as a reward for miners who secure the network through staking.
Who Established Conflux?
Conflux was founded in 2018, building on technology that had been in development since 2017. It aims to advance blockchain education and research through the Tree-Graph Research Institute located in Shanghai.
The company was founded by Fan Long, a skilled programmer with expertise in blockchain technology and cybersecurity. Long graduated from Tsinghua University and holds a Ph.D. in Computer Science from MIT, where he also earned the Best Dissertation Award. Currently, he is an assistant professor at the University of Toronto.
Long's co-founders include YuanJie Zhang, Ming Wu (CTO), and Guang Yang, the company's research director. The core team consists of scientists, business managers, researchers, and other professionals.
The Tree-Graph consensus mechanism used by Conflux was developed by Professor Andrew Chi-Chih Yao, a prominent figure in computer science, a Turing Award recipient, a fellow of the Chinese Academy of Sciences, and the chief scientist of the Conflux Foundation.
What Sets Conflux (CFX) Apart?
Conflux boasts a unique technical framework designed to address various industry challenges, making life easier for both dApp developers and regular users.
Through its cross-chain protocol, ShuttleFlow, Conflux can interact with other blockchains. This cross-chain bridge allows Conflux to transfer assets to other networks like Ethereum, Binance Smart Chain (BSC), Huobi Eco Chain, and OKEx Chain.
The platform provides developers with a decentralized, secure, and scalable network, along with necessary tools and guidelines that comply with relevant regulations. This allows developers to craft multi-chain, scalable, secure, and censorship-resistant dApps that meet the needs of investors and the crypto community.
Conflux uses a Tree-Graph consensus algorithm that ensures scalability without compromising decentralization. Thanks to parallel processing of blocks and transactions, the network can handle 300 to 6,000 transactions per second.
Due to its scalability, Conflux offers lower fees compared to other networks like Ethereum. The platform's Fee Sponsorship Mechanism enables sponsors to cover transaction fees, allowing users with insufficient balances to continue using the service and interacting with the blockchain.
Furthermore, Conflux includes an integrated staking system that offers passive rewards to users who stake their coins. Staking involves less risk than trading and provides more consistent returns. Developers can incorporate staking directly into dApps, offering a financial framework for dApp development.
How Many Conflux (CFX) Tokens Are Circulating?
CFX is the native token of the Conflux network. It's used for paying transaction fees, storing value, earning staking rewards, and other mining incentives. CFX holders can also participate in managing the network and influencing its development.
As of March 2023, there are 2,654,264,782 CFX in circulation out of a total supply of 5,278,164,274 CFX.
The distribution of CFX is as follows: 40% is allocated to the ecological fund, 36% to the core team and seed investors, 16% to private investors and reserves, and 8% to the community fund.
How Does the Conflux Network Ensure Security?
Conflux employs the well-established Proof-of-Work (PoW) consensus mechanism along with the innovative Tree-Graph algorithm, enhancing security at the protocol level and ensuring safe transactions while protecting against attacks. Additionally, the network rewards miners with CFX tokens for their efforts, ensuring the long-term reliability of Conflux.
Where Can You Purchase Conflux (CFX)?
As of March 2023, Conflux (CFX) can be found on various cryptocurrency exchanges and investment platforms such as Binance, KuCoin, OKX, Gate.io, Bitget, BKEX, Phemex, Indodax, MEXC, LBank, CoinEx, Tokocrypto, DigiFinex, Deepcoin, XT.COM, and many others.
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