Conflux ( CFX ) Price Live Chart

Conflux (CFX)

Conflux, a layer-1, permissionless blockchain, endeavors to address persistent challenges such as scalability, interoperability, decentralization, and security. Operating on a Proof-of-Work consensus mechanism, it employs a smart contract language akin to Ethereum. Similar to Ethereum, Conflux employs an account-based model and supports a modified version of Solidity and the EVM for its smart contracts.

The network's backbone is its native token, CFX, utilized for covering transaction fees, staking to earn rewards, renting storage, and engaging in governance activities. Miners also receive incentives and rewards in the form of the CFX token.

What is Conflux Network?

Conflux (CFX) operates as a hybrid blockchain utilizing both proof of work (PoW) and proof of stake (PoS) mechanisms, allowing permissionless access. Initially, a PoW blockchain, Conflux recently underwent an upgrade introducing a PoS element. CFX token holders now have the opportunity to earn rewards by staking their tokens in the PoS system.

The Hydra upgrade launched simultaneously with the PoS chain, introduced the fully EVM-compatible eSpace as a significant enhancement. This upgrade, accomplished through the Hydra hard fork, fortifies Conflux's blockchain technology against security threats while affording developers greater flexibility for their projects.

Despite the prohibition of fiat-to-crypto trading and initial coin offerings (ICOs) in China, crypto-to-crypto trading remains permissible. Consequently, Conflux complies with China's regulations, enabling new crypto ventures to access the local market.

Founders & Team

Conflux, established in 2018, has been developing its foundational technology since 2017. The organization's primary objective is to advance blockchain education and research through the Tree-Graph Research Institute, headquartered in Shanghai.

The company is spearheaded by Fan Long, its founder, renowned for his expertise in blockchain technology and cybersecurity. Long, an alumnus of Tsinghua University holds a Ph.D. in Computer Science from MIT, where he was honored with the university's prestigious Best Dissertation Award. Presently, he serves as an assistant professor at the University of Toronto.

Long's co-founders include YuanJie Zhang, Ming Wu as the Chief Technology Officer (CTO), and Guang Yang, who serves as the company's research director. The core team comprises scientists, business managers, researchers, and various other professionals.

The Tree-Graph consensus mechanism, integral to the protocol, was developed by Professor Andrew Chi-Chih Yao. A distinguished figure in academic computer science, Yao is a recipient of the Turing Award, a fellow of the Chinese Academy of Sciences, and holds the position of head scientist at the Conflux Foundation.

How Conflux Operates

Conflux stands out as a Layer 1 public blockchain that incorporates features of a private blockchain due to its hybrid nature. Differing from Bitcoin and Ethereum, its Tree-Graph structure permits simultaneous processing of multiple blocks, resulting in significantly higher throughput compared to linear-structured blockchains like Bitcoin and Ethereum.

The Conflux blockchain's Tree-Graph structure, coupled with the Greedy Heaviest Adaptive Sub-Tree (GHAST) consensus mechanism, manages transaction execution order with scalability and security in mind. GHAST also enhances security by detecting and preventing certain chain attacks.

Beyond its unique structure, Conflux showcases several noteworthy aspects. It supports Turing-complete smart contracts, facilitating the development of new projects on the blockchain. Additionally, Conflux boasts interoperability through Shuttleflow, its cross-chain solution supporting Bitcoin and Ethereum assets, and allowing the incorporation of new ERC-20 tokens for DeFi projects.

Moreover, Conflux's robust software development kit (SDK) aids developers in creating projects, supporting mainstream programming languages such as Python, Java, JavaScript, and Golang. The network offers community-developed SDKs and Solidity SDKs, along with DApp development tools like Truffle, Hardhat, ChainIDE, and Studio.

Transactions on the Conflux network necessitate the use of wallets like the Fluent Wallet. Users are accountable for gas and storage fees when initiating transactions, with the gas fee calculated based on gas price and usage. Each transaction requires storage space for a duration, and the storage fee is paid by staking CFX tokens, which are returned as the space is released.

What Does CFX Coin Offer?

CFX, the Conflux coin, serves as the means for users to pay gas fees and manage storage costs within the network. Additionally, CFX contributes to network maintenance via staking and mining incentives. Miners receive a supplementary reward, comprising 2 CFX per block, along with a block transaction fee and a 4% annualized return on stored collateral. Beyond earning rewards, individuals staking their CFX tokens gain voting privileges for network governance.

CFX token holders have the option to securely store their CFX and related assets, such as CRC-20 tokens and NFTs, using more robust hardware wallets like Ledger Nano S or Nano X. To utilize these hardware wallets, one must possess a Fluent Wallet on their desktop.

What Sets Conflux Network Apart in Use Cases?

• Enhanced Throughput: Employing the Tree-Graph consensus algorithm, the platform achieves high throughput by processing blocks in parallel, reducing confirmation time for transactions and boosting the Transaction Process System (TPS).

• Robust Security: The network employs a Proof-of-Work (PoW) consensus mechanism to fortify itself against security threats, including protection against reentrance attacks.

• Interconnectivity: ShuttleFlow, a swift cross-chain asset bridge, facilitates seamless asset transfers across various protocols.

• Scalability: Conflux Network effectively resolves consensus bottlenecks without compromising security or decentralization.

• Integrated Staking: The network features built-in staking rewards that drive the development of innovative decentralized applications (dApps).

• Minimal Fees: Its mechanism enables users with zero wallet balance to participate in the chain, ensuring low fees.

• Openness & Inclusivity: The network is open-source, granting fair access to emerging technologies for all interested parties.

• Permissionless: Conflux facilitates secure asset transfers with minimal fees, allowing widespread participation without restrictions.

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