What is Conflux Network? All you need to know about CFX

Conflux Network is a public blockchain platform designed to offer better performance and scalability compared to traditional blockchains. With a focus on addressing issues of scalability and security, the platform utilizes a DAG-based model to expedite transaction confirmation processes.

For more insights into Conflux Network and related project information, follow AZCoin article below!

What is Conflux Network?

What is Conflux Network?
What is Conflux Network?

Conflux Network is a public blockchain designed for high performance and interoperability with other blockchains. It is recognized for its strong scalability, capable of processing thousands of transactions per second (TPS). Additionally, Conflux integrates features such as cross-chain interoperability, high security, and robust development support, making it one of the leading scalable blockchain platforms today.

Development team, investors & partners

Development team

Other notable members of the Conflux Network development team include:

  • Fan Long: An entrepreneur and investor with over a decade of experience in technology, currently serving as the CEO of Conflux Network.
  • Ming Wu: A leading computer scientist, holding the position of CTO at Conflux Network, with extensive expertise in blockchain technology.
  • YuanJie Zhang: A seasoned software engineer and product manager, currently serving as the Head of Product at Conflux Network.

These individuals bring a wealth of experience and expertise in computer science and blockchain technology to the Conflux Network project.

Investors & partners

Since its inception in 2018, Conflux has raised $35 million through a private token sale, with participation from prominent Chinese investors such as Huobi Group, Sequoia China, Shunwei Capital, and Rong360. By 2023, Conflux secured an additional $28 million investment from DWF Labs.

How Conflux Network works

How Conflux Network works
How Conflux Network works

Conflux Network operates on a unique consensus algorithm called Tree-Graph. This algorithm combines the advantages of both Proof-of-Work (PoW) and Proof-of-Stake (PoS) to address blockchain scalability issues.

With PoW, computers on the network solve complex puzzles to verify transactions and mine new blocks, but this consumes a lot of energy and creates competitive computational power, leading to increased costs and transaction processing times.

With PoS, computers stake tokens to participate in verification and mining, but face issues of slow transaction processing times and concentration of control in wealthy computers.

Tree-Graph divides the network into multiple layers, requiring computers to perform transaction verification at different layers. This helps Conflux Network efficiently and securely process thousands of transactions per second (TPS).

Outstanding features of Conflux Network

Here are some highlights of Conflux Network:

  • High Throughput: Conflux Network utilizes the unique Tree-Graph consensus algorithm, enabling parallel processing of blocks and transactions, reducing confirmation times and increasing transactions per second (TPS).
  • Security: Using the PoW consensus algorithm, Conflux ensures thorough validation of all activities on the platform, enhancing security and protecting the network from external attacks.
  • Interoperability: Conflux integrates the high-speed cross-chain asset bridge ShuttleFlow, facilitating smooth asset transfers across different protocols for investors.
  • Scalability: Conflux boasts high scalability, overcoming limitations of other consensus layers while maintaining platform security and decentralization akin to platforms like Cosmos.
  • Staking Feature: Conflux Network incorporates staking capabilities, offering opportunities for new-generation DeFi applications. Tokens staked on Conflux earn an annual yield of 4%, derived from token issuance revenues.
  • Low Costs: Conflux features a sponsorship mechanism allowing users to borrow and pay fees for other investors, enhancing interaction and sustainable system development.

Basic information about CFX tokens

Basic information about CFX tokens
Basic information about CFX tokens

CFX token specifications

  • Token Name: Conflux token
  • Ticker: CFX
  • Blockchain: Conflux
  • Token Standard: ERC-20
  • Token Type: Utility, Governance
  • Total Supply: 5,278,164,274 CFX
  • Circulating Supply: 2,097,547,687 CFX

CFX token allocation

  • Ecosystem fund: 40%
  • Genesis team: 36%
  • Private equity investors: 12%
  • Community fund: 8%
  • Foundation: 4%

What is CFX token used for?

Token CFX on Conflux Network serves multiple purposes and features:

  • Transaction Fees: CFX is used to pay transaction fees on Conflux Network. Using CFX for fee payments increases flexibility and diversification for users.
  • Block Rewards: Participants in the block mining process on Conflux Network receive rewards in CFX.
  • For Decentralized Applications (dApps): CFX is also used as payment for decentralized applications (dApps) on Conflux Network.
  • Governance: Token holders of CFX have voting rights to participate in governance proposals that impact the Conflux Network.

Where to buy and sell CFX Tokens?

Where to buy and sell CFX Tokens?
Where to buy and sell CFX Tokens?

Currently, CFX token is listed on several top best crypto exchanges such as Huobi, OKEx, and Gate.io. Users can buy and sell CFX on these platforms using cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) and Tether (USDT).

In which wallet to store CFX Tokens?

Since CFX is an ERC-20 standard token, it can be stored in any cryptocurrency wallet that supports this token standard. Some popular wallets that can be used to store CFX include MyEtherWallet, Ledger Nano S, and Trezor.

Should you invest in Conflux Network?

Investing in Conflux Network is a decision that requires careful consideration. The platform stands out with its unique Tree-Graph consensus technology, scalability, high transaction performance, and security ensured by Proof-of-Work.

However, investors should conduct an evaluation process of factors such as the project’s development potential, industry competition in blockchain and investment risks before deciding to participate.

The end

I hope this article has provided you with an overview of Conflux Network and helped you gain more knowledge to make informed investment decisions. If you are interested in the blockchain field, continue to follow and research further to have a comprehensive understanding of this market. Wishing you luck and success in your investment journey!

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