What is Conflux (CFX)? Overview of the Conflux Project

What is Conflux (CFX)? Let's delve into the details of the Conflux project and its latest updates in this article brought to you by azc.news.

What Is Conflux (cfx)? Overview Of The Conflux Project_65d5d08ce7f5e.webp

What is Conflux?

Conflux (CFX) is a decentralized blockchain that incorporates both Proof of Work (PoW) and Proof of Stake (PoS), creating a Hybrid Proof of Stake model. Initially operating based on the PoW mechanism, Conflux recently completed an upgrade introducing an additional PoS component. Additionally, Conflux has made changes to the Solidity programming language to enhance the scalability and performance of the platform.

Conflux’s PoW uses the Tree-Graph ledger structure and GHAST algorithm, delivering a transaction throughput of up to 3,000 TPS and confirmation latency within 1 minute. Meanwhile, Conflux’s PoS consensus provides network finality, reducing the risk of a 51% attack. This makes Conflux capable of efficiently handling a large number of transactions, establishing it as a powerful and reliable platform for various applications.

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https://confluxnetwork.org/en

The Conflux network consists of two distinct spaces:

  • Core Space: The primary blockchain network utilizing the hybrid consensus mechanism and featuring a contract sponsorship mechanism. The sponsorship mechanism allows project users to interact with contracts without a balance, lowering the threshold for blockchain usage and expanding the user base.

  • eSpace: Fully compatible with the Ethereum Virtual Machine (EVM), enabling developers to easily migrate their existing Ethereum smart contracts to Conflux eSpace and benefit from its high performance and scalability. Core Space and eSpace can communicate with each other via the CrossSpaceCall contract, facilitating atomic transfers and executions of smart contract calls between the two spaces.

Highlights of CFX

  • High Throughput: The Tree-Graph consensus algorithm processes blocks and transactions in parallel, reducing confirmation times and increasing TPS.

  • Secure: Conflux utilizes a highly tested PoW consensus to provide increased security and protection against reentrance attacks at the protocol level.

  • Interoperable: ShuttleFlow, a lightning-fast cross-chain asset bridge built on Conflux, enables seamless asset transfers between multiple protocols.

  • Scalable: Conflux provides unmatched scalability, eliminating the consensus bottleneck of other blockchains without sacrificing security or decentralization.

  • Built-In Staking: Integrated staking interest provides a foundation for innovative DeFi apps. Staked tokens currently receive an annualized rate of 4%, generated by the additional issuance of tokens.

  • Low Fees: The Fee Sponsorship Mechanism allows users with zero wallet balance to still engage with the blockchain. Sponsors pay a portion or all of another user’s transaction fees to help with user onboarding.

Overview of CFX Token

Basic Information

  • Token Name: Conflux

  • Ticker: CFX

  • Blockchain: Conflux Network

  • Token Type: Governance, Utility

  • Total Supply: 5,278,164,274 CFX

  • Circulating Supply: Updating

Token Utility

  • Transaction Fees: All transactions on the Conflux Network require a small transaction fee paid in CFX.

  • Gas Fees: Gas is the unit of measurement on the Conflux Network representing the computational resources needed to execute a smart contract. Gas fees are paid in CFX.

  • Storage Fees: Smart contracts and other data stored on the Conflux Network require storage space. Storage fees are paid in CFX.

  • Staking: Holders of CFX tokens can stake their tokens to help secure the Conflux Network and earn rewards.

  • Governance: CFX token holders have voting rights for governance proposals affecting the Conflux Network.

CFX Token Allocation

CFX Token Allocation

  • Ecosystem Fund: 40% – Unlocked monthly over 4 years.

  • Genesis Team: 36% – Unlocked monthly over 4 years.

  • Private Equity Investors: 12% – Started unlocking 20% from September 2021 and increasing an additional 20% each month.

  • Community Fund: 8% – Unlocked monthly over 4 years.

  • Foundation Holdings: 4% – Unlocked monthly over 2 years.

Conflux Development Team

  • Fan Long: CEO of Conflux Network with over 10 years of experience in the technology industry.

  • Ming Wu: CTO of Conflux Network, a leading computer scientist and blockchain technology researcher.

  • YuanJie Zhang: Head of Product at Conflux Network, an experienced software engineer and product manager.

Investors and Partners

Established in 2018, Conflux raised $35 million through a private token sale from notable investors in China, including Huobi Group, Sequoia China, Shunwei Capital, and Rong360.

In 2023, DWF Labs invested $28 million in Conflux.

Related: Leaders of Wintermute, DWF Labs and GSR “cursed” at each other

Conclusion

Through this article, AZC.News has provided an overview of the Conflux project. We hope that this information helps you form your own investment perspective. Best of luck!

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