Conflux (CFX) is a decentralized blockchain that combines both Proof of Work (PoW) and Proof of Stake (PoS) to create a Hybrid Proof of Stake model. Initially operating on a PoW mechanism, it recently completed an upgrade to add a PoS component.
What is Conflux?
Another significant enhancement is eSpace, software fully compatible with the Ethereum Virtual Machine (EVM). This was introduced alongside the PoS chain during the Hydra upgrade, improving Conflux’s blockchain technology by enhancing security against attacks and providing greater flexibility for developers.
Despite the ban on fiat-to-crypto transactions and ICOs in China, crypto-to-crypto transactions are still permitted. Consequently, Conflux complies with Chinese regulations, allowing new crypto projects to enter the local market.
Key Features of Conflux
Conflux’s Consensus Mechanism
Conflux employs a new consensus mechanism called Tree-Graph to enhance scalability, security, and decentralization. This mechanism combines Directed Acyclic Graph (DAG) and chain-based blockchain, optimizing the blockchain trilemma: scalability, security, and decentralization.
In the Tree-Graph consensus mechanism, each block is represented by a DAG, and blocks are connected through parent-child relationships, forming a tree-like structure. Each tree has a root node, and each node in the tree represents a blockchain. Blocks connect through parent-child relationships, creating a tree-like structure.
Tree-Graph Consensus Mechanism
The Tree-Graph consensus mechanism uses the Proof of Work algorithm to select the next block and the Proof of Stake algorithm to verify transactions within the block. This Hybrid Proof of Stake mechanism provides high security and decentralization while maintaining substantial scalability.
Conflux is also EVM-compatible, enabling the application layer to support smart contracts developed in Solidity, facilitating Dapp development.
Like Ethereum, Conflux uses an account model where each account has an associated balance, and smart contracts contain bytecode and internal states. Conflux supports Solidity and the Ethereum Virtual Machine (EVM) for smart contracts, easing the transition from Ethereum to Conflux.
In addition to EVM support, Conflux has its virtual machine called the Conflux Virtual Machine (CVM). CVM is optimized for the Tree-Graph consensus mechanism, executing smart contracts more quickly and efficiently. This makes Conflux a flexible platform, allowing users to choose between EVM or CVM based on their needs.
Applications of Conflux
Conflux collaborates with the Chinese government to promote education, research, and blockchain development. A key partner is the Tree-Graph Research Institute, established with the Shanghai government, focusing on researching Conflux’s public blockchain infrastructure.
They also collaborate with the Swiss Government Lab on Blockchain Infrastructure and Applications, supported by Hunan authorities. This partnership aims to explore blockchain technology, promote blockchain-based industrialization, and develop human resources for the field.
In 2021, Conflux and the Shanghai government developed a new blockchain platform for administrative services, such as issuing certificates and managing urban data. This collaboration demonstrates Conflux’s commitment to advancing blockchain technology in China and its dedication to developing practical blockchain applications in government.
By leveraging blockchain, organizations can create immutable transaction records, preventing fraud, reducing errors, and enhancing efficiency. Moreover, with smart contracts, organizations can automate many processes, minimizing manual intervention and accelerating service delivery.
Overall, adopting blockchain technology like Conflux improves the security, transparency, and efficiency of services, opening new opportunities for innovation and development.
Basic Information about CFX Token
Token Name: Conflux Network
Symbol: CFX
Blockchain: Conflux
Token Type: Governance
Total Supply: 5,438,412,977 CFX
Circulating Supply: 3,453,947,242 CFX
CFX Token Allocation
- Ecosystem Fund: 40%
- Genesis Team: 36%
- Private Equity Investors: 12%
- Community Fund: 8%
- Foundation: 4%
Uses of CFX Token
- Transaction Fees: All transactions on the Conflux Network require a small fee paid in CFX. This fee helps protect the network and incentivize miners to process transactions.
- Gas Fees: Gas is a unit of measure on the Conflux Network representing the computational resources required 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: CFX token holders can stake their tokens to help secure the Conflux Network and earn rewards.
- Governance: CFX token holders have the right to vote on governance proposals affecting the Conflux Network.
Key Development Team of Conflux
- Fan Long: An entrepreneur and investor with over 10 years of experience in the tech industry. He is the CEO of Conflux Network and is passionate about building innovative products that solve real-world problems.
- Ming Wu: A leading computer scientist and researcher in blockchain technology. He is the CTO of Conflux Network and has deep insights into the challenges and opportunities facing the blockchain industry.
- YuanJie Zhang: An experienced software engineer and product manager. He is the Head of Product at Conflux Network and has a successful track record in building successful products.