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Conflux Network (CFX) is a high-performance, permissionless blockchain that utilizes a hybrid consensus mechanism combining proof of work (PoW) and proof of stake (PoS). It enables fast and secure transactions, supports smart contracts, and offers a native token, CFX, for incentivizing network maintenance and resource consumption. Conflux aims to build a multi-chain ecosystem, facilitating seamless connections across different protocols and borders.
Conflux Network (CFX) is a public blockchain designed to facilitate cross-border and multi-chain collaboration in the Asian blockchain sector. It uses its native token, CFX, for various purposes:
Transaction Fees: CFX tokens are used to pay for transaction fees on the network, which are awarded to system maintainers (miners).
Staking and Governance: Staking CFX tokens provides users with governance rights and rewards. The staking mechanism incentivizes users to participate in network governance and earn passive rewards.
Renting Storage: CFX tokens can be used to rent storage on the network, supporting data storage and management.
Mining Rewards: Miners are rewarded with CFX tokens for ensuring the secure operation of the network.
DeFi Applications: Conflux supports decentralized finance (DeFi) applications, offering incentives and rewards for DeFi projects and developers.
Cross-Chain Asset Transfers: The ShuttleFlow protocol enables seamless asset transfers between multiple protocols, enhancing interoperability.
- Ecosystem Development: The Conflux Foundation provides grants to projects that contribute to the ecosystem's growth, further promoting the development of the network.
Overall, Conflux Network (CFX) is designed to promote scalability, security, and interoperability while incentivizing users and developers to participate in its ecosystem.
To store Conflux Network (CFX) tokens, you can use various wallets that support the Conflux Network. Here are some options:
SafePal S1: You can store CFX on a SafePal S1 by adding it as a custom wallet. This involves connecting the SafePal to the eSpace network, which is a straightforward process.
Ledger: Ledger is a hardware wallet that supports both the Core and eSpace networks of Conflux. You can receive CFX and ERC20 tokens by copying your address from MetaMask and sharing it with the sender.
Trust Wallet: You can add Conflux (CFX) to Trust Wallet by following these steps:
- Open Trust Wallet on your mobile device.
- Navigate to the "Wallet" tab.
- Tap on the "+" icon or "Add Token" button.
- Search for Conflux (CFX) or add it as a custom token if it's not listed.
- Enter the network, contract address, token symbol, and decimals for CFX.
- Tap on "Done" or "Add" to add Conflux to your Trust Wallet.
Fluent: Fluent is a browser extension wallet that supports both the Core and eSpace networks. It is similar to MetaMask but specifically designed for the Conflux Network.
MetaMask: MetaMask can also be configured to work with the Conflux Network eSpace, providing another option for storing CFX tokens.
Remember to handle your private keys securely and keep your wallet software up to date to ensure the safety of your assets.
To buy Conflux Network (CFX) tokens, you can follow these steps:
Create an Account:
- Register on a cryptocurrency exchange that supports CFX, such as Pionex, KuCoin, or Binance.
- Complete the Know-Your-Customer (KYC) verification process to ensure account security.
Choose a Payment Method:
- Select a payment method that suits you, such as credit/debit card, bank wire, or ACH transfer.
- For US citizens, some exchanges offer specific payment options.
Buy CFX:
- Navigate to the exchange's platform and select CFX as the asset you want to buy.
- Choose your preferred payment method and follow the prompts to complete the purchase.
Store Your CFX:
- Once you have purchased CFX, you can store it in your exchange account or transfer it to a non-custodial wallet for added security.
Optional: Use Trading Bots:
- Some exchanges, like Pionex, offer trading bots that can help you earn passive income with your CFX.
Remember to always follow the specific instructions and guidelines provided by the exchange you choose, and be aware of any fees associated with your transactions.
Conflux Network (CFX) was founded in 2018 by Dr. Andrew Yao, a Turing Award recipient, and his team at Tsinghua University. The core leadership team includes Fan Long, YuanJie Zhang, Ming Wu, and Andreas Veneris and Andreas Park as advisors. The network was developed to address the "blockchain trilemma" problem, which involves optimizing security, scalability, and decentralization. The Conflux Foundation was established to build an open infrastructure, and a regulatory-compliant fundraise was issued to support the project.
In 2020, Conflux established the Tree-Graph Research Institute in partnership with the government of Shanghai and the Key Laboratory of Blockchain Infrastructure and Applications with the government of Hunan. This partnership further solidified Conflux's position as a state-endorsed public blockchain in China.
Conflux Network is designed to power decentralized applications (dApps), e-commerce, and Web3 infrastructure. It employs a unique Tree-Graph consensus algorithm that allows for parallel block and transaction processing, enhancing throughput and security. The network also features ShuttleFlow, a cross-chain asset bridge that enables seamless asset transfers between multiple protocols.
The native token of Conflux Network is CFX, which is used for transaction fees, staking rewards, mining rewards, storage rental, and network governance. CFX incentivizes and rewards miners, ensuring the secure operation of the network.
Conflux Network (CFX) is a hybrid blockchain platform that combines Proof of Work (PoW) and Proof of Stake (PoS) consensus mechanisms to address the blockchain trilemma of security, scalability, and decentralization. Here is an overview of how it works:
Consensus MechanismConflux uses an upgraded PoW consensus mechanism called Tree-Graph, which processes transactions in parallel using a Directed Acyclic Graph (DAG) structure. This allows for higher throughput and better scalability compared to traditional PoW blockchains. The Tree-Graph mechanism employs Epochs, which act as network snapshots, and the Greedy Heaviest Adaptive SubTree (GHAST) system to assign weights to blocks in the Tree-Graph.
TokenomicsThe native token of Conflux is CFX, which is used to secure the network, pay transaction fees, and incentivize users to participate in the network. There are 5 billion pre-mined CFX tokens, with a significant portion allocated to the Ecosystem Fund to support ecosystem development and solve cold start problems. Users can earn interest by staking their CFX tokens, which helps secure the network through the PoS consensus layer.
Staking and GovernanceConflux offers staking features, allowing users to lock their tokens and earn rewards on the network. Staking also grants users voting rights via the community governance protocol. This incentivizes users to participate in governance and ensures the network is secure and stable.
Scalability and FeesConflux is designed to be highly scalable, capable of processing 3,000 to 6,000 transactions per second. This scalability enables the network to provide lower fees compared to other major blockchain networks, making it more attractive for developers and users.
Programmability and CompatibilityConflux provides a suite of advanced developer tools and is fully EVM-compatible, making it easier for developers to onboard and build decentralized applications (dApps). The network has two spaces, Core Space and eSpace, which cater to different virtual machines and developers' needs, enhancing its compatibility and versatility.
ShuttleFlow and Cross-Chain CollaborationConflux features ShuttleFlow, a cross-chain asset protocol that allows the network to communicate data and assets across other blockchains. This enables seamless collaboration and integration with other blockchain ecosystems, promoting cross-border and multi-chain collaboration in the Asian blockchain sector.
Partnerships and DevelopmentConflux has established partnerships with the Chinese government and various institutions to advance blockchain education, research, and development. These collaborations have led to the creation of research institutes and the development of blockchain-based platforms for urban planning, social security, and more.
Overall, Conflux Network (CFX) works by leveraging its hybrid consensus mechanism, tokenomics, staking, and governance features to create a secure, scalable, and decentralized platform for developers and users.
Conflux Network (CFX) has several strengths that make it an attractive blockchain platform:
High Throughput: Conflux's Tree-Graph consensus algorithm allows for parallel processing of blocks and transactions, resulting in high throughput and low latency. This enables the network to handle a significant number of transactions per second, making it suitable for real-world applications with high demands.
Security: The hybrid consensus mechanism combines the strengths of Proof of Work (PoW) and Proof of Stake (PoS), ensuring the security and integrity of the network. This robust defense mechanism protects against potential attacks and vulnerabilities.
Interoperability: Conflux's ShuttleFlow feature allows for seamless asset transfers between multiple protocols, making it an ideal platform for cross-chain collaboration and integration.
Scalability: The network's unique consensus mechanism and layered architecture ensure optimal resource utilization, enabling developers to create scalable and efficient applications. This scalability also leads to lower fees compared to other blockchains like Ethereum.
Flexibility in Smart Contracts: Conflux supports smart contracts written in multiple programming languages, giving developers greater freedom in choosing the language they are most proficient in. This facilitates faster and more diverse decentralized application (dApp) development.
Passive Rewards: Users can earn passive rewards through staking, which provides a consistent source of income while retaining ownership of their tokens.
Regulatory Compliance: As the only regulatory-compliant public blockchain in China, Conflux offers a unique advantage for projects looking to build and expand in Asia.
Strong Partnerships: Conflux has collaborated with well-known brands and government entities, such as Shanghai, McDonald's China, and Oreo, demonstrating its ability to integrate with mainstream businesses and institutions.
These strengths position Conflux Network as a robust and versatile blockchain platform, well-suited for a wide range of applications and use cases.
Conflux Network (CFX) carries several risks that investors and users should be aware of. One significant risk is related to staking CFX tokens on the Proof-of-Stake (PoS) chain, which can lead to tokens being permanently locked if certain operations are performed. Additionally, trading in CFX involves a high degree of risk, which may result in the loss of capital. Furthermore, the network's unique consensus mechanism, Tree-Graph, and its staking features also introduce potential risks, although the exact nature of these risks is not fully specified.
- Fan Long: Founder and CEO of Conflux Network.
- Xiaolong Wang: Co-founder and Chief Scientist of Conflux Network.
- YuanJie Zhang: Co-founder of Conflux Network.
- Ming Wu: Co-founder and Chief Technology Officer of Conflux Network.
- Andreas Veneris: Advisor to Conflux Network.
- Andreas Park: Advisor to Conflux Network.
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