What is CFX and how did it evolve
Conflux Network is a smart contract platform that features a Turing-complete state machine built atop a high-throughput consensus protocol. Conflux reaches an agreement on transaction validator based on the total order of blocks organized in a Tree-Graph, a novel consensus mechanism that is scalable relative to the benefits of existing blockchains. It also uses Proof-of-Work (PoW) to supplement its Tree-Graph consensus protocol. As the only regulatory compliant, public, and permissionless blockchain in China, Conflux provides a unique advantage for projects building and expanding into Asia, and connects decentralized economies to strengthen the overall DeFi ecosystem globally. Conflux has introduced a native token called Conflux Token (CFX), which is used as a reward for miners in the network and a payment method for transaction fees. On Conflux, the way transactions are processed is similar to how ETH transactions are processed, and CFX plays a similar role as ETH. Through their wallets, users can interact with applications in the Conflux ecosystem. For instance, with their CFX holding, they can participate in governance voting, stake their tokens to earn interests at a fixed rate of pay for the relevant storage and transaction fees. Born from the top minds of Tsinghua University and the University of Toronto, Conflux Network is overseen by a diverse global team with the mission to promote cross-border collaboration by developing decentralized open source technologies. In 2018, the Conflux Foundation was formed and a regulatory compliant fundraise was completed to build an open infrastructure based on this breakthrough consensus mechanism. Soon after, Conflux established itself as the only state-endorsed public, permissionless blockchain in China. Conflux has also expanded its global operations and community with a diverse distributed team of more than 50 members across over four continents, including offices in Toronto, Canada, and Lagos, Nigeria.
How CFX works
Conflux Network combines PoW with the innovative block ordering protocol of the Tree-Graph and economic mechanisms ranging from transaction sponsorship to token staking. Using the novel GHAST protocol for consensus, Conflux Network optimistically processes blocks without discarding any forks and assigns weights to each block according to the Tree-Graph ledger structure. According to the team, the combination of Confux’s Tree-Graph and the GHAST protocol allows it to complete more than 3,000 transactions per second. Its goal is to maintain this level of scalability without affecting the parameters of decentralization, such as the number of nodes and storage costs.
Features of CFX
With a TPS of over 3,000, CFX is backed by a high-performance underlying network that allows Dapps to run smoothly, offering user experiences that are as good as those offered by any centralized system.
CFX has created a wide range of application scenarios, covering new financial applications, digital assets, business applications, and the data economy.
CFX adopts the PoW consensus mechanism to ensure its network security.
How to get CFX
Conflux Network (native token: CFX) is committed to using the self-developed Tree-Graph high-performance consensus algorithm to build a platform that does not require access and is extremely inclusive, driving DApps, Web 3.0, and open finance to flourish in the Conflux network. The mining algorithm of CFX is Octopus, which supports GPU mining.
CFX is now available on many crypto exchanges, such as Binance, Okex, and CoinEx.