What is Conflux? Conflux is a public layer 1 blockchain with outstanding performance, unique consensus mechanism (PoW and PoS). These features enable Conflux to provide a fast, secure, and decentralized platform. So what’s special about Conflux? Let’s Weakhand let’s find out.
To understand more about Conflux, please read the articles below:
- What is Aptos (APT)? Aptos Cryptocurrency Overview
- What is Sui (SUI)? Sui Cryptocurrency Overview
- What is Avalanche (AVAX)? Avalanche Cryptocurrency Overview
What is Conflux?
Overview of Conflux
Conflux is a layer 1 public blockchain with outstanding performance, unique consensus mechanism and innovative dual space design. These features allow Conflux to provide a fast, secure, and decentralized platform that is well-suited for building various applications, including DeFi, NFTs, Web3, and Gaming.
Conflux uses a consensus mechanism that combines PoW and PoS, ensuring high security, throughput, and decentralization. As a result, Conflux is capable of efficiently processing a large number of transactions, making it a powerful and reliable platform for many applications without compromising on decentralization.
At the heart of Conflux (PoW consensus) is the ledger structure Tree-Graph and string selection rules GHASTdelivering high transaction throughput of up to 3,000 TPS and 1-minute confirmation latency, while maintaining the same level of decentralization as Bitcoin and Ethereum. Conflux, on the other hand, incorporates all blocks simultaneously into its ledger, achieving a very high level of security and performance.
Conflux uses an independent PoS chain to deal with threats posed by 51% attacks.
The Conflux Difference
Conflux uses two chains running in parallel, Core Space and eSpace. Conflux Core Space and eSpace can communicate with each other via CrossSpaceCall, which facilitates atomic transfers and smart contracts calls between the two spaces.
- Core Space: This is a major blockchain network that uses a hybrid consensus mechanism and has a funding mechanism to subsidize the use of smart contracts (contract sponsorship mechanism). Provides scalability and faster transaction processing with higher TPS than eSpace.
- eSpace: Fully compatible with the Ethereum Virtual Machine (EVM), allowing developers to easily migrate their existing Ethereum smart contracts to Conflux eSpace and benefit from the high performance and scalability of Conflux .
Highlights of Conflux
- The groundbreaking Tree-Graph consensus algorithm uses parallel processing of blocks and transactions to reduce confirmation times and increase TPS.
- Conflux uses the PoW consensus mechanism to enhance security and protect against replay attacks at the protocol level.
- Conflux builds a fast and lightweight ShuttleFlow cross-chain asset bridge that enables seamless asset transfers between multiple protocols.
- Conflux offers unprecedented scalability, eliminating the consensus bottlenecks of other blockchains without sacrificing security or decentralization.
- Conflux uses a fee funding mechanism that allows users with zero wallet balances to still participate in the blockchain.
Conflux ecosystem
- Wallets: Conflux uses the main wallet as Fluent Wallet allows one to interact with both Conflux Core and Conflux eSpace, including testnets. Additionally, Conflux eSpace supports wallets Metamask, TokenPocket, BitKeep and AnyWeb, Ledger and Onekey.
- Community & DAO Tools: Conflux provides several high-quality tools for managing uses and DAO assets: CFX Faucet, Approval Checker, MultiSig and Stampers. These tools are designed to provide efficient and secure user and asset management in decentralized autonomous organizations (DAOs).
- Dapps: Conflux Network provides a comprehensive overview of various projects and dApps built on the Conflux blockchain. Additionally, users can use ConfluxDapp to access a more detailed and user-friendly overview of dApps on the network. Users have multiple options for accessing information about projects and dApps built on Conflux and can choose the option that best suits their needs and preferences.
- PoS Pools: TThrough the use of a proof-of-stake (PoS) protocol, users stake CFX tokens to help authenticate transactions and secure the network, while also receiving rewards.
- Bridges: Conflux uses the main bridge ConfluxHub to connect between Conflux Core and Conflux eSpace. Additionally, many bridges have integrated Conflux: Multichain, Meson, cBridge, ShuttleFlow and everPay. Users and projects can leverage these bridges or APIs to facilitate cross-chain or cross-chain DeFi communication.
- DeFi: The core DeFi protocol on Conflux eSpace is SwappiNucleon, Liquid Staking and Lending/Borrowing Market Goledo.
- NFTs: NFT-related projects on the Conflux Network: Swappi, Zverse, UPLAB, NFTBox, Mints, Dionysos, TSpace, Taopai, NFTRainbow, Maneki Meow
- Infrastructure: Conflux allows DevOps teams to specify the resources they need and configure them when building Web3 applications. Some Conflux ecosystem infrastructure resources: Unifra, ConfluxScan, and ConfluxHub.
- IDEs and Development Tools: Conflux Core supports multiple integrated development environments including Conflux Truffle, ChainIDE, Conflux Studio, Official SDKs, Conflux Hardhat and Sign-In w/ Conflux, all aimed at simplifying and speeding up development on Conflux.
- Data Oracles: Pyth and Witnet are the largest providers of Oracles on Conflux.
Conflux Development Roadmap
Quarter 1/2022
- Strengthen POW and POS consensus
- Dual engine: Launch EVM space in Conflux to support 100% compatibility with Fluent wallets—cross-space- Conflux and EVM space.
- Infura blockchain and service explorer for the EVM space.
- Rosseta—API service pack for exchange listings.
Quarter 2/2022
- Build DeFi stacks on EVM
- Add NFT and Dapp support to Fluent Wallet. NFT exhibition and transfer.
- Enhance Infura scalability and services.
Quarter 3/2022
-
Conflux IPFS – Integrated decentralized storage solution for unlimited permanent data management. More improvements to Web3 infrastructure.
-
Advanced Enterprise Infura Services.
-
Capabilities in the DAO protocol [TBD].
Quarter 4/2022
Core Team
Fan Long – Founder President, Tree-Graph Blockchain Research Institute
- Fan Long earned his PhD from Tsinghua University and he holds a PhD in Computer Science from MIT. His research interests include system security, programming languages, and blockchain.
- Fan Long received the ACM SIGSOFT Outstanding Dissertation Award and the MIT Best Dissertation Award.
- Fan Long has over 20 publications on top computer science conferences with over 1000 citations. He is also a competitive programmer.
- Fan Long won the gold medal of the International Informatics Olympiad twice (2005, 2006), and the regional prize of the ACM-ICPC programming competition.
YuanJie Zhang – Co-Founder
- YuanJie holds a Bachelor’s degree from Fudan University and a Master’s degree from Brandeis University.
- Yuanjie worked at Huatai Private Fund of Funds, UNC Endowment Management Company and Novus on Wall Street before becoming a founding member of Conflux.
- YuanJie has expertise in investment, capital markets and business operations.
Ming Wu – Co-Founder & Chief Technology Officer
- Ming Wu earned his Ph.D Institute of Computer Technology, Chinese Academy of Sciences in 2007 and bachelor’s degree from University of Science and Technology of China.
- Ming Wu’s main research interests include distributed transaction processing systems, graph computing engines, and artificial intelligence platforms.
- Ming Wu has publications on leading computer systems conferences, such as SOSP, OSDI, NSDI, ATC, EuroSys, SoCC, VLDB, etc. ’17.
- Before becoming a founding member of Conflux, Ming was a senior researcher in the Systems Research Group at Microsoft Research Asia. He has designed and implemented large-scale and highly efficient distributed machine learning systems applied in Microsoft products.
Investor
- Conflux has raised $35M in 3 rounds of funding with 11 investors led by: Sequoia Capital China and F2Pool.
- March 2023 continued to raise $10M from DWF Labs. Raising total capital raised to date to $45M.
Partners
Conflux is supported by: Houbi Capital, F2Pool, IMO ventures, SEQUOIA, …
Tokenomics
Information about CFX Token
- Token name: Conflux
- Tiker: CFX
- Blockchain: Conflux Network
- Total Supply: 5,278,164,274
CFX Token Allocation
Private 1 Round: 9.3%
Private 2 Round: 0.99%
Private 3 Round: 0.21%
Rewards: 48%
Founders: 41.4%
CFX Token Release
Updating
CFX Token Use Case
- Staking receives rewards
- Participate in project governance and voting.
- Pay transaction fees on the Conflux network.
CFX Token Exchange
Currently CFX tokens are traded on major exchanges: Binance, Kucoin, Gate, LBank, BingX, BitMart, MEXC, CoinEX, …
Summary
Conflux is a layer 1 public blockchain that supports building DApps, DeFi, NFTs and Web 3.0 applications. Conflux provides a fast, secure and decentralized platform. Conflux uses a consensus mechanism that combines PoW and PoS, ensuring high security, throughput, and decentralization.
Hope this article provides useful information about Conflux and CFX tokens.