What Is Conflux (CFX)?
Conflux is a permissionless network with economic-driven governance mechanisms rewarding community contributions to ensure a secure, stable, and predictable environment for commercial activities. The platform enables communities, creators, and markets to connect across borders and protocols. According to the whitepaper, the Conflux project aims to build and improve existing blockchain systems' features.
The path to globalization and connectivity is accelerating through blockchain and other technologies, yet barriers still exist. There is a catalyst for a new kind of connectivity for every barrier. Conflux Network aims to be the same catalyst. Conflux seeks to create a borderless technological and transactional ecosystem for globally minded crypto projects as a regulatory compliant, permissionless, and public blockchain. Meanwhile, to seek to address the fairness attack challenge, Conflux assigns the block reward eliminating the winner-take-all feature of mining. Rather than competing for the long chain, miners in the network receive block rewards for all the blocks miners generate. Conflux also seeks to overcome the unpaid smart contract space occupation. The project introduces ongoing costs of contract maintenance which give users an economic incentive to avoid wasting resources. The platform seeks to attract users to use the network for value-added services actively.
In addition, Conflux aims to have the following features:
High Throughput - The platform uses a breakthrough Tree-Graph consensus algorithm using parallel processing of blocks and transactions to seek to lower confirmation times and increase the transaction process system (TPS).
Secure - Conflux uses a proof-of-work (PoW) consensus to seek to offer security and anti-reentrance attack protection at the protocol level.
Interoperable - ShuttleFlow is a quick cross-chain asset bridge built on Conflux seeking to enable seamless asset transfers between multiple protocols.
Scalable - Conflux provides scalability, seeking to eliminate the consensus bottleneck without sacrificing security or decentralization.
Built-In Staking - Built-in staking reward seeks to offer a base for innovative DeFi apps.
Low Fees - Conflux's fee sponsorship mechanism allows users with zero wallet balance to still engage with blockchain.
Openness - Conflux aims to create software, available as open-source for anyone to modify, share, and benefit from. Openness seeks to promote blockchain's reliability and security.
Inclusivity - The platform seeks to offer fair and open access to upcoming technologies.
Permissionless - Conflux seeks to facilitate the secure transfer of valuable assets with nominal fees enabling everyone to partake and benefit from the global economy.
Next comes Conflux's token economy, which is built around the Conflux (CFX) token. CFX is a unit of value on the platform seeking to enable token holders to earn rewards through staking, pay transaction fees, rent storage, and partake in network governance. CFX also seeks to incentivize and reward miners ensuring the secure operation of the network. Conflux token is designed to serve as a medium of exchange and a unit of account for blockchain-based data. Also, CFX can be used as a store of value to sustain long-run incentives for the different parties to use the chain. The native token also aims to play a role in compensating the network's miners, who are central to the operation and security of the network.
History of Conflux (CFX)
The Conflux Network was founded in 2018. The platform was developed in the research lab of Turing Award recipient Dr. Andrew Yao. The core leadership team of Conflux Network comprises Fan Long founder and president, Tree-Graph Blockchain Research Institute, YuanJie Zhang cofounder, Ming Wu cofounder and chief technology officer, and Andreas Veneris and Andreas Park as advisers.
