Exchange Conflux Network (CFX) at the Best Rates

CFX Crypto: A Barrier-Free Conflux Network

One of the Top-100 cryptocurrencies on CoinMarketCap is Conflux, a Layer-1 blockchain network that supports decentralized applications (dApps) with high throughput, scalability, and decentralization. The blockchain utilizes a Proof-of-Work (PoW) consensus for enhanced security at the protocol level. Conflux Network’s Tree-Graph consensus algorithm differentiates it from Bitcoin and other competitors. This mechanism allows the network the power of parallel processing of blocks, significantly increasing transaction processing capabilities and lowering confirmation time. The platform offers its native token, Conflux coin or CFX. Let’s take a closer look at the Conflux project and CFX crypto.

The History of Conflux and Chinese Endorsements

Conflux Network is the brainchild of Dr. Andrew Yao, a Turing Award-winning physicist who began working on blockchain at Tsinghua University. In 2018, the Conflux Foundation was founded and obtained funding to begin developing an open-source application framework based on the novel Tree-Graph consensus mechanism.  Dr. Andrew Yao co-founded his project with YuanJie Zhang and Ming Wu.

In 2020, Conflux will establish the Tree-Graph Research Institute in collaboration with the Shanghai government and the Key Laboratory of Blockchain Infrastructure & Applications in collaboration with the Hunan government. This institute was established to promote the growth and adoption of the Conflux blockchain.

Conflux is the only regulatory-compliant, public permissionless blockchain in China. One of the Chinese government endorsements was by the Hunan regional government for developing blockchain infrastructure to enhance the region’s GovTech initiatives. Just recently, Conflux has become a senior member of the Institute of Web 3.0 in Hong Kong. 

Conflux Network and China Telecom have unveiled the world’s first Blockchain SIM (BSIM) card, a mobile user identification card based on blockchain technology. The BSIM card, resembling traditional SIM cards, is compatible with Android and iOS systems and offers significantly larger storage space and computing power than traditional SIM cards. Conflux Network and China Telecom have collaborated to demonstrate their innovation in combining blockchain technology with mobile user identification, delivering a strong and efficient solution for users in the ever-changing digital ecosystem.

All these government endorsements allow firms to gain access to lucrative public sector contracts. Within China, there is still significant interest in all things crypto, and Conflux has become the recipient of a large share of this interest.

How Does Conflux Network Work?

While being similar to other blockchains in many ways, Conflux (CFX) offers a number of innovations to the crypto market. Conflux's consensus mechanism is based on a Tree-Graph structure, as opposed to the linear architecture of most major blockchains. Conflux can confirm many blocks concurrently thanks to its divergent structure, and the capacity to process numerous blocks in parallel offers the blockchain a faster throughput and shorter confirmation time.

The Tree-Graph ledger can combine all valid blocks, including those being processed concurrently, into a single data structure. The usage of the Tree-Graph model and the GHAST chain selection mechanism by Conflux provides the blockchain with increased scalability and robustness for dApps launched on its platform.

Through its ShuttleFlow cross-chain asset bridge, the Conflux Network also promotes blockchain interoperability. The cross-chain blockchain bridge's high speed enables the seamless transfer of digital assets between several sustainable blockchain ecosystems.

In addition, the Conflux blockchain technology has a robust SDK, or software development kit, to help developers in project creation. It specifically supports the four mainstream programming languages; Python, Java, JavaScript, and Golang. It also offers community-developed SDKs and Solidity SDKs. The network's dApp development tools include Truffle, Hardhat, ChainIDE, and Studio. In May 2023, Conflux partnered with @tenet_org, a liquid Layer-1 blockchain to expand its possibilities.

Conflux Network Features

BUConflux provides its users with the following set of features:

1. High throughput. CFX’s breakthrough Tree-Graph consensus algorithm uses parallel processing of blocks and transactions to lower confirmation times and increase TPS.
2. Secure. Conflux utilizes a highly-tested PoW consensus to provide increased security and anti-reentrance attack protection at the protocol level.
3. Interoperable. ShuttleFlow is a lightening fast cross-chain asset bridge built on Conflux that enables seamless asset transfers between multiple protocols.
4. Scalable. Conflux provides unmatched scalability, eliminating the consensus bottleneck of other blockchains without sacrificing security or decentralization.
5. Built-in staking. Built-in staking interest provides a foundation for innovative DeFi apps. Staked tokens currently receive an annualized rate of 4%, generated by the additional issuance of tokens.
6. Low fees. CFX’s Fee Sponsorship Mechanism allows users with zero wallet balance to still engage with blockchain. Sponsors pay a portion or all of another user’s transaction fees to help with user onboarding.

What Is CFX Crypto, Conflux’s Native Token? 

Users utilize the Conflux coin, CFX, to pay for gas and cover storage expenses. CFX also supports the network's maintenance through staking and mining rewards. Miners receive a bonus payout of 2 CFX every block, a block transaction fee, and the above-mentioned 4% annualized return on any stored collateral. Users that stake their CFX tokens have voting rights for the network's governance in addition to earning a reward. 

CFX had a genesis supply of 5 billion pre-mined tokens. Its total supply has since increased to 5,284,997,962 tokens through mining. The allocation of its genesis supply is as follows:

1. 16% – Private Equity Funders
2. 36% – Genesis Team
3. 8% – Community Fund
4. 40% – Ecosystem Fund

Transactions on the Conflux network require using a wallet such as the Fluent Wallet. The user is responsible for gas and storage fees when sending a transaction (the gas fee is calculated by multiplying the gas price by the gas used). When a new transaction is executed, it uses storage space for a period of time. The storage fee is the amount of CFX staked by the user to pay for the storage space. However, the staked tokens are returned to the user as the space is released. Holders of CFX tokens can also keep their CFX and other CFX assets, such as CRC-20 tokens and NFTs, in more secure hardware wallets.

Conflux Price and the Project’s Future

When it comes to CFX’s price, Conflux has been making waves with its remarkable on-the-year gains of approximately 1,700%. The impressive performance of Conflux coincides with the optimism surrounding China’s renewed interest in cryptocurrencies. As the country seemingly shifts its stance towards the crypto industry, there are hopes that Conflux will reap the benefits. The project has been actively fostering partnerships with various regional enterprises, positioning itself as a potential frontrunner in meeting regulatory requirements.

The recent move by Hong Kong to legalize certain Bitcoin exchanges is an important development to keep an eye on. Many perceive this move as a trial run for possible crypto legalization on the mainland. Given Conflux's increasing popularity and adoption in China, CFX stands to benefit as a major beneficiary of this trend. The latest collaboration with a Chinese SIM card provider adds to the crypto community's excitement.

How to Buy Conflux Coin?

StealthEX is here to help you buy Conflux (CFX). You can do this privately and without the need to sign up for the service. Our crypto collection has more than 1000 different coins and you can do wallet-to-wallet transfers instantly and problem-free.

Just go to StealthEX and follow these easy steps:

1. Choose the pair and the amount you want to exchange. For instance, BTC to CFX.
2. Press the “Start exchange” button.
3. Provide the recipient address to transfer your crypto to.
4. Process the transaction.
5. Receive your crypto coins.

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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.