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Price (USD)$ 0.2363
Circulating SupplyCFX 3.74853B
Volume (24h)$ 47.55454M
Market Cap$ 885.3714M
Low/High 24h$ 0.229 - $ 0.238
Change (24h)$ 0.004743
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.
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.
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.
BUConflux provides its users with the following set of features:
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:
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.
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.
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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.
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