What is Conflux? Conflux is a new open source dApps, finance and Web 3.0 protocol. It is described as a fast and secure blockchain. Additionally, it combines Proof-of-Work and Tree-Graph structure. In this article Kriptokoin.com we will answer the question “What is Conflux” in detail. In addition, we will also touch on other details that are curious about the project.
What is Conflux?
It is a blockchain created to enable the transfer of assets and data across borders, protocols and applications. It is stated that it acts as a bridge between Asian and Western economies. The Conflux Network emerged from the research of Turing Award winner Andrew Yao at Tsinghua University. This research offers a solution to the “blockchain trilemma” problem, with a new Tree-Graph consensus optimizing security, scalability, and decentralization. The Conflux Foundation was established in 2018. A donation was then collected to build infrastructure through the foundation. Later, Conflux was recorded as the only public and permissionless blockchain approved by China.
What are Conflux’s Strengths?
- High Yield: Tree-Graph consensus algorithm reduces confirmation times. Because it is used in parallel processing of blocks and transactions to increase TPS.
- Security: Proof-of-Work consensus is used to protect against attacks.
- Interoperability: Shuttle Flow is built on Conflux. It allows seamless asset transfer between multiple protocols. In other words, it is a lightning-fast bridge that provides inter-chain asset transfer.
- Scalable: Provides scalability without sacrificing security and decentralization.
- Low Fees: The sponsorship mechanism offers users who do not have a wallet balance the chance to interact with the blockchain. Sponsors pay some or all of other users’ transaction fees to ensure user engagement.
What is CFX Token?
The platform’s cryptocurrency is CFX. The token economy of the protocol is built around the CFX token, which allows token holders to pay transaction fees, earn rewards by staking, lease storage and participate in network management. Additionally, CFX also encourages and rewards miners who work on keeping the network secure.
What is the total supply and current price of Conflux?
According to Coinecko data, the total supply of Conflux is 5,255,582,738 CFX. The circulating supply is 1,826,442,042 CFX. However, the last 24-hour trading volume of the project is $15,221,001 while its market cap is $164,858,405. The CFX token is currently trading at $0.89583 on cryptocurrency exchanges. However, in March 2021 it rose to the level of $1.70 and broke its own price record.
What is Conflux? How to get CFX?
The protocol is traded on more than one major cryptocurrency exchange. Investors wishing to invest in the protocol should open an account on one of the exchanges where Conflux Network is traded. The exchanges that the protocol is currently trading are as follows: Binance, Gate.io, KuCoin, OKX, MEXC, Tokocrypto and CoinEx. Those who want to invest in Conflux should open an account in one of these exchanges we have listed. Additionally, investors can deposit USDT etc into their wallets. must add a cryptocurrency.
