What is Conflux?
Conflux is a blockchain network that utilizes Proof-of-Work (PoW) and enables the concurrent processing of transactions and blocks. This sets it apart from other popular networks like Bitcoin and Ethereum, which process blocks sequentially. The ability to process transactions and blocks in parallel provides unique economic incentives for miners, which we will discuss in this paper. These differences enhance the security and economic feasibility of Conflux in preventing double-spending attacks.
Conflux aims to address the issue of smart contract space occupation that remains unpaid. Unlike Ethereum, where a user only pays at the time of adding the code to the chain, the entire community bears the responsibility of storing the contract. Conflux, on the other hand, implements ongoing costs for maintaining contracts, encouraging users to avoid unnecessary resource usage by providing economic incentives. Conflux aims to attract users who actively utilize the network to provide inherent value.
What is CFX Token?
CFX is the primary token of the Conflux Network, a public blockchain platform that aims to achieve high throughput, low latency, and a developer-friendly environment. CFX is used as the native currency of the network and is required to pay transaction fees and execute smart contracts.
CFX has a variety of applications within the Conflux Network as a utility token.
- Transaction fees are a cost associated with executing transactions and smart contracts on the network. CFX is used to pay these costs.
- Staking: By staking CFX, users can take part in the network’s consensus process and receive incentives.
- Voting: CFX can be used to take part in network governance choices, such as suggestions for protocol modifications or financing for development projects.
- DApp usage: Decentralized applications (dApps) established on the Conflux Network can accept CFX as payment or to access specific functionalities.
CFX Token Live Price
2,529,855,309 CFX coins are now in circulation, and the maximum supply is not known. The highest price paid for Conflux (CFX) is $1.70, which was recorded on Mar 27, 2021. The current CFX token price is $0.21097 per coin. The 24-hour trading volume for the coin is $145,135,458.
Where can you buy Conflux(CFX)?
Both centralized and decentralized cryptocurrency exchanges allow the trading of CFX tokens. MEXC Global is the most well-liked marketplace for purchasing and selling CFX tokens.
How to Buy CFX Tokens?
You can use the MEXC Global search bar to search for “CFX” to view available trading pairs.
And you can also find a detailed guide on how to buy CFX tokens.
Who Created CONFLUX(CFX)?
In 2018, the Conflux Network was established as a platform that was created in the research laboratory of Dr. Andrew Yao, a Turing Award recipient. The Conflux Network’s core leadership team consists of Fan Long, who is the founder and president of Tree-Graph Blockchain Research Institute, YuanJie Zhang and Ming Wu as co-founders, and Andreas Veneris and Andreas Park serving as advisers.
What is conflux(CFX) used for?
- Conflux allows for the development of decentralized financial applications, such as decentralized exchanges (DEXs), lending platforms, and stablecoins, through its support of decentralized finance (DeFi). Its suitability for DeFi applications is due to its high transaction throughput and low latency.
- Conflux Network facilitates the development of blockchain-based games and empowers creators to establish decentralized gaming platforms that offer transparency, security, and fairness.
- Conflux can aid in supply chain management by tracing and confirming the legitimacy of products and commodities at every stage of the process. Its unalterable ledger maintains an open record of the flow of goods, which can deter deceit and replication.
- Conflux has the potential to establish a decentralized identity management system that empowers individuals to manage their personal information and safeguard their confidentiality.
- Conflux allows for the development of decentralized social networking platforms that give users more autonomy over their data and safeguard them against censorship.
The Conflux Network offers numerous possibilities for use and is suitable for developing decentralized applications that demand swift, secure, and effective transactions. Its exceptional consensus algorithm and dual-token system provide a strong basis to support a dynamic community of users and developers.
