The Conflux Network ($CFX ) is a public layer-1 blockchain designed to offer high scalability, security, and decentralization, with a special focus on the Asian market. Founded in 2018 in China, it is the only public blockchain approved by Chinese regulatory bodies, giving it a strategic position in the country.
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🔧 Technology and Architecture
Conflux uses an innovative structure called Tree-Graph, which allows for the parallel processing of blocks and transactions. This approach, combined with a hybrid consensus mechanism that integrates Proof of Work (PoW) and Proof of Stake (PoS), enables a processing rate of up to 4,000 transactions per second, surpassing many traditional blockchains in terms of performance.
In addition, Conflux is compatible with the Ethereum Virtual Machine (EVM), allowing developers to easily migrate Ethereum-based decentralized applications (dApps) to its platform, facilitating interoperability between different blockchains.
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💰 CFX Token: Utilities and Economy
The native CFX token serves multiple functions within the Conflux ecosystem:
Transaction fee payment: $CFX is used to pay fees associated with transactions on the network.
Staking and security: Users can stake CFX to contribute to the security of the network and earn rewards.
Governance: CFX holders have the right to vote on proposals that influence the future of the platform.
Mining rewards: Miners are incentivized with CFX for maintaining the secure operation of the network.
Storage rental: CFX can be used to rent storage space on the network.
DeFi applications: The token is used in various decentralized finance applications within the Conflux ecosystem.
Conflux also offers ShuttleFlow, a cross-chain bridge protocol that facilitates the transfer of assets between different blockchains, promoting interoperability.