CFX is the native cryptocurrency of the Conflux Network, a public, layer-1 blockchain. The network aims to solve the "blockchain trilemma" by providing a fast, secure, and scalable platform for decentralized applications (dApps).
The work of the CFX coin is multi-faceted:
* Transaction Fees: It is used to pay for network fees, similar to ETH on Ethereum.
* Staking & Security: Users can stake CFX to help secure the network and earn rewards.
* Governance: CFX holders can vote on proposals for the network's future development.
* Incentivizing Miners: It rewards miners who validate transactions and create new blocks.
* Ecosystem Participation: CFX is used to interact with dApps and other services within the Conflux ecosystem.
Essentially, CFX is the utility token that powers all core functions of the Conflux Network, enabling its security, governance, and decentralized applications.
