CFX is the native cryptocurrency of Conflux Network, a high-throughput, layer-1 blockchain designed to be more scalable and secure than existing protocols. Its goal is to power Web3 infrastructure, decentralized applications (dApps), and e-commerce. Conflux uses a unique "Tree-Graph" consensus mechanism, which is a hybrid of Proof-of-Work (PoW) and Proof-of-Stake (PoS), allowing for parallel processing of blocks to increase transaction speed and reduce congestion.
The CFX token serves multiple purposes within the Conflux ecosystem. It is used to pay for transaction fees, and it can be staked to earn rewards and contribute to network security. Additionally, CFX holders can participate in the governance of the network, influencing its future development. Conflux is also known for its focus on interoperability, with a cross-chain protocol called ShuttleFlow that enables asset transfers between different blockchains.
