CFX: Powering Scalability and Web3 Development on Binance
Conflux Network ($CFX) is a public, permissionless Layer-1 blockchain that aims to address scalability limitations in existing protocols while maintaining decentralization and security. It has gained traction as a platform for powering decentralized applications (dApps), e-commerce, and Web3 infrastructure. Binance, a leading cryptocurrency exchange, supports Conflux (CFX) and offers trading pairs for users to engage with this innovative network.
Key features of Conflux (CFX)
Tree-Graph Consensus: Conflux utilizes a unique Tree-Graph consensus mechanism, which allows for parallel processing of multiple blocks and transactions, significantly increasing network throughput compared to traditional blockchains.
Hybrid Consensus (PoW + PoS): Conflux combines Proof-of-Work (PoW) and Proof-of-Stake (PoS) elements, harnessing the security of PoW and improving efficiency through the Tree-Graph structure.
High Transaction Throughput (TPS): Conflux Network boasts high transaction per second (TPS) capability, initially around 3,000 TPS, with plans to further increase it to 15,000 TPS with the upcoming version 3.0, surpassing the efficiency of traditional payment systems. This makes it suitable for high-frequency financial scenarios like cross-border settlement and supply chain finance.
EVM Compatibility: Conflux is fully compatible with the Ethereum Virtual Machine (EVM), simplifying the migration of existing Ethereum dApps and enabling developers to leverage Conflux's high throughput and low fees.
Cross-Chain Interoperability: Conflux facilitates interoperability through its cross-chain protocol, ShuttleFlow, enabling seamless asset and data transfers between networks like Ethereum, BNB Smart Chain, and others.
CFX token utility
The native CFX token is integral to the Conflux Network, enabling various functionalities within the ecosystem:
Network Governance: CFX holders can participate in the governance of the Conflux network, voting on proposals and shaping the platform's future.