Conflux

What is Conflux?

Conflux Network operates as a smart contract platform, incorporating a Turing-complete state machine atop a high-throughput consensus protocol. This protocol achieves consensus on transaction validators by assessing the total order of blocks organized in a Tree-Graph, a unique consensus mechanism that offers scaling advantages compared to existing blockchains. Additionally, Conflux supplements its Tree-Graph consensus protocol with Proof-of-Work (PoW). The platform's native token, CFX, functions both as a reward for network miners and a method for settling transaction fees.

Functioning as a public blockchain, Conflux serves as a bridge between Asian and Western communities and economies. The Conflux protocol employs the Tree-Graph consensus mechanism to enhance scalability in comparison to existing networks such as Ethereum. Notably, Conflux is compatible with the Ethereum Virtual Machine (EVM), enabling its application layer to support smart contracts written in Solidity.

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Recent Video Interview

Main points of the interview:

• Discussed blockchain SIM cards enabling secure web3 access via mobile phones.
• Conflux's regulatory-compliant public chain status in China.
• Announced upcoming Hong Kong dollar stablecoin set for release in March.
• Future technical upgrades and expansions within Conflux's ecosystem.

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How Does Conflux Work?

Conflux is a Layer 1 public blockchain that combines features of both public and private blockchains in a hybrid format. Its Tree-Graph structure distinguishes it from Bitcoin and Ethereum, enabling parallel processing of multiple blocks and significantly higher throughput. The Greedy Heaviest Adaptive Sub-Tree (GHAST) consensus mechanism, coupled with the Tree-Graph structure, manages transaction execution order for scalability and enhances security by detecting and preventing certain chain attacks.

Key features of Conflux include support for Turing complete smart contracts, interoperability through Shuttleflow for cross-chain transactions with Bitcoin and Ethereum assets, and a robust SDK that supports mainstream programming languages. The network's DApp development tools include Truffle, Hardhat, ChainIDE, and Studio.

Transactions on Conflux require the use of wallets such as Fluent Wallet, and users are responsible for gas and storage fees. Gas fees are calculated based on gas price and usage, while storage fees are paid in CFX tokens and returned to the user when the storage space is released. Conflux aims to provide a versatile and secure blockchain ecosystem for developers and users alike.

Conflux Team Background and Partnerships

Founded in 2018, Conflux has been developing its core technology since 2017 with a focus on advancing blockchain education and research through the Tree-Graph Research Institute located in Shanghai.

The company is under the leadership of its founder, Fan Long, a skilled programmer with expertise in blockchain technology and cybersecurity. Long, a graduate of Tsinghua University, earned a Ph.D. in Computer Science from MIT, receiving the university’s Best Dissertation Award. Currently, he serves as an assistant professor at the University of Toronto.

Alongside Long, the co-founders include YuanJie Zhang, Ming Wu (CTO), and the research director, Guang Yang. The core team comprises a diverse group of professionals, including scientists, business managers, and researchers.

The Tree-Graph consensus mechanism within the protocol was designed by Professor Andrew Chi-Chih Yao, a renowned figure in academic computer science. Professor Yao is a recipient of the Turing Award, a fellow of the Chinese Academy of Sciences, and serves as the head scientist of the Conflux Foundation.

Conflux has partnered with BoringDAO, TokenPocket, Blockchain Game Alliance, Oasis, Waves, Razor Network, and many more.

Conflux Project Development

Conflux's most recent updates include:

• Successfully executed the Mainnet v2.3.0 hardfork.
• Completed the implementation of decentralized storage.
• Concluded tasks related to cross-chain functionality.
• Initiated the design phase of the evm-tx-engine service, an open-source, high-performance on-chain service. This service provides support for both Conflux eSpace and Conflux Core Ethereum.
• Established support for the Android development environment.
• Imported UI theme configuration for mobile.
• Enabled access to core space data through the Ethereum SDK.

There are also news regarding partnerships. Dypius’ World of Dypians has officially integrated with Conflux Network, introducing new possibilities for World of Dypians players, promising enhanced gameplay features, improved transaction speeds, and reduced fees. Additionally, Conflux announced a strategic partnership with Newman Group, aiming to redefine the blockchain landscape by providing tailored blockchain solutions to enterprises in Hong Kong.

Conflux Price Analysis

As of November 24 2024 Conflux has a marketcap of $838M. This is {{percentagefromath}} from its all time high of $1.70. In terms of its tokenomics, there's a total supply of 5.6B with 83% currently outstanding. Keep in mind Conflux has a fully diluted value of $1B which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.