Conflux (CFX)
Conflux is a first-layer hybrid blockchain that combines Proof of Work (PoW) and Proof of Stake (PoS) consensus mechanisms. It is designed to support decentralized applications requiring high speed and scalability while maintaining decentralization. The network was established by Fan Long, Ming Wu, and Yuanjie Zhang.
Overview
| Ticker | CFX |
| Category | Smart Contract Platform |
| Website | https://confluxnetwork.org/ |
| @Conflux_Network | |
| Telegram | Conflux_English |
| https://www.reddit.com/r/Conflux_Network/ |
Conflux is recognized for its high performance, innovative consensus mechanism, and dual-space design, making it ideal for decentralized finance and gaming applications. It uses a hybrid consensus approach that integrates PoW and PoS to ensure security, high throughput, and decentralization. The PoW consensus employs the Tree-Graph ledger structure and GHAST algorithm, enabling up to 3,000 transactions per second (TPS) with confirmation times under one minute, while PoS provides network finality and enhances transaction handling. Conflux features two spaces: Conflux Core Space and Conflux eSpace. The Core Space uses the hybrid consensus and offers a contract sponsorship feature, while eSpace is compatible with the Ethereum Virtual Machine (EVM), allowing Ethereum smart contracts to benefit from Conflux's performance.
Technology
Spaces
Introduced in the Conflux v2.0 (Hydra) upgrade, Spaces distinguish between Conflux-format and Ethereum-format transactions. This concept allows for creating a virtual sub-chain of the original Conflux network. Core Space is the native Conflux network, while eSpace is a virtualized Ethereum chain on Core Space, enabling reduced migration costs and benefiting from Conflux's low fees and high TPS.
Proof of Work (PoW)
Conflux's PoW mechanism ensures network security using the Tree-Graph ledger and GHAST chain selection rule. This setup maintains decentralization and security levels akin to Bitcoin and Ethereum while significantly boosting transaction throughput and reducing confirmation latency.
Proof of Stake (PoS)
To enhance security against 51% attacks, Conflux implements a stand-alone PoS chain. PoS participants sign the pivot of the tree structure, influencing PoW miners to follow signed pivots. This setup ensures that PoS consensus blocks remain unaltered by potential 51% attacks.
Ecosystem
Conflux Network has developed a diverse blockchain ecosystem with various projects contributing to its scalability and efficiency.
Swappi
Swappi is an Automated Market Maker (AMM) decentralized exchange operating on the Conflux network. It enables crypto asset swaps, staking, and yield generation. Swappi is the first DEX on eSpace, allowing seamless integration of Ethereum-native dApps and smart contracts within the Conflux ecosystem.
Nucleon
Nucleon offers a liquid staking solution for Conflux PoS, supported by leading staking providers. It allows users to stake CFX without locking assets, addressing issues like illiquidity and immovability, while enhancing network security.
CFX Token
CFX is the native currency of the Conflux network, used for incentivizing network maintenance and charging for resource consumption. It ensures system stability by serving as rewards for consensus operations, transaction fees, and DAO voting. Each CFX is divisible into smaller units called drips.
Tokenomics
The genesis block of Conflux included 5 billion pre-mined CFX tokens allocated to various stakeholders, including private equity funders, the founding team, and community developers, to support the network's growth and development.
Funding
In December 2018, Conflux raised $35 million from backers like Sequoia and Baidu. It also received a $5 million research grant from the Shanghai Science and Technology Committee and the Xuhui District government in January 2021. In March 2023, Conflux secured a $10 million investment from DWF Labs.
Partnerships
Conflux has established partnerships with numerous organizations, including KuCoin, Oasis Labs, Pancakeswap, and Chainlink, to enhance its ecosystem and facilitate various projects.
BitMart
In April 2022, Conflux announced a strategic partnership with BitMart, a global digital asset trading platform. This collaboration aims to leverage the strengths of both platforms for mutual benefits.
Alchemy Pay
In February 2023, Conflux partnered with Alchemy Pay to provide a fiat on-ramp payment solution, enabling users to purchase cryptocurrencies using local currencies. This partnership aims to increase Conflux Network's accessibility and mainstream adoption.