The Overview of Conflux

Over the past couple of months, the global ranking of the Conflux token changed from #174 to #186. This can be attributed mainly due to the drop in price observed since the downtrend it observed back in April 2021. While it is no surprise that the cryptocurrency market always comes up with new projects to fill in the gaps of the market, which projects will be successful in the future is the question most investors speculate over. Today, we look at the Conflux token or CFX and understand its price history, what it aims to achieve, and what the token’s price prediction looks like. Let’s get started!

Conflux Overview

Cryptocurrency Conflux
Ticker Symbol CFX
Price $0.08269
Price Change 24h +3.17%
Price Change 7d -6.25%
Market cap $161,688,997
Circulating Supply 1,831,986,308 CFX
Trading Volume $3,925,895
All time high $1.70
All time low $0.07105
Conflux ROI No Data

What is Conflux Network?

The Conflux Network is a decentralized blockchain network that is highly scalable, and it aims to have a high throughput and fast transaction confirmation speeds. This PoW network is Turing complete and runs with a smart contract language that is similar to Ethereum. Since the network processes parallel blocks in a Directed Acyclic Graph (DAG) structure, it can offer performance improvements, lowering the confirmation times and increasing the transaction throughput substantially.

Conflux Network allows nodes to generate consistent total order of blocks based on the ledger. The total order is obtained from a pivot by selecting the densest subtree to avoid the double-spend attack. And just like Ethereum, Conflux Network operates with an account-based model. It also supports a modified version of Solidity and Ethereum Virtual Machine for its smart contract. This means that the smart contracts from Ethereum can be easily mitigated to the Conflux Network. Internal research has shown that Conflux can process up to 4000 transactions per second for simple payment transactions, which are higher than both Bitcoin and Ethereum. At higher levels, Conflux Network achieves these results by implementing the novel GHAST or Greedy Heaviest Adaptive SubTree algorithm. It assigns a weight to each block. With this weight assignment, there is a deterministically heaviest or densest chain with the graph that corresponds to the relatively stable chain from genesis to the top of the parent tree.

Why Use Conflux Network?

The Conflux Network offers several features that make it very convenient for usage. Some of these are listed below:

Higher Throughput

The tree graph consensus algorithm uses parallel processing of blocks, and this helps it gain significant improvements by increasing TPS and lowering confirmation time.

Security

By deploying a highly tested PoW consensus protocol, the Conflux Network provides increased security and protection against reentrance attacks at the base protocol level.

Interoperability

ShuttleFlow is a light and fast cross-chain asset bridge that operates on top of Conflux Network, enabling it to achieve seamless asset transfer among multiple protocols.

Lower fees

Conflux Network has a Fee Sponsorship program that allows users with zero balance in their wallet to still participate in the blockchain. Sponsors pay a portion or all of other users’ transaction fees to help them get on board.

Scalability

Conflux eliminates the consensus bottleneck of other blockchains without sacrificing security or decentralization. This helps the Conflux Network to achieve unmatched scalability efficiently.

Staking

The interest rates by built-in staking provide the project team room to grow and innovate the DeFi apps. Staked tokens receive an annualized rate of 4 percent currently, which is generated by the issuance of new additional tokens.

Conflux Network Roadmap

Conflux last updated its status in November 2021. It is clear that the project is thriving well, and the team is doing its best to ensure that the platform continues to improve as they focus on the marketing. In November, the Conflux Network continued PoS community testing and processed related community feedback. They have also optimized the node execution performance and the transaction pool implementation to fix mainnet issues. The company has also released new SDKs and added some documentation for the developers. On the partnerships side, Witnet has launched on Conflux mainnet and provided a price feed service for TriangleDAO. The company is also actively engaging its market by sponsoring NFT.NYC in New York City. Attended by over five thousand people, the Conflux logo was showcased on billboards in Times Square. It also co-hosted an in-person event during the NFT.NYC to engage more developers to join its platform.

Overview of Conflux (CFX) Token

The token economy of the Conflux Network is built around the CFX token, a unit of value on the platform. This token plays a huge role as it allows token holders to pay transaction fees, earn rewards via staking, rent storage, and participate in network governance activities. Conflux CFX token also incentivizes and rewards miners, as they are integral to how secure the network remains in the long term.

The Conflux Network prides itself as it is open source, and this means that anyone can share modify it, ensuring that the software is free from bugs and can operate smoothly. It also includes developers in its bug-finding stages, where developers can share their opinions or any bugs that they find in the code with the project owners. The Conflux Network CFX project is also permissionless and facilitates the secure transfer of value assets quickly and efficiently with a minimal fee. The permissionless blockchain also enables it to dominate in decentralized economies by being transparent and using its staking features to benefit the token holders.

The use cases for the CFX token are network consensus, ecosystem incentivization, governance, and staking. The total supply of CFX tokens was 5 billion in March 2021.