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Conflux

Conflux is a permissionless layer-1  made to power (dApps), e-commerce, and  infrastructure. The network was founded by , , and . The native token for the network is , a hard-capped scarce asset used to pay fees and secure the network through staking. [1]

Overview

Conflux Network is an open system developed to support the growth of and digital assets for worldwide trade. The Conflux network provides performance improvements with its processing of parallel blocks in a  (DAG) structure, which lowers confirmation times and increases transaction throughput. The Conflux consensus algorithm operates with a special Directed Acyclic Graph (DAG) structure known as Tree-Graph.[5] It is a system (PoW) blockchain network that allows the parallel processing of blocks and transactions, while eventually forming a final serial chain.[6]

History

Conflux Network originated from the research lab of Turing Award recipient Dr. Andrew Yao at Tsinghua University. The CFX cryptocurrency project and the Conflux Network is a continuous research that was built to provide a solution to the ‘blockchain trilemma’ problem with a novel Tree-Graph consensus mechanism that optimizes security, scalability, and decentralization. [5]

In 2018, the Conflux Foundation was founded, and a regulatory-compliant fundraise was issued to build an open infrastructure. Shortly after, Conflux became the only state-endorsed public, permissionless blockchain in China.[9]

In 2020, Conflux established the Tree-Graph Research Institute in partnership with the government of Shanghai and the Key Laboratory of Blockchain Infrastructure and Applications with the government of Hunan.[5]

Ecosystem

Conflux DeFi

Conflux Network is powering open finance through its ecosystem of cross-chain protocols, exchanges, and applications that are the 'legos' to build the next generation of DeFi. [6]

ShuttleFlow

Conflux' ShuttleFlow provides cross-chain asset functionality between various  and Conflux Network to create a secure, efficient, and simple user experience for moving assets across public chains. The Conflux Foundation provides resources for further development, and the ShuttleFlow Alliance members aim to maintain it collaboratively. [6]

Dual Protocol - BoomFlow and MatchFlow

The Dual Protocol adopts an "off-chain matching and on-chain settlement" mechanism. With this twin ledger under the Dual Protocol, the on-chain and off-chain data remain identical all the time while lively responding to users' requests. [6]

CFX Token

$ is the native token of Conflux introduced in November 2020. It can be used on the network for transaction fee payment, rewards, rewards, rent storage, and network governance. CFX also incentivizes and rewards miners, who ensure the secure operation of the Network. [12]

Tokenomics

$CFX had a genesis supply of 5 billion pre-mined tokens to reward builders and contributors to the ecosystem. 12% of the total supply was allocated to Private Equity Funders, 36% to the Genesis Team, 8% to the Community Fund, 40% to the Ecosystem Fund, and 4% to the Public Fund. [13]

Conflux Hydra Hard Fork

The mythological Hydra, known for its ability to grow back two heads each one severed, symbolizes concepts of immortality, power, and strength. This exceptional defense against attacks serves as the inspiration for the name behind the Conflux hard fork.

Similar to the multi-headed Hydra, the Hydra hard fork brings a range of features to Conflux. These include a finality chain and eSpace, an EVM execution environment (CIP-43 and CIP-90). This setup enhances the network's security and guards against , which have targeted other networks.[11]

Funding

In December 2018, the Conflux project raised $35 million from backers including Sequoia and Baidu. In January 2021, Conflux received a research grant of $5M from the Shanghai Science and Technology Committee and the Xuhui District government. [14]

"While the amount of money granted is important, it is the government’s signal to support a public permissionless chain like Conflux that matters the most for us,” - Conflux co-founder Fan Long told CoinDesk.[14]

In March 2023, Conflux received a $10 million investment from DWF Labs, a digital asset market maker and investment firm. [15]

Partnerships

BitMart x Conflux Strategic Partnership

In April 2022, Conflux announced a strategic partnership with , a premier global digital asset trading platform. The focus of the alliance is to cultivate a lasting relationship that can assist with projects that leverage what both platforms offer in a mutually beneficial way. [16]

"BitMart’s platform and expertise can provide added value to the Conflux Ecosystem in myriad ways, and we believe that listing Conflux Network’s native token CFX and other ecosystem tokens would benefit users from both ends profoundly." - the press release stated[16]

Conflux x Alchemy Pay

In February 2023, Conflux announced its partnership with Pay to provide an easy fiat on-ramp payment solution that enables users to purchase using local fiat currencies. The partnership was aimed to increase Conflux Network’s accessibility to both newcomers and experienced users, resulting in increased mainstream adoption. [17]

"Alchemy Pay’s contribution will be essential to Conflux Network’s international growth. We’re looking forward to taking our long-standing relationship with Alchemy Pay to the next level. Alchemy Pay’s technology integration will enable the onboarding of millions of users into Conflux Network’s ecosystem in an effortless and regulatory-compliant way." - the blog stated[17]

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Conflux

Commit Info

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Edited On

September 19, 2023

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