What is Conflux Network?
This blog post will cover:
- What is Conflux Network?
- Where did Conflux Network come from?
- What are the advantages of Conflux Network?
- What are the disadvantages of Conflux Network?
- How to buy Conflux Network on SimpleSwap?
What is Conflux Network?
Conflux is a first-layer consensus, Proof-of-Work blockchain. Its main purpose is to solve the trilemma problem. There are three basic notions that must be considered when blockchain is created. They are decentralization, scalability, and security. In most cases it is impossible to keep all of them. The Conflux project aims to preserve all three parts without sacrificing any of them. This network was designed for decentralized applications, e-commerce, and Web 3.0. Moreover, Conflux was able to create a bridge between Asia and Europe. With its headquarters in China, it has expanded to Canada and Nigeria.
CFX is a native token of the Conflux network. The token has a lot of various functions. It is used as a governance token, store of value, method of payment within the platform. It can also be staked in exchange for a reward.
Where did Conflux Network come from?
Conflux appeared as the Conflux Foundation in 2018 in China. This organization conducted all sorts of research in the area of blockchain infrastructure. An operation center was established in 2019 in Hangzhou. One year later Conflux partnered with the government of Shanghai and the Key Laboratory of Blockchain Infrastructure & Applications with the government of Hunan to create the Tree-Graph Research Institute. Now the Conflux team has more than 50 members from all over the world. So far it is the only blockchain project that is endorsed by the government.
What are the advantages of Conflux Network?
- Parallel transactions
The Conflux network applies the PoW protocol similar to the one that is used in Bitcoin. However, due to the Directed Acyclic Graph (DAG) structure, this system gained the ability to conduct parallel transactions. In general it is able to process about 4000 transactions per second.
- DAG consensus
DAG protocol is responsible for block validation and order in which they are added to the blockchain. Then blocks are arranged in the blockchain as Tree-Graphs. Usually, each block has two ends: the parent and the reference edge. In Conflux blocks also have weight, which is added with the help of GHAST technology. Blockchain with this type of organization is considered to be more stable.
- Smart contracts
This feature enables developers to build decentralized applications based on the Conflux platform. Conflux takes the Ethereum experience to the next level with all the opportunities for app creation.
Conflux supports multi-chain collaboration. This means that developers can go beyond the frames of the only chain and create multi-chain decentralized applications.
- Low fees
High scalability allows the network to establish low fees. In comparison with Ethereum, the difference is quite significant.
What are the disadvantages of Conflux Network?
- Lack of trust
Though the technical innovations of Conflux look extremely attractive, some crypto users express concerns that Conflux is endorsed by the government of China.
Conflux did not conduct a public ICO, which are illegal in China, in order to remain in good standing with the government, and incorporated into China’s five-year plan as key enterprise blockchain infrastructure, Conflux enterprise leads China’s blockchain research and development through the Tree-Graph Institute in Shangahi. Currently Conflux is the only regulatory compliant public and permissionless chain in China, and through interoperability is uniquely positioned to connect economies across borders and protocols.
How to buy Conflux Network on SimpleSwap?
We are ready to help you to become a part of the Conflux network. If you need to buy CFX tokens, just follow the simple instructions below:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select CFX in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient's Address. CFX will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.