Conflux (CFX)
Rank #113
Market snapshot
- Price
- $0.049043
- Market cap
- $256.7M
- 24h volume
- $11.8M
- Circulating supply
- 5,234,231,463.71
- Total supply
- 5,234,231,461.7
- Max supply
- N/A
What is Conflux?
Conflux is a blockchain platform that supports decentralized applications and smart contracts. It utilizes a Tree-Graph consensus algorithm, which allows for parallel processing of blocks and transactions, aiming to enhance transaction speeds and scalability. Users can generate CFX through mining, contributing to the network's operation and security.
How Conflux works
Conflux operates on a peer-to-peer network where users can engage in transactions without relying on a central authority. The Tree-Graph consensus algorithm processes multiple blocks simultaneously, reducing confirmation times and increasing transactions per second (TPS). This structure enables efficient transaction flow and supports the mining process, where users can earn CFX tokens.
Key information
- Symbol
- CFX
- CMC rank
- #113
- Network / platforms
Conflux
- Categories
- Mineable, Proof of work
- Date added
- Nov 11, 2020
Key characteristics
Conflux features a Fee Sponsorship Mechanism, allowing users with zero wallet balance to interact with the blockchain. The platform is designed to be open-source, enabling developers to build applications using the Reach programming language, which is compatible with various blockchains. Conflux is categorized under multiple tags, including defi, mineable, proof-of-work, and smart contracts.
Official resources
Risks
Digital asset prices can be volatile and can change materially. Users should verify the contract address and network before transferring assets. Self-custody requires secure private-key and recovery-phrase handling. Centralized platforms can involve operational, custody, and counterparty risk. Availability and regulatory treatment can vary by jurisdiction. Transaction finality and reversibility can differ by network.
Transfer and custody notes
Verify the asset name, network, and the destination details before transferring. Verify destination address and network before sending assets. Review the custody method, including self-custody versus a third-party platform. Understand that transfers may be irreversible and that CoinLoom does not confirm exchange availability.
FAQ
- What is Conflux?
- Conflux is a blockchain platform designed to support decentralized applications and smart contracts.
- How does Conflux work?
- Conflux operates on a peer-to-peer network using a Tree-Graph consensus algorithm, allowing for parallel processing of transactions.
- What are the key features of Conflux?
- Conflux includes a Fee Sponsorship Mechanism and supports development with the Reach programming language.
- What are the risks associated with transferring Conflux?
- Users should verify the asset and network before transferring assets, and be aware of the risks associated with centralized platforms.
- How can I verify the acquisition of Conflux?
- Verify the asset name, network, and destination details before transferring, and review the custody method.
- Where can I find official resources for Conflux?
- Official resources for Conflux can be found on their website and GitHub repository.
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