About Conflux (CFX)

Conflux Frequently Asked Questions (FAQ)

What is Conflux (CFX) and what are its primary uses?


Conflux (CFX) is the native cryptocurrency of the Conflux Network, which is a state-endorsed public, permissionless blockchain project in China designed to facilitate cross-border payments, decentralize social networks, and to support decentralized applications (DApps) and smart contracts. Its primary uses include transaction fee payment, network governance, and acting as a medium of exchange within the Conflux ecosystem.




How does Conflux network's unique Tree-Graph consensus mechanism work?


Conflux Network's unique Tree-Graph consensus mechanism works by organizing blocks in a tree structure for efficiency and then converting them into a directed acyclic graph (DAG) to capture the relationships between blocks. This design allows for the concurrent processing of blocks and transactions. It identifies a pivot chain through the graph as the main reference for the consensus, allowing Conflux to reach consensus quickly and confirm transactions with high throughput and low latency while simultaneously mitigating the risk of double-spending.




What incentives does the Conflux (CFX) platform offer for user participation?


The Conflux platform offers several incentives for user participation, including rewards for engaging in network security through mining, staking opportunities to earn interest on holdings, and ecosystem grants for projects that contribute to network growth and development.




Who are the founders of the Conflux network and what are their backgrounds?


The Conflux network was co-founded by a team that includes Dr. Fan Long and YuanJie Zhang. Dr. Fan Long is a computer science professor at the University of Toronto and has a Ph.D. in Computer Science from MIT. He has an extensive background in programming languages and systems. YuanJie Zhang brings experience from high-profile tech companies and has a strong research background in blockchain and systems. Together, they established Conflux to provide a novel blockchain system that resolves the issues of scalability and decentralization in legacy blockchain networks.




What distinguishes Conflux (CFX) from other blockchain projects?


Conflux sets itself apart with its unique Tree-Graph consensus mechanism, which allows for high throughput without compromising security or decentralization. It enables fast, scalable, and low-cost transactions, aiming to overcome the limitations of traditional blockchain systems. Additionally, Conflux fosters interoperability with support for cross-chain communication and a developer-friendly ecosystem.




Can you explain how Conflux's ShuttleFlow protocol enables asset transfer across different blockchains?


ShuttleFlow is a cross-chain asset bridge protocol within the Conflux network that facilitates the transfer of assets between Conflux and other blockchains. It operates by locking assets on a source blockchain and then minting corresponding tokens on the Conflux network, allowing for interoperability and flow of value between different ecosystems. When the assets are transferred back to the original blockchain, the corresponding tokens on Conflux are burned, thus maintaining a balanced asset representation across the networks.




What are the benefits for developers building dApps on Conflux's platform?


Developers building dApps on Conflux benefit from its Tree-Graph consensus mechanism which facilitates high throughput and scalability, enabling fast, secure, and low-cost transactions. The network's unique algorithm reduces congestion and helps maintain consistent transaction fees. Additionally, Conflux offers a developer-friendly environment with compatibility with Ethereum’s EVM and tools, enabling easy porting of Ethereum dApps and use of familiar programming languages like Solidity. The platform also provides grants and support, fostering a strong developer ecosystem.




How does the Conflux network achieve scalability and how many transactions per second can it process?


The Conflux network achieves scalability by utilizing a unique Tree-Graph consensus mechanism, which allows for the concurrent processing of blocks and transactions, reducing the bottlenecks associated with the linear processing in traditional blockchain systems. This consensus model optimizes for security, decentralization, and scalability. As for the transactions per second (TPS), the Conflux network can process up to approximately 3,000 to 6,000 TPS, depending on network conditions and optimizations.




What is the Fee Sponsorship Mechanism on the Conflux network?


The Fee Sponsorship Mechanism on the Conflux network allows users to perform transactions without needing to pay gas fees themselves. Instead, designated sponsors who have deposited CFX tokens into a sponsorship pool can cover the gas fees on behalf of the users. This system facilitates a better user experience, especially for those unfamiliar with blockchain or those without enough CFX for transaction fees.




Can you detail how staking works on the Conflux network and what are the rewards?


On the Conflux network, staking involves locking up CFX tokens to support the network's operation and security. Users can participate by sending CFX to a designated smart contract, effectively becoming stakers. Stakers can earn rewards in the form of additional CFX as an incentive for contributing to the network's consensus and governance. The specific rewards vary based on factors like the amount staked, the staking period, network performance, and overall participation level. Moreover, the PoS mechanism in Conflux ensures that staking rewards align with the network's inflation and participation rates to maintain a balanced ecosystem.




What is the current circulation supply of Conflux (CFX) coins and what is the total supply?


The circulating supply and total supply of Conflux (CFX) can fluctuate. For the most current figures, please refer to a reliable cryptocurrency market data provider or the official Conflux website or documentation.




How is the distribution of CFX tokens structured among various parties?


The distribution of CFX tokens is structured to support the ecosystem and its participants. It includes allocations for private sale investors, a community fund, team and advisors, ecosystem fund, mining rewards, and staking incentives. Specific percentages may vary, and it's designed to ensure long-term development and participation in the Conflux Network.




What security measures does the Conflux network employ to protect its users?


The Conflux network utilizes a unique hybrid Proof-of-Work (PoW) consensus mechanism to enhance security and prevent double spending. It also employs a Tree-Graph structure to accelerate confirmation times while maintaining security. Additionally, the network is designed to be resistant to 51% attacks, and its governance structure ensures adaptability to evolving security challenges. Smart contracts are run in a sandbox to provide additional layers of protection against malicious activities.




How can CFX owners participate in the governance of the Conflux network?


CFX owners can participate in the governance of the Conflux network by staking their tokens, earning staking rewards, and obtaining voting power proportional to their staked amount. By staking CFX, they can vote on various proposals within the network, contributing to decision-making processes that shape the evolution of the Conflux ecosystem.




Who is Professor Andrew Chi-Chih Yao and what is his role in the Conflux Foundation?


Professor Andrew Chi-Chih Yao is a Turing Award-winning computer scientist known for his fundamental contributions to the theory of computation. He is the chief scientist at the Conflux Foundation, where he guides the research and development of the Conflux Network, ensuring that the blockchain technology adheres to high scientific and academic standards.