Conflux

About Conflux

Conflux is an innovative new blockchain protocol that aims to solve some of the major scalability and performance issues facing existing platforms like Ethereum. Conflux utilizes a unique tree-graph structure and hybrid proof-of-work/proof-of-stake consensus mechanism to enable much higher throughput and faster confirmation times than current blockchains.

How Conflux Improves Proof-of-Work

Most proof-of-work blockchains like Bitcoin use a single-chain structure where transactions are processed sequentially in discrete blocks. This limits throughput to just a few transactions per second. Conflux instead uses a tree-graph structure, where transactions can be processed in parallel on different branches which are then merged into the main chain. This allows for significantly higher throughput as more computations are done simultaneously.

Conflux also modifies the consensus mechanism to make mining fairer and more decentralized. In Bitcoin, slower miners often waste computational power mining on stale blocks that are already outdated by the time they solve them. Conflux reduces this wasted power through faster block propagation and by allowing miners to build on any of the most recent blocks, not just the longest chain.

Conflux’s Tree-Graph Structure

At the core of Conflux’s innovation is its tree-graph ledger structure. Unlike a single linear chain, Conflux transactions can be verified on different parallel braches of the tree which are then merged into the main chain. This allows for faster confirmation times and throughput.

New blocks can be mined simultaneously on the different branches. Conflux implements a GHOST-based chain selection algorithm that determines the main chain based on the overall computational difficulty of different branches, not just the longest one. This makes the consensus more decentralized and secure.

Thanks to this parallelized consensus mechanism, Conflux can theoretically achieve over 3000 transactions per second, far higher than most existing blockchains. This positions Conflux well for mainstream adoption.

Hybrid PoW/PoS Consensus Model

Conflux implements a hybrid proof-of-work and proof-of-stake consensus model to leverage the security of POW with the efficiency of POS.

Miners solve computational puzzles to verify transactions and mint new blocks, adding security through POW. At the same time, Conflux token holders can stake their tokens to vote and validate blocks, ensuring consensus alignment and acting as moderators.

While POW provides the backbone of security through mining, POS grants stakeholders voting power proportional to their stake and incentives them to act honestly. This hybrid model allows Conflux to scale efficiently while preventing centralized control.

CFX – Conflux’s Native Cryptocurrency

The native cryptocurrency of the Conflux protocol is known as Conflux Token (CFX). CFX is used to pay fees for deploying smart contracts and sending transactions in Conflux. Miners earn CFX as block rewards and transaction fees for maintaining the network.

CFX also serves as the staking token for the proof-of-stake layer, allowing holders to stake CFX and participate in consensus and governance. The fixed maximum supply of CFX is 1 billion tokens, most of which will be distributed to miners and stakers over time as rewards.

CFX is a deflationary token, meaning the circulation supply will decrease over time as more users stake tokens. This is designed to align incentives and increase the value of CFX.

Scalability on Conflux

With its innovative multi-layer tree graph and hybrid consensus, Conflux achieves vast scalability improvements over older blockchains. In testing, Conflux has already demonstrated over 3000 TPS, compared to Ethereum’s 15 TPS. As demand grows, the modular architecture of Conflux means it can scale up efficiently to meet higher transaction loads.

Smart Contracts and DApps on Conflux

Conflux supports smart contracts and decentralized applications compatible with Ethereum’s EVM environment. This allows developers to easily port Ethereum contracts and DApps to the faster, more scalable Conflux network. Popular DeFi, NFT, and other Ethereum-based apps can benefit greatly from Conflux’s superior throughput.

Conflux Team

Conflux was founded by a talented team of researchers and engineers from top Chinese universities and tech companies. CEO Fan Long Ph.D. previously worked at Google Research. With strong technical expertise and experience, the Conflux team is well-positioned to build the next generation blockchain platform.

The Future of Conflux

With its revolutionary approach to scaling and consensus, Conflux has huge potential to enable real-world blockchain adoption across industries like finance, supply chain, healthcare, and more. As it rolls out improvements to stability and ease-of-use, Conflux aims to become a leading blockchain ecosystem for both decentralized apps and enterprise solutions. The future looks bright for this promising blockchain innovator.