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When was CFX coin issued? Learn about the origin of CFX coin in one article
The idea for CFX coin, the native cryptocurrency of the Conflux Network, originated in 2017 at Tsinghua University and was officially launched in October 2019.
Oct 13, 2024 at 09:42 pm
Tracing the Origins of CFX Coin
1. Initial Concept:
The idea for CFX (Conflux Network) emerged in 2017 as a brainchild of researchers at Tsinghua University and other institutions in China, led by Dr. Aihua Fan, a renowned blockchain expert.
2. Official Launch:
The CFX coin was officially launched in October 2019 during the mainnet launch of the Conflux Network. This marked a significant milestone in the development of the project.
3. Motivation for Creation:
The creation of CFX coin was driven by a need for a high-performance blockchain platform that could address the scalability and security challenges faced by existing blockchain systems. The goal was to provide a scalable, secure, and efficient network for decentralized applications.
4. Conflux Network Architecture:
The Conflux Network, which powers the CFX coin, utilizes a unique Tree-Graph architecture designed to increase transaction throughput without compromising decentralization. This architecture consists of multiple layers of consensus nodes, known as epochs, which are connected in a tree-like structure.
5. CFX Coin Utilities:
CFX coins are the native cryptocurrency of the Conflux Network, serving various purposes within the ecosystem. They are used for:
- Transaction fees on the network
- Staking to participate in consensus
- Rewards for block production
- Access to decentralized applications
6. Future Development:
Since its initial launch, the Conflux Network and CFX coin have undergone continued development. The team has focused on improving scalability, security, and interoperability, as well as expanding the range of applications and services built on the network.
7. Current Status:
As of May 2023, CFX coin has a market capitalization of approximately $194 million, ranking it among the top 200 cryptocurrencies by market value. The Conflux Network continues to be used and developed for various projects in finance, gaming, and other industries.
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