What currency is CFX? What does CFX coin mean?

CFX, the native cryptocurrency of Conflux Network, serves as a utility and governance token within the high-throughput, scalable, secure, and developer-friendly ecosystem.

Oct 14, 2024 at 08:48 am

1. What is CFX Currency?

CFX, also known as Conflux Network Token, is the native cryptocurrency of the Conflux Network. It serves as both a utility and governance token within the ecosystem.

2. What is Conflux Network?

Conflux Network is a high-throughput, parallel blockchain network designed for scalability, security, and developer friendliness. It features:

• Proof of Work+Tree-Graph Consensus: A hybrid consensus mechanism that combines PoW for block production with a Tree-Graph to validate blocks.
• Parallel Chain Architecture: Uses multiple chains to process transactions simultaneously, increasing scalability.
• CrossChain Interoperability: Enables communication and asset transfer between Conflux Network and other blockchains.

3. Use Cases of CFX

CFX has the following use cases within the Conflux Network ecosystem:

• Transaction Fees: CFX is used to pay transaction fees on the network.
• Staking: Users can stake CFX to participate in network governance and earn rewards.
• Governance: CFX holders can vote on proposals to influence the development and direction of the network.
• Smart Contract Deployment: Developers need to pay CFX to deploy and execute smart contracts on the Conflux Network.
• CrossChain Bridging: CFX can be used to bridge assets between the Conflux Network and other supported networks.

4. Supply and Distribution of CFX

The maximum supply of CFX is 10 billion tokens. The initial distribution was as follows:

• Initial Coin Offering (ICO): 50%
• Conflux Foundation: 30%
• Team: 15%
• Ecosystem and Community: 5%

5. Market Performance of CFX

CFX has been listed on various cryptocurrency exchanges and has experienced significant price fluctuations since its launch. Its market performance is influenced by factors such as the overall crypto market conditions, network developments, and ecosystem growth.

6. Notable Partnerships and Developments

The Conflux Network has established partnerships with several organizations, including:

• China Telecom
• Baidu Superchain
• Ankr
• Binance Labs

The network has also made significant advancements in technology, including the launch of:

• CrossChain Network (CCN)
• Jiangshi rollup
• Conflux Space

7. Future Prospects of CFX

The future prospects of CFX are tied to the growth and adoption of the Conflux Network. With its focus on scalability, interoperability, and crosschain capabilities, Conflux is positioned to play a role in the interconnected blockchain ecosystem. The success of the network will ultimately determine the long-term value of its native cryptocurrency, CFX.