TL;DR
This week’s Wealth Mastery Altcoin Review will look at the Conflux Network and discuss its role as a new divergent blockchain. The blockchain space has made significant innovations in the last decade. A closer look at Conflux Network shows that it’s one of those projects striving to create a better way of transferring and storing information. Conflux wants to eliminate all barriers to entry by developing a permissionless layer 1 network that provides strong economic incentives without wasting any resources. As a Proof of Stake/Work hybrid, Conflux is built to never worry about low transaction throughput or stalled network progression. But, is Conflux really up to the task?
Unlike most networks that run single chain threads to confirm transactions. Conflux deploys a new scalable approach with parallel processing. Instead of everyone trying to pile their transactions into one block. A data stream is created from multiple transactions running simultaneously on the network. Known as the Tree Graph, this technology allows for near-instant transactions, increased data efficiency, and makes the possibility of any standard attacks like double-spends and front-running, impossible to achieve.
Conflux also wants to solve the problems associated with unpaid smart contracts. In other smart contract environments, the creator generally pays a one-time fee to create the contract. Afterward, the cost associated with maintenance falls on the user. In Conflux, every contract has an ongoing cost. This way contracts that provide economic value to the network are maintained, while all the flash-in-the-pan memes and prospective dead coins eventually reach a point where they’re not draining resources from the network. This take on maximizing network resources is a new and interesting concept.
What is Conflux Network?
Starting its journey in 2018, the Conflux Network began its development as a DAG in the research lab of Tsinghua University by Turing Award recipient Professor Andrew Yao. Shortly before launching the CFX token in 2020, Conflux partnered with the Governments of Shangai and Hunan to create the Tree-Graph Blockchain Research Insititute, a place where researchers could combine information on the development of the network. This was made possible by an investment grant from the Shangai Government, making Conflux one of the few permissionless networks sanctioned by the Chinese Government.
The launch of Conflux includes participation in the five-year plan created by the Shangai Government. This inclusion in a series of social and economic initiatives created by the Chinese Communist Party is the reason why Conflux Network is commonly referred to as the “Chinese Ethereum.” This plan is dedicated to building blockchain industrial parks and public services that would net the government trillions in revenue.
Conflux has built several tools to help in the development and adoption of its network.
- Conflux Scan – An easy-to-use block explorer for tracing all transactions on the network.
- Swappi – Decentralized exchange purpose-built for the Conflux Network.
- Fluent Wallet – A non-custodial Web 3 wallet designed for Chrome, Firefox, and Edge.
- Web IDE – A browser-based development environment that simplifies building on Conflux.
- FluxFire – Conflux…
Head of Research Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin. As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom. “The swarm is headed towards us” -Satoshi Nakamoto
