What is Conflux (CFX)?
This week started with a bang for most crypto-currencies and among the highest gainers is Conflux (CFX). If we just take the stats form the last 24 hours, Conflux gained a resounding 28%. But before getting in to why, lets discuss few things about Conflux.
What is Conflux?
Conflux is a permissionless Layer 1 blockchain which also uses a decentralized economic-driven governance. Conflux enables creators and markets to connect across the glob and rewards them to ensure security and scalability.
What makes Conflux unique is that it utilizes a consensus algorithm called 'Tree-Graph' which enables a parallel processing of blocks and transactions to increase throughput and scalability.
In addition, it is the first blockchain that complies with regulatory requirements in China.
Recently, Conflux started implementing both PoW and PoS consensus mechanisms, which is seen as very favorable by the community participants.
According to the official Conflux website here are some of the benefits of the blockchain:
Conflux (CFX) Token
Conflux has its own native token, CFX. It can be used for the purposes of:
Paying transaction fees
Staking rewards
Mining rewards
Network governance
CFX has an all-time high price of $1.70 which was registered in 2021 and an all-time low price of $0.02199898 which was registered in December of 2022.
Conflux (CFX) Currently
Currently, Conflux (CFX) has a market cap of $542,311,131 and ranked #81 as compared with other coins' market cap. And the token currently has a price of $0.243877 (This may change by the time you're reading this).
Almost all coins recorded some gains at the start of this week but Conflux's gains are worth looking at. It touched the $0.274 mark at one moment and it is till holding on to its gains.
It is believed that the recent rally is because the legalization of crypto trading in Hong Kong and the demands for China-related blockchains and tokens in Asia. There is also a "speculation" that China will follow Hong Kong's footsteps which certainly added to the price gains of CFX.
Conflux is quickly expanding into Asia and its popularity is also growing with it.
So what are your thoughts on Conflux?...... Let me know in the comment section.
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Disclaimer
I am not a financial advisor. The information found here are for educational purposes and cite my personal opinion.
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