Conflux (CFX)

Conflux was founded in 2018 by Fan Long, David Yiling Li, and Lang Yu. The protocol is compatible with Ethereum, enabling the execution of existing smart contracts and DApps. Conflux aims to support a wide range of applications, including financial services, gaming, decentralized applications, supply chain management, and more. One of Conflux's primary objectives is to address the scalability issues common in traditional blockchain networks like Bitcoin and Ethereum. The Tree-Graph mechanism enables parallel transaction processing, resulting in higher throughput speeds. Instead of a linear chain of blocks (as in a regular blockchain), a Directed Acyclic Graph (DAG) is built, allowing multiple branches (hence the name Tree-Graph) to coexist, and transactions can be processed concurrently. This increases the network's speed and allows for the processing of multiple transactions per second. The Proof-of-Work mechanism used also maintains the decentralization and security of the protocol. The entire network is supported by the CFX token, which serves as the native utility and governance token. Token holders can vote on updates and improvements to the protocol. There are no transaction fees paid with the CFX token; instead, they are covered by sponsors through the Fee Sponsorship Mechanism, keeping costs low and accessible for everyone on the network.