Conflux (CFX)
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Price of Conflux today in real time
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Historical price evolution of Conflux
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Conflux originates in the 2017-2018 period in the research laboratory of Andrew Chi-Chih Yao, Turing Prize winner and member of the Chinese Academy of Sciences, located at Tsinghua University, Beijing. The project was initiated by Professor Fan Long, who holds a PhD in Computer Science from MIT with specialisation in computer security and blockchain, developing the Tree-Graph algorithm that would constitute the technical foundation of the network. Long co-founded the project alongside Ming Wu, who assumed the role of CTO, and Yuanjie Zhang.
In 2018 the Conflux Foundation was formally established, completing a funding round with regulatory compliance in China. This characteristic proved particularly significant given that China had banned ICOs in 2017 and most cryptocurrency-related activities, making Conflux the only public and permissionless blockchain with explicit backing from the Chinese State in that restrictive regulatory context.
The Conflux mainnet was officially launched in October 2020, coinciding with greater institutional integration in China. The Shanghai government participated in the creation of the Tree-Graph Research Institute, whilst a collaboration was established with the Hunan government to develop the Key Laboratory of Blockchain Infrastructure & Applications.
In 2022, Conflux significantly expanded its technical functionality by introducing an EVM space called eSpace, constituting a second layer compatible with the Ethereum Virtual Machine. This implementation allows Ethereum developers to deploy smart contracts without modifications, simultaneously maintaining the main Core Space network with the native Tree-Graph mechanism.
The year 2023 marked a turning point in Conflux's commercial partnerships. In January a partnership was announced with Little Red Book, the Chinese social platform equivalent to Instagram with 200 million users, to develop NFT services. On 15th February an alliance was formalised with China Telecom, an operator with more than 390 million mobile subscribers, to develop blockchain-enabled SIM cards (BSIM), initiating the pilot programme in Hong Kong. These announcements generated a CFX price increase of over 500% within a matter of weeks.
In January 2024, Conflux launched an EVM-compatible Bitcoin Layer 2 solution, utilising Conflux's Proof of Stake infrastructure to manage Bitcoin assets in a decentralised manner, thus expanding its technical ecosystem beyond its original capabilities.
Conflux operates as a Layer 1 blockchain that combines two consensus mechanisms in a hybrid architecture: Proof of Work (PoW) for block production and Proof of Stake (PoS) to provide finality to transactions. Its main technical differentiator lies in the Tree-Graph data structure with the GHAST algorithm, which allows multiple blocks to be processed in parallel within a directed acyclic graph (DAG) tree-graph structure, rather than the traditional linear chain. This configuration enables up to 3,000 transactions per second with confirmation times under one minute, whilst the PoS component prevents 51% attacks by adding an additional security layer.
The network operates with two differentiated spaces: the Core Space, which uses Conflux's native Tree-Graph architecture, and the eSpace, compatible with the Ethereum Virtual Machine (EVM) that allows Ethereum smart contracts to be executed without modifications. The CFX token fulfils multiple functions within the ecosystem: payment of transaction fees, participation in staking with a base yield of 4% per annum, rental of storage space on the network and participation in governance decisions. Conflux incorporates the Fee Sponsorship Mechanism, a system that allows third-party sponsors to cover transaction fees for other users, facilitating access for users without initial balance. For interoperability, the network uses ShuttleFlow, its cross-chain protocol that facilitates the transfer of assets between Conflux and other blockchains such as Ethereum or BNB Chain.
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