Wigwam is the best Conflux blockchain crypto wallet

Conflux Network Review

Conflux is an EVM-compatible blockchain with a T-Graph consensus mechanism that is designed to support e-commerce, Web3 infrastructure, smart contracts, and decentralized applications with superior scalability and security than existing protocols. It equips developers with advanced tools to streamline dApps development.

Origin and Vision

In 2018, Dr. Fan Long and a team of researchers from the University of Toronto introduced the Conflux network to address the challenges posed by the blockchain trilemma. It adopted a unique Tree-Graph consensus mechanism that optimized decentralization, scalability, and security. Using parallel block processing, this mechanism reduced confirmation times, increased the number of  transactions per second (TPS), and employed a proven proof-of-work (PoW) consensus for enhanced security and protocol-level defense against reentrance attacks.

Key milestones

In 2020, the Conflux network launched its mainnet and unveiled features in three phases. Phase Pontus prioritized the Conflux DeFi Solution, Phase Oceanus focused on the PoW algorithm and mining, and Phase Tethys introduced the fully functional Mainnet for network stability and broader adoption of transactions and applications. That same year, Conflux partnered with the Shanghai government to create the Tree-Graph Research Institute and collaborated with the Hunan government to develop blockchain infrastructure and applications laboratories to advance blockchain education and development.

In 2022, the Hydra Upgrade transformed Conflux’s consensus into a hybrid PoS+PoW algorithm. It introduced the PoS staking mechanism (CIP43), Conflux eSpace (CIP90), and transaction finality, boosting network security and reducing the risk of 51% attacks.

Conflux Network technical overview

Conflux uses a hybrid algorithm by combining proof-of-work (PoW) and proof-of-stake (PoS) consensus mechanisms. In this setup, PoW miners utilize the Tree-Graph algorithm to produce and order blocks, ensuring scalability and PoS nodes authorize pivot blocks for finalization, enhancing network security and minimizing fork probability. Also, validators with higher CFX token holdings have a better chance of being selected to vote on Tree-Graph pivot blocks and earn more rewards.

Participate in the PoW/PoS consensus mechanism as a solo validator by running a Conflux node, registering it in PoS, and staking CFX on the network or stake CFX tokens in a PoS pool, where the operator manages and distributes rewards. Stakers earn incentives in a pool without the need to run a node.

How Conflux technically solved problems with scalability and speed?

The Conflux blockchain uses the proof-of-work (PoW) and proof-of-stake (PoS) consensus algorithm to address scalability, speed, and decentralization challenges successfully. It scales the network through validators producing blocks and authorizing transactions. Also, the Tree-Graph mechanism enhanced network transaction throughput by allowing nodes to produce and confirm multiple blocks simultaneously.

This mechanism achieves decentralization by allowing its community vote on future network upgrades, token staking, CFX emissions, PoS base reward interest rates, and the PoW base block reward.

DeFi Ecosystem on Conflux

The Conflux DeFi ecosystem offers various DeFi apps, including popular solutions like Swappi and FluxFire, allowing crypto users to trade digital assets seamlessly. Swappi is for swapping, staking, earning, and winning, while FluxFire supports top projects, offering resources, funding, and support for builders to bring their dreams to life.

Conflux NFTs Marketplaces

The Conflux NFT ecosystem provides platforms for creating and trading digital artworks and GalaxyBlitz and Orient Lands are notable examples. GalaxyBlitz offers a space-themed strategy game in Web3 with a free-to-play model, while Orient Lands allow players to explore and socialize in a bustling city.

Tokenomics of the CFX token and Gas Usage on Conflux

The use cases of the Conflux token are as follows:

1. Governance: CFX token holders actively participate in securing the network by using their coins to vote on token staking, future network upgrades, and CFX emissions.
2. Network fees: CFX holders use the coin to cover transaction fees within the Conflux ecosystem
3. Miners’ incentives: Within the Conflux network, CFX serves to incentivize miners through block rewards, transaction fees, and interest from developers' locked tokens.
4. Staking: CFX holders can stake their coins on Conflux to secure the network and earn passive income. Stakers receive an annualized rate of 4%, generated by the additional issuance of tokens.

Conclusion

Conflux is a scalable network that transforms how communities, creators, and markets connect using a unique Tree-Graph consensus algorithm, promoting smooth and efficient interaction across different protocols. Conflux can handle over 4,000 transactions per second, making it one of the fastest blockchain networks around.