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What is Conflux (CFX)?
Conflux (CFX) is the native token of the Conflux Network, a high-performance public blockchain platform designed for scalability and secure transactions. It aims to bridge the gap between traditional financial systems and decentralized applications (dApps).
Key Features of Conflux
- Tree-Graph Consensus Mechanism: Conflux utilizes a unique Tree-Graph consensus mechanism, combining Proof-of-Work (PoW) and Proof-of-Stake (PoS) for faster transaction speeds and enhanced security.
- Scalability: Conflux is designed to handle a high volume of transactions, aiming to overcome scalability challenges faced by some other blockchains.
- Smart Contracts: Conflux supports the development and deployment of smart contracts, enabling the creation of dApps for various purposes.
Uses of CFX Token
- Transaction Fees: CFX is used to pay for transaction fees on the Conflux network.
- Staking: CFX holders can stake their tokens to contribute to network security and potentially earn rewards.
- Governance (Future): While not fully implemented yet, CFX holders might have the right to participate in future on-chain governance proposals shaping the Conflux Network.