How To Buy Conflux (CFX)?

A common question you often see on social media from crypto beginners is “Where can I buy Conflux?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Conflux (CFX)

First, you will need to open an account on a cryptocurrency exchange that supports Conflux (CFX).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Conflux (CFX) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Conflux (CFX)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Conflux (CFX) or Conflux (CFX) trading pairs. Look for the section that will allow you to buy Conflux (CFX), and enter the amount of the cryptocurrency that you want to spend for Conflux (CFX) or the amount of fiat currency that you want to spend towards buying Conflux (CFX). The exchange will then calculate the equivalent amount of Conflux (CFX) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Conflux (CFX) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Conflux (CFX)?

Conflux (CFX) is an innovative and sophisticated decentralized finance (DeFi) ecosystem that aims to foster seamless cross-border, multi-chain collaboration within the burgeoning Asian blockchain sector. As a trailblazer in the industry, Conflux (CFX) stands out from its contemporaries in several distinct ways, setting the stage for unprecedented growth and development in the region’s blockchain landscape.

One of the most noteworthy aspects of Conflux (CFX) is its status as the sole state-endorsed public blockchain operating in China at present. This unique recognition highlights the platform’s significance and potential in contributing to the advancement of the country’s blockchain technology adoption and development.

Playing a crucial role in the promotion of education and research within the market, Conflux (CFX) has established the Tree-Graph Research Institute in Shanghai. This premier research facility is dedicated to exploring and pushing the boundaries of blockchain technology, aiming to develop cutting-edge solutions that will ultimately benefit the industry as a whole. Through this institute, Conflux (CFX) not only solidifies its commitment to academic excellence but also ensures that it remains at the forefront of technological advancements in the blockchain space.

In addition to its focus on research and education, Conflux (CFX) also actively engages in fostering synergies among various blockchain networks. By promoting collaboration and interoperability among different blockchain platforms, the Conflux (CFX) ecosystem facilitates the seamless exchange of value, data, and resources across multiple chains. This ability to bridge the gaps between disparate networks greatly enhances the overall efficiency, scalability, and flexibility of the Asian blockchain industry.

Furthermore, as a key player in the DeFi space, Conflux (CFX) seeks to empower individuals, businesses, and institutions to access decentralized financial services and products. By providing a user-friendly and secure platform, the Conflux (CFX) ecosystem enables its users to tap into a wide array of DeFi solutions, ranging from lending and borrowing to decentralized exchanges and tokenized assets.

How does Conflux work?

Conflux is a cutting-edge smart contract platform designed to provide a highly efficient, scalable, and secure environment for decentralized applications (dApps) and blockchain-based solutions. At its core, Conflux features a Turing-complete state machine, which enables it to execute complex computations and support a wide array of use cases. Built on top of this state machine is a high-throughput consensus protocol, which allows the platform to handle an impressive volume of transactions while maintaining robust security.

The key to Conflux’s exceptional performance lies in its innovative consensus mechanism, known as the Tree-Graph. Unlike traditional blockchain networks that rely on linear chains of blocks, the Tree-Graph organizes blocks in a hierarchical structure, resulting in a total order of transactions. This unique arrangement facilitates greater scalability by optimizing the network’s capacity to reach consensus on transaction validators. In comparison to existing blockchain technologies, Conflux’s Tree-Graph consensus mechanism offers significant scaling advantages, enabling the platform to accommodate the growing demands of the blockchain ecosystem.

In addition to its novel Tree-Graph consensus protocol, Conflux employs the tried-and-tested Proof-of-Work (PoW) algorithm to enhance the security and integrity of its network. By incorporating PoW, Conflux ensures that its consensus mechanism remains resilient against potential attacks and manipulations, thereby providing a strong foundation for its users to build upon.

One of the primary utilities of Conflux’s ecosystem is its native token, CFX. Serving multiple purposes within the platform, CFX functions as a reward for network miners who contribute their computational power to secure the network, as well as a means for users to pay transaction fees. This dual functionality ensures that CFX remains an integral component of the Conflux ecosystem, driving its growth and adoption.

Another noteworthy aspect of Conflux is its compatibility with the Ethereum Virtual Machine (EVM), which allows the platform to support smart contracts written in the widely-used Solidity programming language. This compatibility enables developers to leverage their existing knowledge and skills, making it easier for them to create innovative dApps and solutions on the Conflux platform. Furthermore, EVM compatibility facilitates the seamless integration of Conflux with other Ethereum-based projects, promoting interoperability and collaboration within the broader blockchain community.

Who are the founders of Conflux?

Conflux was founded in Beijing, China, and has since expanded its operations to include a global presence in cities such as Toronto, Canada, and Lagos, Nigeria. This rapid international growth showcases the organization’s commitment to fostering innovation and collaboration in the blockchain industry across borders.

The inception of Conflux can be traced back to the research lab of esteemed Turing Award recipient Dr. Andrew Yao at Tsinghua University. Dr. Yao’s groundbreaking work in computer science laid the foundation for Conflux’s unique Tree-Graph consensus mechanism, which sets it apart from other blockchain platforms in terms of scalability and efficiency.

In 2018, the Conflux Foundation was established with the primary goal of building an open application platform based on the innovative Tree-Graph consensus mechanism. This platform serves as a testament to the foundation’s dedication to creating a more inclusive and accessible blockchain ecosystem for users and developers alike.

Beyond its cutting-edge technology, the Conflux Foundation is deeply committed to advancing blockchain education and research. To this end, it has established the Tree-Graph Research Institute in partnership with the government of Shanghai. This prestigious research facility seeks to explore the untapped potential of blockchain technology and develop groundbreaking solutions that will shape the future of the industry.

Moreover, the Conflux Foundation has also partnered with the government of Hunan to create the Key Laboratory of Blockchain Infrastructure & Applications. This state-of-the-art laboratory aims to delve into the practical aspects of blockchain technology, ensuring that Conflux remains at the forefront of real-world applications and solutions.

What is the CFX Token?

As the native currency for the Conflux Network, CFX serves multiple purposes within the ecosystem, facilitating seamless transactions and empowering users to engage with a wide array of decentralized applications (dApps).

Each CFX token comprises an impressive 10^18 Drip, the smallest unit of the currency. Similar to the Ethereum network, transactions on Conflux are executed through the use of smart contracts, with CFX playing a comparable role to that of Ether (ETH). When users submit a contract, they must specify a gas limit and a gas price, the latter of which is denominated in CFX. This approach ensures that the network operates efficiently and cost-effectively, ultimately benefiting its users and developers.

To interact with the diverse array of applications within the Conflux Network ecosystem, users rely on secure and user-friendly wallets. These wallets serve as a gateway to the Conflux Network, enabling users to store, manage, and transact their CFX tokens with ease. With their CFX holdings, users can participate in various activities and unlock the full potential of the network.

One of the key functionalities of the CFX token is its role in the governance of the Conflux Network. Users can employ their CFX tokens to participate in governance votes, thus actively shaping the future direction of the platform and its features. This democratic approach fosters a sense of community and shared ownership, ensuring that the Conflux Network continues to evolve in line with its users’ needs and preferences.

Additionally, users can stake their CFX tokens to earn network interest at a fixed rate. This staking mechanism not only incentivizes user participation but also contributes to the overall stability and security of the network. Staking CFX tokens provides a valuable opportunity for users to maximize the utility of their assets and potentially grow their holdings over time.

Lastly, the CFX token serves as the primary means for users to pay for the network’s storage and transaction fees. By denominating these fees in CFX, the Conflux Network maintains a consistent and transparent fee structure that ensures the network remains accessible and affordable for all users.

What makes Conflux unique?

Conflux combines Proof-of-Work (PoW) with its new block ordering protocol, Tree-Graph. It also incorporates economic mechanisms ranging from transaction sponsorship to token staking. Conflux features the novel Greedy Heaviest Adaptive SubTree (GHAST) protocol for consensus, in which the network optimistically processes blocks without discarding any as forks and assigns weights to each block according to the Tree-Graph ledger structure. Conflux’s combination of Tree-Graph and GHAST protocol has enabled it to achieve over 3000 transactions per second, according to the team. Its goal is to maintain this level of scalability without compromising on decentralization parameters like node count and storage costs. Conflux Network’s technical presentation can be found here.

• Scalability – Conflux provides users with unmatched scalability. The network’s unique consensus mechanism provides high-throughput without sacrificing decentralization. Notably, Conflux is capable of 3000-6000 tps. In comparison, Ethereum can complete around 13-15 tps.
• Low Fees – This scalability also makes it possible for the network to provide lower fees. Conflux offers far cheaper fees than Ethereum. These low costs can be passed on to the end-users by Dapp developers. In this way, Conflux seeks to empower more powerful and robust Dapps in the future.
• Passive Rewards – Regular users can secure passive rewards via the network’s Staking Contract features. To stake your coins, you just lock them into a network smart contract for a preset time. Staking is safer than trading because your rewards are more consistent. Additionally, you retain ownership of your coins when you stake. Conflux developers can also offer staking features within their Dapps.
• Programmability – The Conflux (CFX) network provides a suite of advanced developer tools to streamline Dapp development. The combination of low fees and the open nature of the network, make it ideal for building new financial applications, digital assets, business applications, and data economies.

Conflux development updates in 2023

In 2023, Conflux (CFX) has emerged as a notable performer in the cryptocurrency space, particularly in the context of China’s evolving stance on blockchain and cryptocurrencies. Here are the key developments and updates for Conflux this year:

• Price Rally and Market Performance: Conflux’s cryptocurrency, CFX, experienced a significant price rally, increasing by 1,300% during January and February 2023. This surge in value is partly attributed to the broader enthusiasm for cryptocurrencies within China, as the country shows signs of a softer approach toward this sector.

• Unique Position in China: Conflux holds a distinctive position as reportedly the only crypto company with approval to operate in China following the government’s ban on all crypto products in 2021. This unique status has contributed to its growing prominence and interest among investors and users.

• Partnership with China Telecom: A significant development for Conflux was its partnership with China Telecom to release blockchain-enabled SIM cards in Hong Kong. This partnership is seen as a major step for blockchain technology, potentially revolutionizing blockchain-enabled products and services.

• Government Endorsements and Initiatives: Conflux has received endorsements from the Chinese government, including for developing blockchain infrastructure to support GovTech initiatives in the Hunan region. These endorsements have facilitated access to public sector contracts and increased the project’s legitimacy and visibility.

• Network Features and Capabilities: The Conflux blockchain is designed to solve issues of scalability, interoperability, and usability in blockchain technology. It features a cross-chain protocol called shutterflow for transferring assets between different networks like Ethereum and Binance Smart Chain. The platform also supports a decentralized, secure, and scalable environment for dApp developers.

• Blockchain Service Network (BSN) Involvement: Conflux is used in conjunction with China’s Blockchain Service Network (BSN), a national blockchain-tech platform for enterprise use. This involvement aligns Conflux with China’s strategic goals in blockchain technology.

• International Attention and Interest: The project has seen a rise in international interest, with increasing search metrics and visibility at global crypto gatherings. This international attention reflects the growing recognition of Conflux as a significant player in the blockchain space.

Conflux’s developments in 2023 highlight its integral role in China’s blockchain ambitions and its potential impact on the global cryptocurrency market. With its government-approved status and strategic partnerships, Conflux is positioned as a significant blockchain platform, not just in China but also in the broader global context​​​​.

Official website: https://confluxnetwork.org/en/

Best cryptocurrency wallet for Conflux (CFX)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Conflux (CFX)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).