What is Conflux (CFX)?

Conflux (CFX) is a layer-1 public blockchain that aims to provide dApps and other Web3 projects with superior performance, scalability, and enhanced security compared to similar existing protocols. It employs a hybrid consensus mechanism, combining proof-of-work (PoW) and proof-of-stake (PoS) algorithms and a dual space design to make the asset transfer process quick and effective at low transaction costs. Conflux is also EVM-compatible, using Smart contracts written in Solidity like Ethereum. Its native token is CFX.

Conflux was initially launched as a proof-of-work (PoW) blockchain. Later, in 2022, it completed a Hydra upgrade that added a proof-of-stake (PoS) component. This allowed the holders of its native CFX token to earn rewards by staking their holdings in the network protocol.

CFX holders get to participate in the platform's governance and consensus to earn financial incentives for their engagement. The transaction fee that users pay on Conflux is also in CFX tokens. At the time of writing, Conflux has a total supply of 4,993,559,205 CFX. It has no capped maximum supply. The distribution of CFX is as follows: 40% to the ecological fund, 36% to the core team, 16% to private investors and reserves, and the remaining 8% to the community fund.

How Does Conflux (CFX) Work?

Conflux (CFX) has a hybrid consensus that combines PoW and PoS. While PoW miners produce blocks and sort them, the PoS nodes finalize them. To sort the blocks faster than their competitors, the PoW miners use the Tree-Graph algorithm, which is divergent unlike the linear algorithms employed by Bitcoin and Ethereum. This helps Conflux confirm multiple transactions concurrently. Such a parallel processing of blocks lowers the transaction processing time and substantially increases the transaction throughput.

Another significant element of Conflux consensus is using the GHAST chain selection rule instead of the Longest chain rule employed by Bitcoin, Ethereum, and many other existing blockchains. GHAST, short for Greedy Heaviest Adaptive SubTree chain selection rule, assesses detailed mining power data of various blockchain versions to select the valid version. This approach contrasts from the Longest Chain rule, which relies solely on the most "work" completed to select the correct blockchain version. GHAST helps mitigate the risk of "Liveness attacks," which could prolong transaction confirmation times.

Furthermore, Conflux believes there might be a 51% attack problem in the early stage of a PoW chain. To address this concern, Conflux integrated a stand-alone PoS chain into its PoW chain. In this system, the network selects the PoS nodes based on their staked CFX tokens. These nodes also get voting rights by locking CFX tokens.

How to Buy Conflux (CFX) in India?

There are many platforms where you can invest and Buy Conflux (CFX) crypto in India.

One such platform is Flitpay. To buy CFX in INR, you have to sign up to Flitpay, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, ensure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy CFX and execute the purchase.

You can instantly convert your INR to CFX and CFX to INR and withdraw your INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

What to Do After Buying Conflux (CFX)?

CFX can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold the CFX till it reaches a high price, and then you can sell it through Flitpay's Quick Buy/Sell facility. Users can earn significant profits from buying it at a lower price and selling it at a higher price.

FAQs

What is Conflux (CFX)?

CFX is the native token of Conflux, a layer-1 public blockchain specialized in providing scalable, fast, and enhanced performance. All the transactions and fees applied by Conflux are payable in CFX tokens. The token also powers the staking and governance of the Conflux.

What is the Conflux (CFX) price in India

Check out the current INR price of Conflux (CFX) crypto in India on Flitpay.

Which is the best cryptocurrency exchange in India to buy Conflux (CFX) coins?

Flitpay is the best cryptocurrency exchange in India to buy CFX, buy Ethereum, or your favourite cryptocurrencies. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

How to buy Conflux (CFX) crypto in India?

You can easily buy Conflux in India on safest crypto exchanges like Flitpay, with the lowest fees.

To buy Conflux (CFX) coin in India:

1. Register on Flitpay and create an account.
2. Verify your identity through Know-your-customer (KYC)
3. Add INR or Fiat currency, corresponding to the amount of Polkadot you want to buy.
4. Instantly buy Conflux with the deposited funds.

What are the benefits of Conflux (CFX)?

Conflux (CFX) leverages a hybrid consensus (PoW and PoS) and a unique Tree-Graph algorithm for faster block sorting, leading to quick transactions and high throughput. Its GHAST chain selection rule further enhances the security of the blockchain by preventing "Liveness attacks." The holders of its native CFX token earn rewards through staking and participating in governance. Overall, Conflux is known for its performance, scalability, and security, making it an attractive choice for Web3 projects.

Is it safe to invest in Conflux (CFX) in India?

Yes, investing and trading CFX is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges for buying CFX crypto. It offers real-time prices and advanced investing features.

Where can I deposit and withdraw Conflux (CFX) crypto in India?

Your search for secure crypto deposits and withdrawals ends here. Flitpay is India's most trusted exchange to facilitate hassle-free and Instant deposits and withdrawals of all the top cryptocurrencies with minimal or no fees.