The Conflux blockchain is not just tied to Chinese uniqueness since it is yet unknown in Europe. This DAG possesses the required qualities to become one of the most promising layer 1s in the next years. Conflux is accelerating its growth by releasing its vision for 2022. The majority of Ethereum-based apps may be deployed in an EVM space. Following last weekend’s bullish rebound in the CFX, it’s time to focus on one of the most serious underdogs.
- The architecture of Conflux
- A still undervalued cryptocurrency
- 2022, the year of consecration?
Conflux Network, a layer 1 for the DeFi of tomorrow
The Conflux Foundation, which was founded in 2018, has worked hard to overcome the constraints of current blockchains, particularly Ethereum. We needed to anticipate future demands in decentralized finance, gaming, and the metaverse. Conflux Network, as a result of this study, is a relatively new Proof Of Work blockchain, since its token, CFX, was only published towards the end of 2020. It has failsafe scalability thanks to its DAG (Directed Acyclic Graph) Tree Graph design.
If Avalanche or Fantom employ the DAG, the existence of Proof Of Work provides security and decentralization that its competitors do not. Conflux can handle between 3000 and 6000 transactions per second. Furthermore, its multi-chain structure enables programs to utilize only a portion of the blockchain to meet their requirements. Apart from these technological considerations, Conflux has China’s endorsement, making it the territory’s sole legal DeFi network.
What prospect for the CFX?
It’s remarkable to see Conflux with such a low capitalization after these attributes are highlighted. With a market capitalization of 187 million dollars, it ranks 280th among cryptocurrencies, well behind several other altcoins with similar goals. In reality, Conflux is now beset by two flaws for which it is frequently chastised. It is inflationary, as are all blockchains with very low transaction fees. It is, nonetheless, required to compensate children.
Furthermore, its complicated relations with China make marketing difficult. As a result, the bullish increase in September was related to the release of an article that formalized Conflux’s relationship with the Chinese government, a piece that was subsequently deleted. Despite the fact that China never mentions Conflux, blockchain is at the heart of a lot of Chinese ventures. As a result, it is testing an offshore stablecoin in a Shanghai free trade zone to encourage cross-border payments. In reality, the relationship with China might be quite beneficial in the future. While China is skeptical about cryptocurrencies and their decentralization, it is a big fan of blockchain.
Despite reaching an all-time high of $1.54 in April, the CFX has struggled to profit from the euphoric crypto market surges of last summer and fall. Perhaps last weekend’s jump of over 30% is a foreshadowing of Conflux’s fate this year. The new plan does certainly mention upgrades that might place this racing vehicle in the limelight.
A roadmap? No, a warhorse
The Conflux community was looking forward to a change in tactics. Many tiny investors who invested on Conflux during the two price surges are frantic for the token to be locked at the 0.1/0.2 dollar range. Investor interest is expanding, according to the plan released ten days ago.
In this sense, the change of wallet will represent Conflux’s turning moment. While the original wallet, Conflux Portal, a fork of Metamask, functioned on Conflux’s own network with a unique token standard, the new Fluent wallet will be a game-changer since it will allow you to migrate from Conflux’s native network to an EVM space that will be present on Conflux. ERC 20 token protocols will be completely integrated into this EVM environment. Because of it, applications built on Ethereum or other EVM blockchains will be able to install directly on Conflux. The Wallet Fluent is an HD wallet (Hierarchical and Deterministic). He may thus produce the keys to both spaces from a single source. A bridge will be integrated into Fluent so that it is possible to directly transfer tokens between the two spaces.
Conflux, A network in the expansion phase?
This new feature will significantly increase DeFi on this network, which has been quite quiet thus far. Conflux’s architecture will also undergo a hard-fork in the coming weeks. Proof Of Work will give way to a hybrid Proof Of Work/Proof Of Stake architecture. Finally, the team said that fresh listings and partnerships are on the way, which will undoubtedly enhance the network’s pricing and activity.
The Conflux blockchain, which is still relatively unknown in 2021, should be actively followed in the next months. Its scalability, along with the security that blockchains that rely only on Proof Of Stake and its variations lack, enables it to satisfy the demands of increasingly complicated protocols in decentralized banking and gaming. Its EVM space will undoubtedly be the ultimate innovation that will change the situation in the coming months.
China Unveils Conflux, A Crypto At A Crossroads – Summary
- The Conflux blockchain is not just tied to Chinese uniqueness since it is yet unknown in Europe.
- Conflux Network, a layer 1 for the DeFi of tomorrow.
- The Conflux Foundation, which was founded in 2018, has worked hard to overcome the constraints of current blockchains, particularly Ethereum.
- Apart from these technological considerations, Conflux has China’s endorsement, making it the territory’s sole legal DeFi network.
- Despite the fact that China never mentions Conflux, blockchain is at the heart of a lot of Chinese ventures.
- While the original wallet, Conflux Portal, a fork of Metamask, functioned on Conflux’s own network with a unique token standard, the new Fluent wallet will be a game-changer since it will allow you to migrate from Conflux’s native network to an EVM space that will be present on Conflux.
- The Conflux blockchain, which is still relatively unknown in 2021, should be actively followed in the next months.
