A relatively unknown competitor of Ethereum is on a massive breakout, showing its heels against both Bitcoin and Ethereum. It concerns Conflux Network (CFX) which is at USD 0.311 per coin at the time of writing. That price means that the project has risen by 97.33 percent in seven days.
Young project
Conflux Network is still a relatively young project in the crypto world. The platform launched in November 2020 and received extra attention this year due to a partnership with China Telecom, one of the largest telecommunications service providers in China.
In addition, the platform is already integrated into Xiaohongshu, also known as Little Red Book, which is a Chinese social media and e-commerce platform that has more than 200 million monthly users.
According to Conflux itself, it is the only public blockchain in China that fully complies with the country’s rules. The platform is designed as a massively scalable and low-cost protocol that uses the Proof-of-Work model to validate transactions.
What is Conflux Network?
You can probably think of Conflux Network as a collection of various successful technologies from the industry. Thus, it is built on a Proof-of-Work consensus mechanism called Tee-Graph, which is designed to optimize the performance of the blockchain.
The main advantage of Conflux Network over other projects is probably the enormous transaction capacity. Conflux Network is capable of processing more than 3,000 transactions per second. It says it can do this without compromising on decentralization and security.
The latter seems a somewhat implausible claim, but at least it shows that they are serious. Furthermore, it also supports Solidity, the programming language specially developed for Ethereum. This makes it possible to bring applications from Ethereum to Conflux Network.
