What is Conflux?
Conflux is a state-of-the-art public blockchain system that can achieve high transactions per second (TPS) without sacrificing decentralisation or safety. One of the major challenges in the current blockchain field is low throughput rate. The current available POW-based blockchain systems (Bitcoin, Ethereum) all have a very low transaction quantity. The existing rate limit for Bitcoin is approximately seven transactions per second, and for Ethereum it is approximately 30 transactions per second, which is way slower than the existing centralised transaction services like Visa. Visa supports a transaction quantity of over 1000 transactions per second.
Conflux is here to change the game by sticking to the Nakamoto Consensus, but adjusting protocol parameters. By adopting the independent IP Tree Graph (TG) structure, Conflux realised a high throughput rate of 3000 to 6000 transactions per second without compromising on decentralisation.
What has Conflux accomplished so far?
Conflux concluded its first round of private funding in 2018, which raised $35 million at the valuation of $400 million. Key investors include Sequoia China, Baidu, Shunwei, Metastable, IMO ventures, etc. Conflux will not be launching an ICO, IEO or any public sale event.
In December 2019, the Shanghai government agreed to open a research institute with Conflux, while considering an incubator centre that could be set up by June 2020. The Conflux incubator centre aims to invite developers and entrepreneurs from different regions to build decentralised applications (DAPPS) on the public permissionless blockchain developed by Conflux.
Conflux hired Eden Dhaliwal as managing director to lead its expansion in North America. Dhaliwal left Outlier ventures at the end of December, after working at the Web3 venture capital firm for over three years. He previously worked as an adviser at DLT Labs and a mentor at Techstars.
Why is entering the African market important?
The African project is a win-win for both Conflux and the African community. Conflux is looking to establish a concrete community of developers and miners, and to also partner with local exchanges. The African market is one of Conflux’s top priorities not only for brand recognition, but also for much more business integration and advancement of the blockchain industry. In recognition of the African market and its potential, Conflux has decided to appoint an African representative, which means we are now closer to you and you will be seeing and hearing more from us.
What is the status of Conflux’s current community?
Conflux’s name and influence started to spread since early 2019, along with its launch of Testnet, which went live in the first half of 2019. Now the project has strong and solid communities across China, Vietnam, Korea and the US market.
The Conflux Bounty Program, which acts as the major community interaction platform, consists of various tasks, which include helping Conflux develop its open-source code, improving a small widget or even promoting the Conflux community. Unlike traditional bounty platforms, the bounties can be claimed by community members with different backgrounds. Community members can claim Fans Coin (FC) upon accomplishing any tasks on the Bounty Program. FC is a smart contract developed on Conflux Testnet. The FC can be swapped into the Mainnet CFX 1:1 (one for one) through the smart contract once the Mainnet launches later this year, and is currently the only way of obtaining tokens from Conflux.