What is Conflux Network Token? How To Buy CVX Token In India?

What is Conflux Network Token?

The Conflux network in recent times has registered a massive upswing and emerged as one of the best-performing asset of the year. While the China crackdown on mining ignited a steep bearish wave within the space in 2021, Conflux claims to be the only crypto holding the required regulatory compliance of the country. This softening towards cryptos may pave the way for China to become the upcoming leader of the crypto space. 

Conflux is a layer-1, permissionless chain aiming to eradicate lingering issues like scalability, interoperability, decentralization, security, etc. The network runs on a Proof-of-Work consensus but also uses a smart contract language similar to Ethereum. Moreover, just like Ethereum, Conflux operates with an account-based model. It also supports Solidity but in a modified form and EVM for its smart contract.

The network is empowered by its native token, CFX, which is used to pay transaction fees, earn rewards via staking, rent storage, and participate in network governance activities. The miners are also incentivized and rewarded using the CFX token. 

Who Are the Founders of Conflux Network?

The Conflux network was launched in 2018 by Dr. Andrew Yao under the leadership of Fan Long founder and president, Tree-Graph Blockchain Research Institute, YuanJie Zhang co-founder, Ming Wu co-founder and chief technology officer, and Andres Veneris and Andreas Park as the advisers. The network’s founder Dr. Yao is also the recipient of the Tuning Award. 

How Does Conflux Network Work?

The Conflux network as mentioned earlier uses a hybrid model incorporating both PoW (Tree-Graph) and PoS consensus algorithms. The Tree-Graph model enables the chain to transact parallelly using the Directed Acyclic Graph(DAG) structure. Besides, the PoS increases security, maintaining the decentralized structure with high efficiency. 

The fusion of the consensus mechanism eliminates the 51% attack while providing finality to transactions. The blockchain utilizes smart contracts to eliminate human interference and to balance stability, offering low transaction fees. To do so, the network relies on ShuttleFlow which is a cross-chain asset protocol that allows the network to communicate with data and assets from other chains. 

What Makes Conflux Network Unique-Uses Cases?

• High Throughput: The platform utilizes the Tree-Graph consensus algorithm using parallel processing of blocks and validate the transactions with lower confirmation time, increasing the transaction process system (TPS)
• Secure: The network uses a Proof-of-Work (PoW) consensus to secure the network and anti-reentrance attack protection 
• Interoperable: ShuttleFlow which is a quick cross-chain asset bridge enables seamless asset transfers between multiple protocols
• Scalable: The network eliminates consensus bottleneck without sacrificing security or decentralization
• Built-in Staking: The network offer a built-in staking rewards utlized to build innovative dApps
• Low Fees: The mechanism allows users with zero wallet balance to engage with the chain
• Openness & Inclusive: The network is open-source and offers fair access to upcoming technologies
• Permisionless: It facilitates secure transfer of assets with minimal fees, enabling everyone to participate 

Conflux Network Price Analysis

Source: Tradingview

• The CFX price appears to have undergoing a reverse action and shedding the gains it incurred in the past few days
• The price which is trading within a symmetric triangle, often considered as decisive, has reached the edge and may break above the consolidation 
• Woefully, the volume is extremely less which is required for a the token to slice through the immediate resistance zone between $0.23 to $0.24
• Moreover, the RSI is trading flat, which indicates the price to extended the pattern and continue to maintain a stagnant trend

How to Buy Conflux Network in India?

If you want to buy Conflux Network in India, just follow the below-mentioned steps,

• Download the CoinDCX App on your Smartphone 
• Enter the details required for registration 
• Complete KYC
• After verification, fund your wallet and buy CFX