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数商中国

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Scam Brokers|2-5 years|Suspicious Regulatory License|High potential risk
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WikiBit Risk Alerts

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Previous Detection 2024-04-21

This Project has been verified to be illegal Project and all of its licences have been expired, and it has been listed in WikiBit's scam list; please be aware of the risk!

The platform is a Ponzi Scheme, which refers to the use of 'principle of value multiplication'. In the form of rolling or static fund circulation, it uses the money of next member to pay to the present one, which is essentially a pyramid scheme with the distinction of hidden, deceptive and socially harmful. By calling common person's desire for money, fraudsters in the platform begin raising funds underground. Since this kind of platform mostly will abscond after 1 or 2 years, the fund-raising mode just can exist less than 3 years.

It has been verified that this Project currently has no valid regulation, please be aware of the risk!

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Aspect Information
Short Name CFX
Full Name Conflux
Founded Year 2018
Main Founders Dr. Michael Wang, Dr. Andrew Yao
Support Exchanges Binance, KuCoin, MEXC Global, Gate.io, Bibox
Storage Wallet Software wallets (MetaMask, Trust Wallet, Exodus), Hardware wallets (Ledger Nano S, Trezor Model One, KeepKey)

Overview of Conflux

数商中国, also known as Conflux, is a public blockchain system designed and developed by the only Turing Award winner in China, Dr. Andrew Yao, and his team. Rooted in Beijing and rooted in technology, Conflux aims to provide a secure and scalable blockchain solution. Established in 2018, it has quickly grown into a notable project in the blockchain industry. Despite its relatively new entry, Conflux has managed to involve a diverse community of developers, miners, and users. Its unique 'Tree-graph' consensus algorithm is designed to promote scalability without compromising the safety and decentralization of the blockchain.

To obtain more information, you can visit their website:https://p.cn and try to log in or register to use more services.

Overview of Conflux

Pros and Cons

Pros Cons
Designed and developed by Turing Award winner Relatively new existence in blockchain industry
Unique 'Tree-graph' consensus algorithm Potential risks associated with new, untested consensus model
Scalable blockchain solution Limited use-cases seen in real world
Inclusive community of developers, miners, users Facing competition from established blockchain systems

Pros:

- Designed and developed by Turing Award winner: This refers to the fact that Conflux, is backed by prominent figures in the blockchain industry. The project was designed and developed by Dr. Andrew Yao, the only Turing Award winner from China. Having such a reputable figure leading the project adds a degree of credibility and ensures a strong technical foundation.

- Unique 'Tree-graph' consensus algorithm: Conflux uses a unique consensus algorithm known as 'Tree-graph', unlike traditional blockchain projects that rely on proof-of-work or proof-of-stake consensus mechanisms. The 'Tree-graph' consensus algorithm is designed to boost scalability without negatively affecting safety or decentralization.

- Scalable blockchain solution: Scalability is a common concern in the blockchain industry. Conflux aims to tackle this problem by providing a scalable blockchain solution. High scalability may potentially accommodate a larger number of transactions and a wider network use.

- Inclusive community of developers, miners, users: Conflux has an inclusive and diverse community, which is a positive aspect as it leads to varied inputs and participation. This inclusivity might help broaden the project's use case scenarios and encourage innovative applications of the technology.

Cons:

- Relatively new existence in blockchain industry: As Conflux was established in 2018, it is relatively new to the blockchain industry. This means it may lack the extensive track record or maturity of some older, more established blockchain projects.

- Potential risks associated with new, untested consensus model: While the 'Tree-graph' consensus algorithm is a novel approach, it also carries potential risks as it deviates from the tried-and-tested models. Any new consensus model needs time to prove itself in terms of security, efficiency, and robustness.

- Limited use-cases seen in real world: As of now, Conflux has had limited real-world applications or use cases. This limitation may make it harder for buyers to visualize or realize its potential benefits.

- Facing competition from established blockchain systems: The blockchain industry is highly competitive, with several established systems already existing. Conflux, as a newcomer, must not only establish itself but also compete with these established systems, which can be quite challenging.

Security

Conflux, also known as 数商中国, implements multiple security measures to keep the system safe. One key feature is its unique 'Tree-graph' consensus algorithm, which is designed to maintain network security while also providing high scalability. The algorithm ensures that no single node in the network can control or manipulate the system, thereby enhancing the decentralization and security of the network.

Also, Conflux incorporates mechanisms to prevent double-spending attacks. It employs a collective decision-making process for transaction validation, ensuring that each transaction can only be spent once, thereby preventing fraud.

Furthermore, Conflux has a PoW (Proof of Work) mechanism which requires nodes to solve complex mathematical problems in order to validate transactions and create new blocks. This, in itself, deters attacks because of the significant computational power required.

In terms of evaluation, Conflux appears to place a strong emphasis on security as exhibited by these measures. However, as with any emerging technology, there are intrinsic risks, including potential vulnerabilities in the code or untested elements, such as the new 'Tree-graph' consensus algorithm. Therefore, continuous monitoring and periodic security assessments are crucial to ensure the ongoing security of the Conflux system. As the project matures and expands its user-base, it will be better equipped to identify and correct potential security issues.

How Does Conflux Work?

Conflux operates using a unique 'Tree-graph' consensus algorithm, which is designed to solve the scalability issues inherent in many blockchain networks without compromising on safety and decentralization. Rather than forming a single chain of blocks as in traditional blockchain models, Conflux forms a tree-like graph structure of blocks. This allows it to process transactions concurrently, resulting in a higher throughput rate and superior scalability.

The system works through a Proof of Work (PoW) mechanism, where miners solve complex mathematic calculations to validate transactions and create new blocks. The blocks validated by different nodes get included in the tree graph, where each edge of the tree represents a transaction and each node represents a block.

To maintain consistency in the distributed network, Conflux uses a total order in the network, meaning all transactions on the network are consistent across all nodes. The Consensus algorithm used is responsible for ensuring all nodes agree on the order of transactions, thus preventing any possible double-spending.

It's important to note that Conflux's operational efficiency is influenced by its innovative approach to blockchain design. Its 'Tree-graph' consensus algorithm allows the platform to be scalable and handle a large quantity of concurrent transactions without compromising the safety, reliability, and decentralization of the platform. Further, the Conflux Foundation provides developer support to build upon the Conflux network aiming to advance its ecosystem actively.

How Does Conflux Work?

Price of Conflux

Conflux (CFX) is a cryptocurrency that has experienced significant price fluctuations since its launch in 2018. In May 2021, CFX reached an all-time high of over $1.30. However, the price of CFX has since declined to around $0.05 as of October 2023.

Several factors have contributed to CFX's price volatility. One factor is the overall volatility of the cryptocurrency market. Another factor is the relative obscurity of CFX, which has a smaller market capitalization than many other cryptocurrencies. This can make CFX more susceptible to price manipulation.

CFX does not have a mining cap. This means that there is no limit to the number of CFX tokens that can be created. This unlimited supply can put downward pressure on the price of CFX.

Price of Conflux

What Makes Conflux Unique?

Conflux has several unique features that set it apart in the blockchain industry. Its primary innovation lies in the unique 'Tree-graph' consensus algorithm, which it uses to solve key scalability issues inherent in many blockchain systems. The 'Tree-graph' forms a tree-like structure of blocks, allowing for concurrent processing of transactions, thus resulting in a higher throughput rate and superior scalability compared to traditional blockchains.

In addition to this, Conflux also introduces a total ordering mechanism to maintain consistency across its distributed network, ensuring all transactions are consistent across all nodes. This feature is crucial in preventing double-spending and ensuring the integrity of the system.

Finally, the Conflux Foundation actively supports developers looking to build on the Conflux network. Through providing tools, resources, and funding, it encourages the development of applications and the expansion of the Conflux ecosystem, promoting the practical application of blockchain technology. All these unique features and innovations contribute to Conflux's goal to provide a secure and scalable blockchain solution.

How to sign up?

Conflux operates on a decentralized blockchain platform, so the nature of it differs from traditional platforms requiring sign-ups. There's no central server to create an account on. Instead, interaction with the Conflux network usually happens through:

1. Cryptocurrency Wallets: You can interact with the network using cryptocurrency wallets that support CFX, the native token of Conflux. Wallets can be software-based on your computer or mobile device or hardware for added security. Several popular wallets support CFX, like Trust Wallet or Metamask. You will need to download and set up such a wallet, secure your private keys, and potentially convert or purchase CFX.

2. Dapps: If you want to use some specific services on the Conflux network, like DeFi applications, gaming, or NFTs, you will most likely access them through Dapps(fully decentralized apps on the blockchain). These Dapps might have some form of in-app user registration specific to their service.

3. Development: If you plan on doing blockchain development in the Conflux network, you would likely need to install Conflux development tools or SDKs and follow their (often detailed) instructions to set it up on your development environment.

In any of these scenarios, make sure you take necessary precautions to secure your private keys and take note that anyone with access to these keys has control over the assets in that account on the blockchain.

Exchanges to Buy Conflux

Here are some exchanges that support buying Conflux:

KuCoin:

KuCoin is a popular cryptocurrency exchange that supports CFX trading. It is known for its wide range of trading pairs, its support for new and emerging cryptocurrencies, and its competitive trading fees. KuCoin also offers a variety of features for experienced traders, such as margin trading, futures trading, and staking.

Binance:

Binance is one of the worlds largest cryptocurrency exchanges, offering a wide range of trading pairs, including CFX/USDT, CFX/BUSD, and CFX/BTC. It is known for its user-friendly interface, competitive trading fees, and deep liquidity. Binance also offers a variety of features for experienced traders, such as margin trading and futures trading.

MEXC Global:

MEXC Global is a leading cryptocurrency exchange that offers a wide range of trading options, including spot trading, margin trading, and futures trading. It is known for its high liquidity, low trading fees, and a variety of trading tools. MEXC Global also offers staking and margin lending. CFX is listed on MEXC Global with the trading pair CFX/USDT. MEXC Global is a popular exchange for trading CFX, and it offers a variety of tools and features to help traders succeed.

Gate.io:

Gate.io is a well-established cryptocurrency exchange that offers a wide range of trading pairs, including CFX/USDT, CFX/BTC, and CFX/ETH. It is known for its deep liquidity, low trading fees, and a comprehensive suite of trading tools. Gate.io also offers margin trading, futures trading, and a variety of staking options. CFX is a popular cryptocurrency on Gate.io, and it is often used for margin trading and futures trading.

Bibox:

Bibox is a global cryptocurrency exchange that offers a wide range of trading pairs, including CFX/USDT and CFX/BTC. It is known for its high liquidity, low trading fees, and a variety of trading options. Bibox also offers a variety of features for experienced traders, such as margin trading and futures trading. CFX is listed on Bibox with the trading pair CFX/USDT. Bibox is a popular exchange for trading CFX, and it offers a variety of tools and features to help traders succeed.

How to Store Conflux?

There are two main ways to store Conflux (CFX):

  • Software wallets:

  • Software wallets are programs that can be installed on your computer or smartphone to store your CFX tokens. Some popular software wallets for CFX include:

    • MetaMask

    • Trust Wallet

    • Exodus

    • Hardware wallets:

    • Hardware wallets are physical devices that can be used to store your CFX tokens offline. Some popular hardware wallets for CFX include:

      • Ledger Nano S

      • Trezor Model One

      • KeepKey

      Can You Make Money?

      In a blockchain ecosystem like Conflux, there are several ways users might potentially earn money, although profitability can depend on several factors and involves risk.

      1. Mining: As Conflux uses a Proof-of-Work consensus algorithm, one method of earning is by becoming a miner, solving complex mathematical problems to validate transactions and create new blocks. This requires a substantial amount of computational power and energy, which can be costly. Before venturing into mining, it's recommended to conduct a cost-benefit analysis including hardware costs, energy costs, and potential returns.

      2. Staking & Delegating: If Conflux integrates Proof-of-Stake or Delegated Proof-of-Stake consensus algorithms in the future, holders of its native token CFX could 'stake' or 'delegate' their tokens to help secure the network and earn rewards. Given the high hardware requirements of PoW mining, staking can often be a more accessible way for everyday users to earn from their holdings.

      3. Development & Grants: If you're a developer or an innovator, you might benefit from grants provided by the Conflux Foundation for developing infrastructure, tools, or dApps that contribute to the Conflux ecosystem. This would be more of a business venture but could definitely be a source of income.

      4. Trading: Careful trading of CFX or other tokens on Conflux can potentially be profitable. However, trading is incredibly risky and should only be undertaken by those with a deep understanding of the market.

      5. Participating in dApps: Certain dApps built on Conflux might offer ways to earn money such as DeFi applications which may allow you to lend your tokens for interest.

      As always with cryptocurrency and blockchain projects, it's important to do your own research and understand that all investments can potentially lead to loss of money. It's useful to understand the technology and the potential risks associated with each method of making money on Conflux.

      Conclusion

      Overall, Conflux, also known as 数商中国, is a reputable and intriguing entry in the blockchain space. With a unique approach to blockchain design, characterized by its 'Tree-graph' consensus algorithm, Conflux shows potential in addressing the commonly seen scalability issues in blockchain without compromising security and decentralization. However, as a relatively new player, the project does face challenges including being untested with limited real-world applications and having to compete with well-established blockchain systems. The ambitious project backed by a strong technical team and an active community provides a promising direction for its development. Still, given the volatile and unpredictable nature of this emerging industry, thorough research and continuous monitoring of its progress are essential for anyone considering engaging with this platform.

      FAQs

      Q: What measures does Conflux adopt to ensure security?

      A: Conflux employs a 'Tree-graph' consensus algorithm, mechanisms to prevent double-spending attacks, and a Proof of Work (PoW) model to uphold security across the network.

      Q: How does Conflux function?

      A: Conflux operates using a 'Tree-graph' consensus algorithm, allowing for parallel transaction processing, increased throughput, and improved scalability.

      Q: Can you list some distinctive features of Conflux?

      A: Conflux incorporates a unique 'Tree-graph' consensus algorithm, a total ordering mechanism, and encourages developers to expand its network, thus strengthening its application in the blockchain industry.

      Q: How can one start using Conflux?

      A: Using Conflux involves interacting through cryptocurrency wallets that support CFX, utilizing its decentralized applications (Dapps), or setting up its development tools for blockchain development.