The 15th episode of Mining Coins Simulcast: The Dawn of China's Public Chain - Conflux

On November 4, Kun Kun from the Conflux community was a guest on the 15th episode of "Coin Mining News", where he discussed the unique features of the Conflux project with fellow miners and gave an in-depth interpretation of the Conflux economic model and lock-up release rules. The following is the original interview text:

Zhang Yuan: Good evening, dear audience friends , welcome to the 15th Coin Mining AMA . Today we are going to talk to miner friends about the domestic public chain Conflux . First of all, let me introduce today’s guest, the miner representative from the Conflux community: Kun Kun, welcome Kun Kun!

KunKun will first give you a brief self-introduction.

KunKun: Hello everyone, I am KunKun from the Conflux community. I have been in the cryptocurrency circle for three years, but I have not made any money yet. I am a poor loser.

Zhang Yuan: Welcome again, Kun Kun. Now let’s get straight to the point.

Just last week, on October 29 , the Conflux mainnet was launched and welcomed its first genesis block. The Conflux mining tutorial was also promptly launched on the homepage of our Mining Network. However, there are still quite a number of Mining Network users who are not familiar with the Conflux project. As a representative of the Conflux community, could you please popularize the uniqueness of the Conflux project and why you are optimistic about this project? In addition, please ask Kunkun to introduce the timeline of Conflux events to everyone.  

KunKun: Conflux is probably the fastest POW public chain currently in existence . The mainnet is already online, and you can go and experience it. It has a tps of 3000-6000 , and can be uploaded to the chain in one second. It can be confirmed within 30 seconds, which is equivalent to the security of 6 blocks of BTC .

You may think that this speed is not fast, and it is still a little behind the public chains such as TRON that can be reached in seconds. However, we are a POW project, and we will always stick to the POW route to maximize decentralization and security.

The reason why we are optimistic is that the team is so strong that no one can refuse it.

What everyone knows is that there are only a few entrepreneurs from the Yao Class, including Professor Yao Qizhi. What everyone does not know is that almost every technical worker in their class has won national awards in computer science or mathematics. It is just that the Yao Class shines too brightly, which somewhat overshadows them. If these big guys are not in Conflux , they should be very powerful in other companies. In addition, you can take a look at their original recruitment notices and show them to people around you who know computers, and you will know what level they are at.

Zhang Yuan: As a star domestic public chain, Conflux pays great attention to ecological construction. Co-founder Zhang Yuanjie once expressed his opinion in public: "Compared with the protocol, the community is the moat." Kun Kun, as a community representative, can you introduce to everyone the current division of labor and the focus of the Conflux community team and the official team? In other words, if miners encounter problems in the process of mining Conflux , who should they contact to communicate about what kind of problems?  

KunKun: The official team mainly does things that are difficult for the community to do, such as cooperation with the government, enterprises, and schools. We make some directional strategies, attend conferences everywhere, and travel is basically the norm. The official also produces a large number of popular science and introduction articles and videos, which are also very time-consuming. As everyone knows, we at Conflux are like a businessman who makes products steadily without advertising, and there is very little publicity. We hope to speak with the strength of our products.

For the conflux community, the division of labor is really varied. I can say without exaggeration that the conflux community is a community full of talents. The origin plan, mining testing, product testing, community management and promotion of conflux chain projects, and many of our chain ecological projects are all done by community partners. The community allows partners to use their creative ideas. You come up with the plan and we pay for it. Rewards are given according to the results. Here I also hope that partners who want to participate will register bounty and forum accounts to take on tasks.

If miners encounter any problems, they can directly post in the miner module of our forum. The community members are still very willing to answer your questions. In the future, a miner's autonomous committee will be established, and everyone can participate.

Zhang Yuan: For miners, the POW economic model is not unfamiliar. Conflux 's miner rewards also include block rewards and transaction rewards . In addition, Conflux 's miner rewards also include storage maintenance rewards. Can Kun Kun explain the Conflux economic model to everyone in an easy-to-understand way?

KunKun: confluxnetwork.org is the official website where you can check the white paper.

Since the Conflux white paper is very academic, I suggest you wait for the future white paper interpretation. Here is the link

https://shimo.im/sheets/913JVX0avGt61j3E/R7RWr

It is said that each time the economic model was run, it cost hundreds of thousands of yuan, and it was run many times. I would like to criticize the Conflux officials who did not even reimburse the money for meals out.

I can talk about miners. As we all know, it is impossible for you to get a free public chain, so there must be a miner fee. But in fact, the Conflux Foundation provides payment for developers, which means that the payment does not need to be paid by developers or users, but by the foundation. This money is of course taken by miners. In this way, miners get mining fees, users and developers do not have to pay fees, and on the other hand, CFX is reduced. Kill three birds with one stone. Therefore, miners are still needed to build the upper ecology of Conflux , and we will build a useful public chain together. The better the ecology, the better the return.

Zhang Yuan: I would like to follow up on Kun Kun’s previous question. Around April, Green King said in a media interview that doing Defi is one of Conflux ’s missions. This year, it can be said that the projects related to Defi have indeed made some people make money. Can Kun Kun give a detailed introduction? What are the similarities and differences between Conflux ’s lock-up release rules and other projects?

KunKun: The lock-up of Conflux is actually quite friendly. Next, I will post a small part that will touch upon the issues that everyone is concerned about. You can take a look and think about it. Finally, I will give my own opinion.

Investor Token Unlocking Rules

After Conflux launches, the allocated private investor CFX tokens will be unlocked monthly over two years. Depending on the market spot CFX price, investor tokens can be unlocked in advance to provide liquidity to the CFX market in the face of price fluctuations .

The early unlocking rules are as follows.

1. If the last five-day average market spot price of CFX exceeds $ 0.6 , all private investors can receive CFX tokens that should be unlocked within the first two months after Conflux issuance, upon approval by the Conflux Foundation.

2. If the last five-day average market spot price of CFX exceeds $ 0.8 , all private investors can receive CFX tokens that should be unlocked within the first four months after Conflux issuance, upon approval by the Conflux Foundation.

3. If the last five-day average market spot price of CFX exceeds USD 1.0 , all private investors can receive CFX tokens which should be unlocked within the first six months after the issuance of Conflux, upon approval by the Conflux Foundation.

4. If the last five-day average market spot price of CFX exceeds $1.2, all private investors can receive CFX tokens that should be unlocked within the first eight months after the issuance of Conflux , upon approval by the Conflux Foundation .

5. If the last five-day average market spot price of CFX exceeds $ 1.5 , all private investors can receive CFX tokens that should be unlocked within the first ten months after the issuance of Conflux , upon approval by the Conflux Foundation .

Let me say something that is not appropriate for the official to say. In my opinion, this token unlocking policy is very friendly to retail investors. It prevents large price fluctuations. On the one hand, it plays a role in stabilizing the currency price. On the other hand, when the price fluctuates, retail investors will still have five days to react. If you are not optimistic, you can leave at any time. There will be no sudden rise or fall.

Zhang Yuan: We know that Kaozai did a big thing not long ago, which is to ask for a " word " for the Conflux token cfx . In the end, two very fresh and unconventional Chinese names were collected: "Confluence" and "Kaobei". KunKun, tell us what you think of these two names. Which name do you prefer from a subjective point of view?

KunKun: I prefer Confluence, because we are pretty unofficial. The test network is unofficial, and the main network is also an aquarium. Confluence is more in line with the official temperament. Hahahaha.

Zhang Yuan: After talking about the highbrow, let’s talk about some practical issues. The issues that miners are most concerned about are: Which mining pools can support Conflux mining, when will it be listed on the exchange? And what are the FC circulation channels recommended by the current community partners?

KunKun: Bee Pool, Babbitt Pool, Poolflare, and Unicorn. We also hope that more and more mining pools will join us. The current profit is still higher than mining ETH.

As for the exchange, we have started to use our decentralized exchange moondex today , and you can also exchange cfx on our moonswap . As for centralized exchanges, as we all know, they have been very popular in the past two days. Everyone who speculates in cryptocurrencies has suddenly become a criminal suspect. It is still very dangerous to use centralized exchanges now. However, as a public chain that has received attention, I think all the conflux that should be there will be available, it is just a matter of time. In addition, FC is an incentive for early participants, and moondex and moonswap also support it.

Zhang Yuan: Friends who are a little familiar with Conflux should know that the team behind this public chain is a super luxurious star lineup. Some media commented: "If they leave the project, it is easy for each of them to get financing as a founder." From a positive perspective, the probability of such a team running away with money is basically zero, but from another perspective, these people at the top of the technology chain are more or less out of touch with the world. I remember Long Fan said before: "The purpose of our core members to participate in Conflux is very pure. We don't regard it as a matter of making a lot of money. We think more of us as a group of scientists who do systems and cryptography. It is a rare opportunity to use what we have learned to change society and the world." But for miners, everyone's mining machines are purchased with real money and fiat currency, and they can't wait to recalculate the payback period every day according to the market. Kunkun, how do you balance faith and bread in the Conflux community?

KunKun: In this world, those who make money make money, those who work work, everyone has their own role. If miners make money and have profits, they come to Conflux to mine. If there is no profit, they will slowly leave. In fact, in the past three years, I have been cut so many times, but I have never been as happy as I was in Conflux . I feel that I am doing the right thing with the right group of people. Maybe I am relatively young, and I say such ignorant words, hahaha. The Conflux community is not just a community. We hope that everyone can play their own value in this place and get corresponding rewards. Life is only a few autumns, why not calm down and do something to progress with the times. As long as there is experience, it is not a failure.

Zhang Yuan: As far as I know, many graphics card miners have heavily invested in ETH this year. Some old miners have also said that this year's ETH will enter the first year of heavy capital and high threshold computing power competition. On the one hand, the market is relatively strong and the momentum is good, and more miners are starting to make plans; on the other hand, when the supply chain of Bitcoin mining machines encounters bottlenecks, manufacturers have turned to ETH mining machines, which has also made the difficulty of ETH mining continue to rise. I think this is a good turn for Conflux mining. Taking this opportunity today, Kunkun, how will you calculate the account for graphics card miners and bring them to the Conflux community?

KunKun: Actually, I don’t need to answer this question, the miners themselves know it. Everyone knows that in the cryptocurrency world, miners have the most sensitive sense of smell, and they always know where there is profit.

According to my calculations, mining CFX should be mostly profitable now, and the profit should be more than ten points more than mining ETH . Of course, in order to ensure the security of our chain, we hope that more miners will participate, not just simply mining, selling and withdrawing. We hope that Conflux miners can also participate in our ecological construction. The more prosperous the ecology, the higher the profit miners can get. The sooner you participate, the sooner you can get the early dividends of Conflux . From my perspective as a community, everyone can come to mine CFX . If there is no profit, you can directly transfer to ETH . This issue is the clearest for miners.

Zhang Yuan: Thank you Kunkun for sharing your thoughts. Today’s AMA ends here. I hope that what Kunkun shared can help everyone understand Conflux better . Thank you again to the Conflux community for the generous airdrop and the audience for their enthusiastic interaction! See you in the next coin mining live broadcast!