[New coin recommendation] Introduction to the domestically produced POW mining coin Conflux (CFX)

From Bitcoin to Ethereum, it is undoubtedly an important evolution of blockchain technology. When the development of international blockchain technology hit a bottleneck, the world-leading blockchain project Ethereum also fell into trouble, and the development of blockchain technology seemed to be in trouble. However, as China's technological innovation speeds up, it has occupied more and more technological heights. Among them, the tree graph blockchain project Conflux is becoming a new dawn of blockchain technology development with its superior R&D strength.

As a star team in the development of domestic blockchain public chain technology, the Tree Graph Blockchain Project Conflux, a "Yao Class" team with many blockchain technology experts, has greatly improved the blockchain transaction peak after proposing innovations. While developing blockchain technology, it will continue to adhere to the principle of decentralization, vigorously develop and study blockchain technology, and aspire to become the best blockchain team in the country and even the world.

Ethereum is a blockchain smart contract development platform with Turing completeness, efficient consensus mechanism, and support for more application scenarios. It allows anyone to write smart contracts and issue tokens.

Compared with Bitcoin, Ethereum is a programmable blockchain platform that provides a Turing-complete scripting language. Through Ethereum's virtual machine, you can easily issue digital assets, write smart contracts, build and run decentralized applications, establish DAOs (decentralized autonomous organizations), etc.

On the Ethereum platform, participants can run decentralized blockchain applications, also known as "smart contracts." Smart contracts have an immutable digital history, making them highly secure. Ether (ETH) is also known as the gas (fuel) within Ethereum. To transfer digital assets created on the Ethereum blockchain, you need to pay the handling fee with ETH, not the newly created digital assets.

Currently, Ethereum has tens of thousands of nodes, and its degree of decentralization is second only to Bitcoin. However, its current TPS is only about 15/second. Due to the low transaction throughput, when the number of actual transactions exceeds the carrying capacity of the blockchain, it causes high latency and congestion in the blockchain network. At the same time, users need to pay fuel fees for each transaction, and with the increase in the number of transactions and the rise in the price of Ethereum itself, the transfer cost is also rising.

At present, the dilemma of Ethereum network resources remains unsolved. Not long ago, Ethereum founder Vitalik Buterin issued a warning, pointing out that for some users, the cost of using digital token Ethereum (ETH) to process transactions on the underlying blockchain may become increasingly expensive. According to browser data, Ethereum's network utilization has soared to 90%, and network congestion has occurred again.

What is causing Ethereum to face network resource difficulties again is the famous stablecoin USDT. According to reports, in the past month, Tether paid $260,000 in fees for Ethereum digital ledger transactions. This cost is about 17.5 times that of CryptoKitties and 6 times that of IDEX, the world's largest smart contract exchange. As Tether occupies more and more capacity, there is less room left for other DAPP developers.

It is conceivable that as the cryptocurrency market continues to grow, the demand for stablecoins like USDT will continue to grow. A public chain that cannot even carry a single stablecoin will obviously not be able to meet the needs of market development.

The emergence of the TreeGraph blockchain project Conflux has given the entire blockchain industry a feeling of "when you seem to have reached the end of your rope, there's always a new way out".

The goal of the TreeGraph blockchain project Conflux is to create a truly decentralized, high-performance blockchain platform that supports smart contracts. It is hoped that without sacrificing decentralization, the throughput and performance of the current blockchain can be increased by more than 1,000 times. Once the goal is achieved, it means that even if the market value of Conflux reaches the level of ETH in the future, its gas cost will be less than 1% of ETH, which will greatly reduce the cost of blockchain application implementation.

In May 2018, a technical team from China published a technical paper titled "Scaling Nakamoto Consensus to Thousands of Transactions per Second", which caused a sensation in the industry.

In this paper, which is equivalent to the white paper of the project, the research team stated that experiments have proved that Conflux can expand its throughput to 6,400 transactions per second while adhering to the Nakamoto Consensus, surpassing Visa's approximately 4,000 transactions per second at the peak of the system, which is equivalent to improving the performance of the Nakamoto Consensus by 1,000 times.

Then, in December 2018, the coldest time of the so-called blockchain winter, the TreeGraph blockchain project Conflux received $35 million in financing from many well-known investment institutions such as IMO Ventures, Frees Capital, Shunwei Capital, MetaStable, Fundamental Labs and Sequoia China. The TreeGraph blockchain project Conflux currently brings together the world's top technical talents in the Chinese field. It was initiated by scientists such as Long Fan, professor of computer science at the University of Toronto, and Yao Qizhi, academician of the Chinese Academy of Sciences, dean of the Institute of Cross-disciplinary Information Sciences at Tsinghua University, and winner of the 2000 Turing Award, serves as chief scientist, and Xu Wei, assistant professor of the Institute of Cross-disciplinary Information Sciences, serves as consultant.

If we compare the construction of a public chain to building a road, then Bitcoin has created a narrow path that has opened up the world, thus giving birth to blockchain technology. Ethereum has leveled the road, making it possible for not only pedestrians but also vehicles, although they still cannot run fast. The C-tree graph blockchain project conflux is building a real blockchain highway, laying a more solid foundation for the implementation of blockchain applications.

In terms of operation, the TreeGraph blockchain project Conflux focuses on attracting more developers from a mechanism perspective. It has established contact with the DAPP development team since the early stages of the current testnet. When the mainnet is launched, not only the TreeGraph blockchain project Conflux itself, but also the DAPPs that are crucial to the ecosystem will be ready.