Binance announced new listing: $CFX

Binance announced last Monday, March 29, through its Twitter account, its new listing called $CFX, which, according to the company, is a scalable and decentralized blockchain network that aims to have a high performance and quick confirmation.

“Conflux Network is a scalable and decentralized blockchain network that aims to have high performance and fast confirmation. It operates a consensus protocol, GHAST, which processes concurrent blocks without discarding any as bifurcations, and adaptively assigns heterogeneous weights to the blocks according to their topologies in the general ledger structure (called Tree-Graph)”, explained the company through from an article published on their website.

CFX token use cases

• Network Consensus: Miners will receive block rewards for each block they create and transaction fees for executing the code.

• Ecosystem incentives: incentivize users to carry out meaningful and value-generating economic activities.

• Governance: CFX holders can vote on network governance decisions.

• Staking: the network will distribute rewards on all tokens wagered at a fixed rate of 4%. The rewards will be added to the user’s stock the moment the user stops wagering their tokens.

According to Binance, Conflux Network organizes the blocks in the ledger as a tree chart structure that tracks the relationship that occurs before between the blocks. Based on this ledger, Conflux allows all nodes on the network to produce a consistent total order of blocks. This total order is derived from a pivot chain in the ledger that is selected by applying the heaviest subtree rule to avoid double spending attacks”, he added.

Also read: DAFI Protocol announced partnership with Blockchain Cuties

In his view, Conflux Network raised $ 35.68bn from three rounds of private token sales:

• Private Sale 1 – 9.35% of the total token supply was sold at $ 0.064 / CFX.

• Private Sale 2 – 0.21% of the total token supply was sold at $ 0.080 / CFX.

• Private sale 3: 0.99% of the total supply of tokens was sold at 0.100 USD / CFX.

Notably, as highlighted by Binance, as of March 29, 2021, the circulating supply of CFX is 695,262,164 and the total supply in genesis is 5,000,000,000.