Today I will talk about a project that has become popular recently. It has increased 20 times in 2 months. It is the light of the domestic public chain, CFX. The market value of CFX is currently about 500 million US dollars, ranking over 80. It is a very typical thing with a low market value and a large space for imagination. The reason why it skyrocketed some time ago is that Hong Kong, China, announced that it would open virtual currency transactions in June this year, and on February 15, 2023, Conflux Network announced that it would cooperate with China Telecom to launch the first BSIM pilot project in Hong Kong, which is based on blockchain Chain SIM cards, then China Telecom also surged, Conflux also surged. Because CFX is China’s blockchain.

Then to introduce it, Conflux Network is a scalable decentralized blockchain network designed to achieve high throughput and fast confirmations. Conflux Network’s consensus algorithm is based on a special directed acyclic graph (DAG) structure called a tree graph. Unlike Ethereum which only accepts transactions from a single chain into its ledger, Treemap can merge and process transactions across all concurrent blocks. CFX is the native functional token of Conflux Network and is used for network consensus, ecosystem incentives, network governance and mortgage.

As usual, let’s take a look at his white paper first. The full text is relatively long, 66 pages, but the main content is only in the first dozen pages (for those who need the white paper, reply to the white paper in the official account and you will get all the white paper information). I will focus on the key points. First, I will talk about the problems of Ethereum: In Ethereum, when a new contract is introduced, if the user has not paid at this time, then everyone has to keep the ledger of this contract for him, which creates a resource shortage. waste. Therefore, Confluex plans to give users an incentive to encourage the continued maintenance of the contract.

 

over view

Conflux is a new PoW network using a Turing-complete smart contract language similar to Ethereum. Conflux Network delivers significant performance improvements with improved processing of parallel blocks in directed acyclic graph (DAG) structures, reducing confirmation times and significantly increasing transaction throughput. To address the challenge of space congestion, Conflux requires users to bind the machine natively into memory to occupy space, which implicitly creates a disincentive to occupy space unnecessarily. The disincentive comes from paying interest on existing tokens in the system. The interest on bonded storage is paid to the miners, rather than the users creating long-term income for the miners. To address the challenge of fairness attacks, Con-Flux distributes the mining of block rewards in a way that eliminates the winner-take-all characteristics. Instead of competing to be the longest blockchain, miners in Conflux are rewarded for receiving blocks for all blocks they generate, although there are some penalty mechanisms to encourage following the consensus protocol. Competing blocks are jointly punished. This kind of selfish mining is not profitable, and different miners are incentivized to cooperate along the protocol to keep the network stable and secure.

Conflux utilizes a hybrid model that combines PoW (tree graph) and PoS consensus mechanisms to secure the network. Tree-Graph utilizes the Directed Acyclic Graph (DAG) structure and has tremendous capability to process transactions in parallel. Its combination with PoS consensus improves Conflux's security and maintains best-in-class decentralization and efficiency. Another advantage of this integration is the elimination of “51% attacks” while providing finality to transactions.

The most advanced public blockchains also utilize Turing-complete smart contracts to limit human intervention in their networks. To balance scalability and low transaction fees, Conflux relies on ShutteFlow. ShuttleFlow is a cross-chain asset protocol that allows Conflux to communicate with data and assets from other blockchains. It is critical to the operation of Conflux and is an important part of the protocol's functionality.

 

Conflux is a very excellent project, relying on a self-developed scalable consensus algorithm based on the TG (Tree-Graph) structure.

It can handle more than 3,000 transactions per second.

Currently, the number of accounts in the Treemap blockchain public chain system has exceeded 10 million, the number of smart contracts exceeds 6,000, and the number of daily transactions processed reaches 300,000-500,000. Without sacrificing security and decentralization, the "conflux tree diagram blockchain public chain system 1.0" breaks through the bottleneck of the blockchain public chain in transaction throughput and confirmation time, and can handle 3,000 transactions per second. The above transactions are 428 times that of the first-generation public chain "Bitcoin" system and 75 times that of the second-generation public chain "Ethereum" system. It is called the third-generation public chain in the industry.

Dr. Wu Ming, co-founder and technical director of conflux tree diagram

Wu Ming introduced that in order to speed up the user and ecological expansion of the conflux tree diagram blockchain public chain system, the upgraded version 2.0 will introduce a virtual sharding that is fully compatible with Ethereum, allowing various existing applications in the Ethereum ecosystem to directly Access and manipulate accounts in conflux espace. Existing conflux accounts can interact with espace through the built-in interface. Conflux espace is similar to the Windows virtual machine on Apple computers. It can leverage the existing application ecosystem to effectively reduce the migration costs for developers and users. This technology can also be used to build other types of virtual shards in the future.

 

The first is to add a final confirmation mechanism using proof of equity (pos). This upgrade confirms the status of the blockchain through POS voting, which not only improves the security of the system and enhances the ability to resist 51% attacks, but also simplifies the confirmation rules, making the tree diagram blockchain system more convenient for developers and users More friendly.

The second is to support BLS signature technology, which improves the efficiency of voting on the blockchain. This technology can aggregate many digital signatures into a very short signature, which not only improves the efficiency of POS consensus voting, but can also play a role in DAO (distributed autonomous organizations) and other blockchain applications.

Since ancient times, heroes have emerged from youth

Long Fan has shown his super high IQ since he was a child. "Excellence" and "genius" are his labels.

At the age of 16, he enrolled in the science experimental class of Yali Middle School in Changsha City; at the age of 17 and 18, he represented the Chinese team in the 17th and 18th International Informatics Olympiad twice and won gold medals twice; in 2006, 18-year-old Long Fan He was recommended to enter the computer experimental class of the Interdisciplinary Information Institute of Tsinghua University (also known as the "Tsinghua Yao Class").

Of course, success does not fall from the sky and is inseparable from one's own efforts.

Long Fan once told a story about himself. On the eve of an important selection match, Long Fan was still sticking to his English learning plan and immersed himself in doing English exercises. His father was worried about his performance in the competition the next day and persuaded him, "How about we stop learning English tonight and go to bed early?" Long Fan looked up at his father with firm eyes: "If you want to be lazy, you can have an excuse every day. ." It is this kind of continuous persistence and hard work that has made Long Fan outstanding.

Long Fan once said: I hope that I can become a person who pursues my dreams persistently, without compromising or giving up midway.

During his undergraduate years, Long Fan also worked tirelessly. During his undergraduate period, Long Fan represented Tsinghua University in the "ACM International Undergraduate Programming Competition" and won outstanding results again.

In 2010, 22-year-old Long Fan graduated from Tsinghua University and received a full scholarship to study for a doctoral degree at the Massachusetts Institute of Technology (MIT) in the United States. During this period, his doctoral thesis won the ACM SIGSOFT Outstanding Doctoral Thesis Award. After graduating with a Ph.D., he chose to join the University of Toronto in Canada. Long Fan, 30, became an assistant professor at the school.

All persistence in the world is because of love

Once in an interview, Long Fan said: I hope everyone is interested in learning programming as a hobby, then you will definitely gain a lot.

Long Fan's first programming teacher was a children's learning machine given by his father when he was five years old. Since then, he has had a strong interest in programming. His father, who majored in engineering, gave him several basic programming books. Soon, Xiao Longfan was able to write simple game programs by following the books.

As for the time period when Long Fan truly learned programming systematically and played an important role in his subsequent development, I think it may have been the period of time when he was in junior high school and studied programming with teacher Zhu Quanmin.

Long Fan once described this period of learning: When I entered middle school, I mainly learned programming under the guidance of teacher Zhu Quanmin. The learning method of our computer group is very special. There are very few group classes or indoctrination-based learning. Instead, students freely discuss and study certain issues and improve in the process of communication. This kind of learning method can often achieve much better results than group classes.

Teacher Zhu’s teaching method cultivated Long Fan’s interest in programming. And does this learning method feel similar to the open source shared chain model? Everyone can contribute code to the project discussion.

Moreover, under the leadership of Teacher Zhu, Long Fan and his friends also developed and designed China's first gaming robot "Guess". At this time, Long Fan had not yet entered high school, and this sense of accomplishment also pushed him to move forward.

Accidental choice, great dream

Those who dare to participate in the battle for public chains are not only the braves of this era, but also the wise men of this era. Those lucky ones left behind will eventually be the winners of the future blockchain era.

When Long Fan was interviewed by Tsinghua University, he left a message to his junior brothers and sisters: Your time is limited, so don't waste it living someone else's life.

This sentence may also be a reflection of Long Fan himself: live out of yourself. Long Fan's free and easy character and his longing for a colorful future life may have prompted him to invest in blockchain entrepreneurship.

In 2017, Long Fan was accidentally invited to teach a cryptography class at Tsinghua University. In this class, I discussed blockchain with other students from Tsinghua University's "Yao Class", discussed the room for improvement in the blockchain field, especially in the public chain field, and decided to use tree-graph to Provide public chain throughput.

After theoretical testing in 2018, Long Fan and his colleagues published their research results into a paper - "Expanding the Satoshi Consensus to Thousands of Transactions Per Second" and published it on Cornell University's Archive. It has also aroused unanimous optimism among investors and blockchain enthusiasts.

Afterwards, many friends and investors, including Professor Yao Qizhi, advised Long Fan to turn this theory into practice. Teacher Yao once said to Long Fan, "System theory is meaningful only when it is used." After that, Long Fan came up with the idea of ​​leading everyone to "do something meaningful together", and the Conflux project was founded.

Only on the basis of the solid, stable and efficient operation of the underlying public chain can blockchain commercial applications be truly developed and implemented on a large scale. What Conflux wants to do most is to create a public chain that truly solves the bottleneck of blockchain use and allows everyone to use it, and to build an ecosystem and environment for everyone to innovate in blockchain, thereby promoting social development and helping enterprises. Achieve digital transformation and construction.

Long Fan once said: As a country like ours, since the public chain may be a key infrastructure in the future, I hope that a group of Chinese people can participate in the process of formulating rules and building an ecosystem.

Long Fan has a strong sense of national mission, especially in the context where competition in cutting-edge technology has risen to the level of national strategy. This sense of national responsibility is indeed admirable, and it also allows us to see the courage of Conflux. We have reason to believe in Conflux’s The future will get better and better.

The current market value of CFX is more than 6 billion. If Moutai has a market value of 2 trillion and it is now clear that housing is not copied, then China, whose main economy is real estate, will have to go to technology companies, and money will go to the stock market. If China's policy If it is open, then the potential of CFX will be infinite. Compared with Moutai's 2 trillion, even if you reach 500 billion, there will be an increase of nearly 100 times, and the room for imagination is infinite.