CoinTalk

Conflux – Proof-of-Work project has the highest TPS in the market

When Lambor 04/11/2019

tiendientu-header Despite the prolonged downtrend of the cryptocurrency market in 2018, many Blockchain projects are still created and continue to grow. There are even projects that are ambitious to overcome Bitcoin’s disadvantages – increasing TPS to the maximum. That is Conflux, a project introduced as the highest TPS property on the market. At the same time, Conflux will bring to the market a new trend after IEO cooling down, namely IBO – Initial Bounty Offerings.

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As more and more Proof-of-Stake projects are created, the remaining Proof-of-Work projects except Bitcoin are gradually losing their form. However, post-birth lieutenant, the Proof-of-Work projects later are trying to improve the shortcomings of his elder.

In the Cointalk column today, Tiendientu.org will dig into more about a project that also carries the blood of “Proof-of-Work” Conflux through the summary of the quick interview with Christian Oertel, Global marketing manager.

Question: Could you briefly describe what is Conflux? What is special about that?

Conflux is a Fast & Scalable Tree-graph based on PoW Nakomoto Consensus protocol where the throughput is no longer limited by the Consensus protocol, but by the processing capability of each node to achieve over 3500 TPS while not sacrificing safety and decentralization. We are a public blockchain project that aims at providing a high-performance consensus system while being fully permissionless and decentralized. As mentioned, we delicately organize blocks in a novel and innovative structure — Tree Graph (TG). With this, we can guarantee fast consensus on concurrent blocks in a Proof-of-Work based system. Currently, on our test-net, we surpass ~3000 TPS and can reach 23 seconds confirmation time. Compared to Libra, which is basically a permission Blockchain, we are faster in both, and closer to the speed of centralized services, such as Visa. 

Question: How effective is Conflux’s Proof-of-Work against PoS in terms of scalability, decentralization and security? What’s the difference between Conflux’s proof-of-work and others? And whether users choose Conflux’s staking method to participate?

POW based-protocol is the most proven and successful model so far. Bitcoin and Ethereum are the most influential blockchain project. Although EOS, Tron and many other POS projects have emerged in the Blockchain world, none of them are widely adopted. The Conflux team believes POW will continue to prosper and prevail in the blockchain world. We inherit the core design idea of Bitcoin, which is a POW-based protocol: computing power is the only weapon in competing for the right of block generation. But we have improved it.

Basically, you want to balance 3 elements in Blockchain: scalability, decentralization, and security. If you look at Bitcoin, scalability is the issue, if we look at POS, decentralization, and security are  the issues.

Conflux’s unique Tree-graph consensus protocol is able to:

  1. Maximize the throughput to more than 3000 TPS without sacrificing decentralization and security
  2. Optimize confirmation time to around 23 seconds right now, and  providing the same level of security as 6 blocks in Bitcoin and 30 blocks in Ethereum
  3. Lessen the transaction fee to less than 1% of the fee of Ethereum.

Question: Could you please share with our readers the state of Conflux adoption. And what are you doing to expand it? 

We are currently working hard on our Test-Net so that the Main-Net launch will be trouble-free with maximum security, performance, and decentralization. As we are based in China, our community there is amongst the top 3 in China. We have many fans and supporters in China and wish to achieve the same here in Vietnam! Also, we are working hard to build up our communities in Korea, Europe and America.

Our Test-Net will be Smart-Contract Compatible this month, meaning that developers can try out our Layer-1 solution and convince themselves with our performance. We have around 1000 miners for our Test-Net and recently, one miner from Lithuania told be that mining on Conflux is boring, because it is easy and works like it should.

We are collaborations with some major Chinese enterprises, but unfortunately, I cannot talk about it as of now. But we will announce the information as soon as possible to not keep you guys waiting for too much.

Question: As I know Conflux Bounty is the only way of getting Conflux token before the mainnet launches. So, could you briefly describe what is Coinflux bounty? And how to participate in this platform?

You might have heard for Bounties from other projects before. These bounties are mainly focussed on finding bugs. In contrast, we want to provide more opportunities to a larger community, where not everyone can code. The Bounty Program represents various tasks for the community. These bounty tasks range from Watching the Webinars and learn about Conflux while earning our Tokens to giving us ideas of how to improve the UX/UI or holding an offline event yourself! Everything that contributes to the Conflux ecosystem can become a Bounty for rewarding the effort. Bounty tasks can be created by anyone, and the Conflux team reviews its content. A certain amount of bonus will be awarded to the Bounty task approved by the audit. The bonus will be allocated to Bounty hunters who receive tasks and complete them on time.

As we are still in the test-net phase, we issue Fans Coins (FC) on the Bounty Platform. FC is a smart contract designed and used solely on the Conflux Blockchain Testnet. It currently serves for two major purposes:

  1. Tokens to reward active contributors
  2. A layer of functional testing for Conflux Testnet

With FC tokens, the Conflux rewards for constructive efforts in the community, while guaranteeing a future 1:1 conversion ratio against CFX, the upcoming official cryptocurrency operating on the Conflux Blockchain Mainnet.

Question: Why Conflux doesn’t do any ICO or IEO for investors? What is special about that?

We have concluded out private round already of $35 million, and will not be launching an ICO, IEO, or any public sale event. We got our funding during the bear market last year, which is actually a good thing because with the lack of hype and FOMO we are able to actually improve and achieve something that wasn’t achievable before. For example about 6 months ago, our confirmation time was ~ 5 minutes. But through the efforts of our development team, we were able to completely focus on shortening the confirmation time to ~23 seconds on the Test-Net. Bear market allowed us to tackle technological challenges, open-source our code on Github, and release our Testnet without delay. 

While investments are important in for any cryptocurrency, ICOs were mainly used to raise funds for a project and we are honored that our investors believed in our mission. I am certain, that exchanges will list us, it’s just that we don’t actively approach centralized exchanges. In fact, many large exchanges have proposed to list us already, but we tell them that we are open-sourced and they can mine us to get our tokens in the future. Our goal and vision is not only to bring Conflux to exchanges but also to bring blockchain technology to the masses.

Let’s make a new IXO here. Conflux is doing an IBO, Initial Bounty Offering. Come and co-create the Conflux community and make the most out of our IBO before the Mainnet launches!

Question: What is your plan for the rest of 2019 and for the next year? 

I want to give insights on two aspects of our plan: technological development and global community and awareness expansion.

For the technological development, our entire tech team is working day and night to improve our test-net, so that we can have the most ideal mainnet launch ever in Q1 2020! Just this week we updated our testnet and our bounty platform. For mining, we will try and achieve the smoothest experience in all processes. It seems quite good already when getting feedback from community members that mine themselves, but quite good is not enough for us In a few weeks, our test-net will be smart contract deployable, meaning that developers can gain first-hand experience on Conflux. At this time we will start organizing hackathons around the world and workshops in universities to build up our developer community and work closely with them to create Dapps for real-life usage. Exceptional projects will also get both financial and technological support from us for long-term partnerships.

As we are based in China and our community there is very active and solid. We are starting our tour in China next week where we go to universities and also organize events. Besides building up a strong community in Vietnam, from now to December,  Conflux will also attend big events in Korea, Singapore, Russia and in the US. We will most probably go to Turkey and Germany as well. A major focus of us is Vietnam, where we will attend several big events, host community meet-ups, do AMAs and of course share our tokens with everyone in forms of claimable bounties. This will not stop anytime soon of course!

Contact

Become one of the first persons in the world to receive some Fan Coins by doing this Bounty: https://bounty.conflux-chain.org/view-bounty?bountyId=5da9bc9e569d491101f9b105

Join Conflux on Telegram: https://t.me/confluxvietnam

Follow Conflux on Facebook: https://www.facebook.com/confluxvietnam/