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What is CFX coin? What can CFX coins do? How to store CFX coins?
CFX (Conflux) is a high-throughput blockchain platform that utilizes a Tree-Graph consensus mechanism for faster transactions, EVM compatibility, and decentralized data storage solutions.
Oct 28, 2024 at 06:23 pm
What is CFX Coin?
- Description: CFX (Conflux) is a public blockchain platform that aims to provide high throughput, low latency, and decentralized data storage solutions.
- Underlying Technology: CFX utilizes a novel consensus mechanism called "Tree-Graph." This mechanism enables faster transaction processing and higher scalability than traditional blockchain networks.
- Unique Features: CFX's Tree-Graph consensus and sharding architecture allow it to handle up to 3000 transactions per second (TPS) with confirmation times under one second. Additionally, it incorporates EVM (Ethereum Virtual Machine) compatibility, facilitating the deployment of smart contracts.
What Can CFX Coins Do?
- Network Transactions: CFX coins serve as the native digital currency for the CFX blockchain. They are used to pay transaction fees, execute smart contracts, and secure the network through staking.
- Staking: Holders of CFX coins can stake them to participate in the validation process, earning rewards for their contributions to network security.
- Decentralized Storage: CFX can be used to access decentralized data storage solutions offered by the CFX network. This includes the ability to create and manage decentralized applications (dApps) and store data securely.
How to Store CFX Coins?
- Hardware Wallets: Trezor and Ledger are popular hardware wallets that support CFX coin storage. These devices provide cold storage solutions, ensuring offline protection against potential hacks.
- Software Wallets: MetaMask and ConfluxScan Wallet are popular software wallets that allow users to store, send, and receive CFX coins. These wallets are convenient and accessible from various devices.
- Cryptocurrency Exchanges: Some cryptocurrency exchanges, such as Binance and KuCoin, offer custodial services for CFX coin storage. However, it is recommended to use dedicated wallets for increased security and control.
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