Conflux Secures $10 Million Funding Round From DWF Labs
• Conflux, a public blockchain developer, secured a token round of $10 million from DWF Labs.
• The investment will help Conflux advance its technology and grow its user base.
• CFX tokens will be linearly released from the project’s team and foundation reserve that DWF Labs purchased.
Funding to Advance Technology & Increase User Base
Conflux, a public blockchain developer, recently secured a token round of $10 million from DWF Labs, which trades and invests in digital assets. This investment will help Conflux advance its technology and grow its user base. Fan Long, the co-founder of Conflux, confirmed the investment and added that it was completed “a few days ago.”
CFX Tokens to Be Released Linearly Over Time
Fan Long also mentioned that CFX tokens would “linearly release over time” from the project’s team and foundation reserve that DWF Labs purchased. He further stated that this strategic investment made by DWF would tremendously aid Conflux in developing its ecosystem. Andrew Chi-Chih Yao designed the system as he is Chinese recipient of the Turing Award and chief scientist of Conflux while Fan Long is an assistant professor of computer science at the University of Toronto.
Conflux Network Launched in 2020
The Conflux network launched in 2020 but has recently made headlines due to collaborations it established with China Telecom, the country’s second-largest wireless provider, and Little Red Book, China’s equivalent of Instagram. Fan Long said that Conflux is “the first regulatory compliant permissionless blockchain in China” as well as received a grant from Shanghai government totaling more than $5 million in 2021.
Tree-graph Consensus Process Enables High Efficiency & Security
When asked how Conflux differentiates from other blockchain networks, Long responded that its Tree-graph consensus process enables it to attain 3,000 transactions per second with a confirmation time of 23 seconds while retaining high security. According to him this takes public chain technology to new heights of practical effectiveness as more than 300 platforms have adopted and strategically incorporated Conflux network into their system.
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