Conflux Network, a high-performance PoW public blockchain protocol, after two years of intensive work, will soon launch its mainnet. Conflux is a next-generation blockchain system with a novel consensus protocol, powering highly-scalable cryptocurrency and smart contracts.
The upcoming mainnet rollout begins with Phase 1, which includes a cross-chain protocol and decentralized transaction protocol.
Cross-Chain Protocol – ShutterFlow
In order to push the development of its DeFi ecosystem, Conflux has developed a cross-chain protocol called — ShutterFlow. The protocol provides an efficient way to bridge assets across various chains. Upon launch, Conflux and its ecosystem partners will form a cross-chain custodian alliance to securely map top crypto-assets like BTC, ETH, or USDT onto the Conflux chain by using multi-sig technology.
“In the early stages of the Shutterflow cross-chain protocol, we’ll be inviting members of the cross-chain custodian alliance by invitation. It will also include current Conflux ecosystem partners, a well-known cryptocurrency wallet, custodian service, and stable-coin providers. The list of the alliance members and multi-signature custodian contracts will be public and for everyone to monitor at all times. As the cross-chain alliance will grow and evolve, it will gradually move towards an autonomous operation and provide more services to the users.”
– The Conflux team
Decentralized Protocol – BoomFlow
Aside from ShutterFlow, Conflux is introducing, a decentralized transaction protocol. BoomFlow features instant exchange contracts and a high-frequency matching engine to ensure smooth and highly efficient operations and services based on decentralized exchanges (DEX) built on the Conflux Network.
Operators and service providers can connect with the BoomFlow protocol in a permissionless manner, and use an API interface to customize their own cost parameters, develop a personalized user-friendly interface, and adopt a unique user operation strategy.
As part of its decentralized technologies, Conflux and DAppBirds developed a decentralized exchange DApp — called MoonDex. A decentralized exchange in the Conflux network provides liquidity for the underlying assets of the blockchain and utilizes the high performance of the Conflux network to provide traffic for the application layer.
The above-mentioned technologies form Phase 1 of the Conflux mainnet rollout.
Phase 2 will include mining activities and technology integration with existing partners, oracle solution, layer-2 solution, and introduction of other DApps.
In Phase 3, Conflux will present not just a mainnet, but a formed ecosystem. During this final stage, the swap between FC and CFX will officially start, and Conflux ShuttleFlow will open up to applications. Finally, in Phase 3, the Conflux Foundation will decide on the selection of alliance members, and once the alliance is operational and stable, the Conflux Foundation will slowly fade out from an acting role as and leave the alliance in the form of a DAO.
“Unlike most of the peers, Conflux designed a three-phase launch plan to roll out the functionalities and the features step-by-step. The reasons for such a design are two-fold. Firstly, to guarantee the network stability in the early stage and to shake out all the bugs of major functionalities, e.g. in the Conflux cross-chain protocol. Secondly, Conflux targets to bring applications and meaningful transactions onto the network along with each of the three phases, so that by Phase III, there will be an established Conflux ecosystem, instead of an empty network. Conflux believes such a three-phase design is a healthier approach for the network as well as for the whole industry in the long run.”
– The Conflux team
Conflux unleashes the potential of blockchain consensus protocol to break the current scalability limitation exhibited in existing alternative systems, like Bitcoin and Ethereum, and provides a strong security guarantee at the same time. The key enabler technique is a novel DAG-based ledger structure together with an optimistic concurrency control to achieve a consistent order of transactions among all the nodes in the network. Conflux is funded and endorsed by world-renowned institutions, examples as Sequoia Capital, Shunwei Capital, Frees Fund, Baidu Ventures, IMO Ventures, MetaStable Capital, Fundamental Labs, and IOSG Venture.
Conflux Academic Paper