Blockchain technology has taken the world by storm since its inception, offering a secure and decentralized way to store and transfer data without relying on intermediaries. However, the technology has faced several challenges in terms of decentralization, security, and scalability, which are commonly referred to as the blockchain trilemma. Layer-1 public blockchains have emerged as a potential solution to this trilemma by claiming to offer a balance between the three key aspects of blockchain technology. In this essay, we will explore the features and benefits of layer-1 public blockchains that claim to solve the blockchain trilemma and analyze their potential to revolutionize the way we interact with digital assets.
In this video, we will investigate one of them,
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layer-1 public blockchain that claims to solve the blockchain trilemma of decentralisation, security, and scalability.
Conflux (CFX) is a cryptocurrency and blockchain platform designed to provide a high-performance, secure, and scalable infrastructure for decentralized applications (dApps) and enterprise use cases. It was founded by a team of researchers and developers from the University of Toronto, led by Dr. Fan Long, and launched in 2018.
The Conflux network is based on a novel consensus algorithm called Tree-Graph, which combines a directed acyclic graph (DAG) structure with a tree structure to achieve high throughput, low latency, and high security. The Tree-Graph consensus algorithm enables Conflux to process thousands of transactions per second, which is significantly faster than other major blockchain platforms.
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