• Conflux Network, a L1 blockchain developer, has secured $10 million from DWF Labs in a token sale.
• The investment will help the technology to advance and increase its user base.
• It is the first regulatory compliant permissionless blockchain in China and 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.
Conflux Network Secures $10 Million From DWF Labs
Conflux Network, an L1 blockchain developer, has raised $10 million from DWF Labs in a token sale. Fan Long, the co-founder of Conflux and assistant professor of computer science at University of Toronto confirmed the investment which was completed “a few days ago”. The funding will help Conflux to develop its technology and increase its user base by linearly releasing CFX tokens over time from project’s team and foundation reserve purchased by DWF Labs.
Unique Features Of Conflux
Conflux network launched in 2020 and is designed by Andrew Chi-Chih Yao who is Chinese recipient of Turing Award and chief scientist of Conflux. It is also “the first regulatory compliant permissionless blockchain in China” as stated by Fan Long. 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 which takes public chain technology to new heights of practical effectiveness. Moreover it has collaborations established with China Telecom (second largest wireless provider) and Little Red Book (China’s equivalent of Instagram). In 2021 Shanghai government provided grant worth more than $5 million for this project.
DWF Labs Investment
DWF Labs made strategic investment on Conflux which will aid them in developing their ecosystem enormously according to Fan Long. CFX tokens are linearly released over time from team and foundation reserve bought by DWF labs for this purpose only. This investment will help Conflux to advance its technology as well as increase user base because more than 300 platforms, brands, and intellectual property partners have recognized it so far apart from telecom companies mentioned earlier.
Conclusion
To conclude we can say that after receiving funds from DWF labs via token sale now Conflux network has bright future ahead due to advanced features like tree graph consensus process enabling fast transactions with low latency along with high security standards set by government making it unique among other blockchains available currently . Not only that but several collaborations already established along with grants provided for development makes it even more promising investment opportunity for anyone interested in this sector .
References
https://www.theblockcrypto.com/post/76475/conflux-network-dwf-labs