Conflux could within the last week by far the strongest price increase of the top 100 cryptocurrencies register. The Chinese coin has more than tripled, while Stacks in second place was only up 126.18% and Filecoin was up 75.41%. What Conflux is and what led to this exceptional performance as well as more details on the price prediction is covered in the following article.
What is Conflux (CFX)?
Conflux is one permissionless layer 1 blockchain, which wants to connect decentralized economies via borders and protocols. She uses both Proof of Work as well as Proof of Stake. The network can Calculate transactions and blocks in parallelto thus the Increase throughput and scalability.
The Blockhains was created in the Founded in 2018 and has $35 million via a private token sale taken by prominent Chinese investors. These include, among others Sequoia China, Huobi Group, Shunwei Capital and Rong360.
In addition, Conflux also receives Support from the Chinese government when opening one research institute and incubation centeralthough the exact amount of the grant was not mentioned Co-founder Fan Long however million dollars meant to be. In this context Conflux also develops its own dApps for the government of Shanghaias for that Tracking of funds and documents.
Conflux is also referred to as the only regulatory compliant public blockchain in China. The project is also known as the Shanghai Tree-Graph Blockchain Research Institute and is managed by the Municipal People’s Government of Shanghai supports. This invested 5 million US dollars in 2020 into the institute.
In addition, Conflux also placed on a list of 57 companies by the government, which focuses on growing technologies. Other items on this list include, for example, 5G and space technology. In addition, that should Conflux network also used for a space supply chain become.
It is also interesting that According to Conflux, this was also included in the 5-year plan of the Shanghai government. This plan will be used for the social and economic initiatives that will determine the future of the region.
In 2017, the country’s central bank, Bank of China, banned ICOs. In addition, trading between fiat and cryptocurrencies has been severely restricted. However Conflux has not conducted an ICO and will not host any centralized token sales.
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What has been moving the Conflux (CFX) price lately?
The blockchain Conflux could in the past time some important achievements to reach. The most important of them are presented below:
Conflux establishes partnership with Chinese telecom for development of SIM cards
China Telecom, 2nd largest wireless carrier in China
(390+ million mobile subscribers), has partnered with Conflux to develop Blockchain-enabled SIM cards – BSIM! pic.twitter.com/LQxz34L432
— Conflux Network Official (@Conflux_Network) February 15, 2023
According to Conflux Network, a partnership has been signed with Chinese telecom, dem second largest telecommunications provider China, with over 390 million customers.
A so-called BSIM be developed which one secure place for storing public and private keys on the cell phone. In this context, digital signatures are used, whereby the private key should not leave the card. The goals are safe storage and transfers as well as a high level of convenience.
In addition, the BSIM should also Transmission and exchange of NFTs make possible. About can also Status progress of transactions checked in real time become. Another benefit of BSIM is to provide a 10 to 20 times more data storage than a conventional SIM card.
The Research and development phase has already been completed and the BSIM card already connected to the main Conflux network. The first The pilot program is scheduled to start in Hong Kong later this year become. After that are likely further pilot tests in mainland China planned, as in Shanghai.
Conflux integrates China’s version of Instagram
With more than 200M monthly active users, Little Red Book (Xiaohongshu), China’s answer to “Instagram” has integrated Conflux Network as a permissionless blockchain.https://t.co/tk84WI5kaj
— Conflux Network Official (@Conflux_Network) January 26, 2023
Conflux price broke out on January 26th when the Integration of Little Red Book was announced. this is the Chinese variant of Instagram. So now they can 200 million users from Little Red Book the Show non fungible tokens in their profilewhich were mined on Conflux.
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Conflux (CFX) Price Prediction 2023
Conflux is currently listed 93rd place of the largest cryptocurrencies on Coinmarketcap, with a current market capitalization of more than $445.471 million. Today, the cryptocurrency is one of the Biggest winners in the top 100 over the last 7 dayswith an increase of 292.55%. Since the beginning of the year, CFX has even risen by 977.21% at its peak, with the price still 869.85% above the level at the beginning of the year stands.
But interest in the coin has also increased significantly. While it was $0.882 million at the start of the year, it is a few days ago it was 705.03 million. US dollars and now always still $468.31 million. So the volume increased 79,835.37% on and still making notes 52,996.37% higher.
The course is now on 23.6 Fibonacci level and a key horizontal resistance arrived. Resets are possible from here, in which case the next supports at $0.192877, $0.1130752 and $0.104946 lay. Should the uptrend continue, the next resistances at $0.240097, $0.311893 and $0.422407.
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About the author: Simon Feldhusen first came into contact with the stock market 16 years ago and has been dealing intensively with trading, cryptoassets, stocks, P2P, corporate finance, finance and entrepreneurship on a daily basis for more than 7 years. He has also been working as a copywriter and ghostwriter in the financial sector for several years. During this time he has acquired a diversified knowledge through various training courses on the financial markets and following the daily news. Since then, not a day has gone by that he hasn’t engaged with the markets. He publishes for Finanzen.net, ETF-Nachrichten.de and Coincierge, among others.
