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Conflux (CFX) is an innovative Blockchain platform that connects creators, communities, and markets across various protocols using the Tree-Graph consensus algorithm and PoW mechanism. It enhances user experience by offering cross-chain asset transfer through ShuttleFlow and built-in staking support for DeFi applications. With strategic partnerships and global expansion, Conflux aims to bridge Asia and the West and increase the adoption of Blockchain technology. In this article, you can find answers to two frequently asked questions: What is Conflux (CFX) and how to buy Conflux (CFX) with TRY.
What is Conflux (CFX)?
Conflux is a Blockchain-based platform designed to connect creators, communities, and markets across various protocols. It leverages a unique Tree-Graph consensus algorithm for advanced transaction processing and efficiency while using the Proof of Work (PoW) consensus mechanism for security and reentrancy attack prevention. Additionally, Conflux features ShuttleFlow, a cross-chain asset bridge, and supports built-in staking for decentralized finance (DeFi) applications.
Conflux aims to bridge Asian and Western societies and economies through its public Blockchain platform. The protocol’s Tree-Graph consensus mechanism significantly enhances scalability compared to existing networks like Ethereum. EVM-compatible Conflux supports smart contracts written in Solidity, making it versatile for developers. Headquartered in Beijing, China, Conflux has expanded its operations to Toronto, Canada, and Lagos, Nigeria, showcasing its global reach and ambition.
Conflux’s origins trace back to Turing Award winner Dr. Andrew Yao’s research lab at Tsinghua University. The platform’s foundation is the Tree-Graph consensus mechanism, which enhances scalability and efficiency. To create an open application platform based on this innovative consensus mechanism, the Conflux Foundation was established in 2018. The Conflux Foundation’s mission includes advancing Blockchain education and research, which are crucial for the platform’s development and adoption.
One of Conflux’s standout features is ShuttleFlow, a cross-chain asset bridge that facilitates seamless asset transfers between different Blockchains. This feature is particularly beneficial for users who want to leverage assets across multiple platforms without friction. Moreover, Conflux’s built-in staking options support various DeFi applications, offering users opportunities to participate in and benefit from the growing DeFi ecosystem.
Conflux’s strategic partnerships play a crucial role in its growth and development. The Tree-Graph Research Institute, in collaboration with the Shanghai government, focuses on developing Blockchain technology and applications. Similarly, the partnership with the Blockchain Infrastructure and Applications Key Laboratory, supported by the Hunan government, demonstrates Conflux’s commitment to innovation and research. These collaborations are integral to Conflux’s mission of bridging different Blockchain ecosystems and promoting global Blockchain development.
Looking ahead, Conflux is well-positioned to make significant strides in the Blockchain space. Its unique consensus mechanism, cross-chain features, and strong focus on research and development make it a formidable player in the industry. The platform’s ability to connect different communities and markets across protocols has the potential to ensure widespread adoption and integration of Blockchain technology globally.
How to Buy Conflux (CFX) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Conflux (CFX). On Binance TR, where you can quickly create an account, you can trade over 100 cryptocurrencies, including CFX. To buy Conflux (CFX) with TRY on Binance TR, follow these steps.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. For this, you need to go to trbinance.com and proceed from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as your email address, phone number, name-surname, date of birth, nationality, and Turkish ID number.
After entering the requested information completely and accurately, email/sms verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify Your Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can choose to complete the verification process from your phone or through Binance TR’s official website. Note that you will need your mobile phone to verify your identity on the website.
On the Binance TR website, hover over the “Profile” option in the top right corner, click on “Identity Verification and Limits” from the drop-down menu, and then click “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, you can click “Copy URL” to send the identity verification address to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first tap on “Identity” to continue.
Then a screen like the one below will appear. To continue with the verification process, first select the document type that suits you best.
After selecting the document type, you can continue by tapping “Upload Front Side.” After taking a photo of the front side of the document according to the document type you selected, tap “Upload Back Side” and take a photo of the back side of the document and upload it. When taking photos of the front and back sides of your ID card or driver’s license, make sure the images are clear and the information in the photos is easily readable.
Then you can continue by tapping the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. Once the camera opens, make sure your face fills the camera area as much as possible.
After completing all these steps accurately and completely, your identity verification process will be completed shortly.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account through all banks. You can deposit TL 24/7 and trade without interruption from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. For other banks, you can deposit up to 50,000 TL 24/7 with FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first go to trbinance.com and hover over the “Wallet” option in the top left corner of the homepage, then click “Deposit” from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. Now all you need to do is use the information shown on the page of your preferred bank to transfer the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.
Once your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy CFX Coin with TL on Binance TR?
After the deposit process, you can proceed to the step of buying CFX coin with TL by clicking the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking this option, the page below will open. In the search section on the right side of this page, type “CFX” and click on the CFX/TRY option from the results to go to the page for buying CFX with TL.
Now the CFX trading page below will open. On this page, in the area marked with a red box, you need to enter the price at which you want to buy CFX in the first box and the number of CFX you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy CFX” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR offers fiat-to-crypto and crypto-to-crypto trading services by leveraging Binance’s technology, security measures, and liquidity provided through Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY pairs via Binance TR.
Users can access market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls supported by Binance’s core functions through Binance TR.
