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SHANGHAI – Conflux Community has introduced its plans to introduce an EVM-compatible Layer 2 answer, aiming to spice up decentralized finance (DeFi) participation and improve transaction effectivity. The Layer 2 platform is scheduled to roll out its testnet by March and expects the mainnet to be dwell in Could.
The upcoming answer is about to make use of BTC for transaction charges and can help each BRC-20 tokens and Bitcoin inscriptions, increasing the utility of the Bitcoin blockchain. Following the announcement on Thursday, the native token of Conflux Community, CFX, skilled an 8% surge in value, reaching $0.2203.
Designed to function on a secondary layer, the platform is meant to enhance transaction throughput and scale back prices, whereas sustaining the strong security measures of the Bitcoin blockchain. The Layer 2 answer will perform inside a Proof of Stake (PoS) consensus protocol, which is predicted to foster higher interoperability throughout completely different blockchain methods.
The initiative by Conflux Community is a part of a rising development to reinforce scalability and person expertise within the blockchain ecosystem, notably for Bitcoin, which has historically confronted challenges in these areas as a result of its Proof of Work (PoW) consensus mechanism.
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