ETH - Should You Buy This Soaring Chinese Crypto?
2023-03-20 07:20:00 ET
One of the world's top-performing cryptos this year is most likely one you've never heard of. Conflux (CRYPTO: CFX) is up an incredible 1,800% this year and is now close to breaking into the list of the top 50 cryptos by market cap. Trading at a price of just $0.45, Conflux now ranks as the 51st largest crypto, with a total market capitalization of $1.1 billion.
So why are investors going crazy over Conflux? After all, Conflux is not a metaverse crypto, and it's not a hot new AI crypto token. While Conflux might not be leveraged to one of these hot tech trends, it offers a similar type of massive growth opportunity: China. In short, Conflux is a scorching hot Chinese blockchain project, and that comes with a unique set of risks and rewards.
The best way to think about Conflux is that it is China's answer to Ethereum (CRYPTO: ETH) , and that makes it valuable for developers and technologists looking to build the blockchain economy in China. Conflux originally launched at Beijing's Tsinghua University, which is often referred to as "China's MIT." As a result, a lot of very smart people are behind this project, including Dr. Andrew Yao, who won the Turing Award, the computing world's version of the Nobel Prize, back in 2000. The Conflux team claims it has a blockchain consensus mechanism called Tree-Graph that is far more powerful and efficient than other consensus mechanisms, such as the proof-of-stake mechanism Ethereum uses.
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Should You Buy This Soaring Chinese Crypto?