What algorithm does CFX use?

Could you please explain to me, in layman's terms, what algorithm does CFX utilize? I've heard a lot about the cryptocurrency, but I'm not entirely sure about the technicalities behind it. Is it based on a Proof of Work or Proof of Stake mechanism? Or perhaps it uses a completely different approach? Could you also mention any specific advantages or disadvantages that this algorithm might have? It would be great if you could keep the explanation concise and understandable for a non-expert. Thank you in advance for your clarification!