On May 31, 2021, CoinEx officially announced the launch of the CoinEx Smart Chain (CSC) testnet and the release of the CSC Whitepaper (refer to: coinex.org/csc_whitepaper_en.pdf). It is reported that after the development of CSC for the past few months, the CSC testnet has been deployed and launched.
Committed to being the infrastructure of the blockchain world, CoinEx launches CoinEx Smart Chain
Since Vitalik Buterin first proposed Ethereum in 2013, smart contracts have entered the spotlight. In the years since the birth of Ethereum, smart contracts started from scratch, got developed, and later prospered, drawing a lot of attention. Ethereum is the most successful and widely used smart contract platform in current society.
In the rapid succession of various DApps, especially DeFi applications, Ethereum’s drawbacks become obvious than ever before such as low throughput, a small number of transactions and high transaction fees. In general, it is “high cost with low efficiency”. Many platforms have developed proposals to ensure high throughput and accelerate transactions in response, but compromised decentralization more or less.
Committed to building an infrastructure for blockchain and the principle of decentralization and permissionless block generation, CoinEx launches CoinEx Smart Chain (CSC). Serving as a support for high-performance transactions, CSC is completely compatible with EVM, and applies the PoS model so that all users can become a node by staking tokens without any permission.
According to CoinEx Smart Chain Whitepaper, CSC has the following features:
- Perfect compatibility with the Ethereum ecosystem. Developers can easily migrate DApps to CSC, which is based on the Ethereum Virtual Machine (EVM), using mature development tools, and users can also quickly access the CSC network;
- Extremely high efficiency and low transaction fees. With the POS consensus protocol, CSC generates a block in seconds, supports extremely high TPS, and keeps transaction fees at a low level in the meantime;
- No permission required for block proposers. CSC supports up to 101 block proposers, which are sorted and determined according to the number of CET stakes. It does not require the review of centralized institutions, making the network more decentralized;
As a value-added service and privilege scheme based on CoinEx ecosystem, CoinEx Token (CET) is the native token of CoinEx Smart Chain. Born in January 2018, CET used to base on the Ethereum ERC20 protocol, and will be migrated to CSC after the mainnet is live. CET on CSC runs the same way as ETH runs on Ethereum, and its main functions are:
- To pay for the gas for transfers and contract calls on CSC
- To pay for the transaction fees for deploying smart contracts on CSC
- To be delegated to the selected validators
A support fund will kick off simultaneously with the launch of the CSC testnet
Both developers and users can enjoy CSC after the testnet is launched. Developers can deploy and create applications on CSC, creating infinite possibilities through DeFi; ordinary users can get involved in DeFi and explore projects on CSC. At the same time, CoinEx will roll out a $10 million support fund to promote the industrial ecosystem construction and provide outstanding DeFi projects with resources in capital, technology, and marketing. All project developers can apply for the support fund, and the promising projects will receive awards of up to $100,000. The CSC Foundation will also reward the projects in their various development stages separately.
CoinEx is committed to product development and service improvement, and contributes its share to the infrastructure of the blockchain world. CSC is just a small part of its development prospect. While ensuring the compatibility between Ethereum and its future upgraded versions, CSC will constantly enhance the security of the custody services, provide more versatile token cross-chain services, and make the blockchain client easier to use. Meanwhile, enriching decentralized applications will be one of the developing directions of CoinEx in the future. It is reported that the CSC mainnet will go live right after the complete testing of the testnet.