The CoinEx Smart Chain (CSC) Testnet has been implemented and launched on May 31, 2021, after two weeks of stable internal operation. CSC is a smart contract chain created by the CoinEx public chain team based on the principle of decentralization and permissionless block generation. It can provide developers with an efficient and low-cost on-chain environment to run decentralized smart contract applications (DApps) and store digital assets.
Proof of Work (PoW) has proven to be a practical solution for decentralized networks, however PoW is not green and requires a large number of participants to maintain network security. The Proof of Stake (PoS) -based consensus is more environmentally friendly and outperforms the PoW-based consensus on performance (with less block generation time and higher transaction capacity). Consensus based on PoS can be managed by the community in a flexible and decentralized way.
The CSC Consensus Protocol has a shorter block interval than Ethereum, adopts a staking-based mechanism, and supports up to 101 permissionless validators. CSC’s compatibility with Ethereum means that almost all DApps, ecosystem components, and tools in Ethereum can be migrated to CSC directly or with only small changes.
More features including browser will be released after CSC Testnet is released
According to the CSC development roadmap, in April, the CoinEx public chain team completed the CSC Faucet; in May, CoinEx launches the CSC white paper and developer documentation, while the Testnet is launched along with the seed capital scheme; In June, it will launch CSC Explorer and the CSC Mainnet. CoinEx will constantly improve the CSC ecosystem.
Both developers and users can easily enjoy CSC, after CSC Testnet is online. Developers can deploy and create their own applications in CSC, creating limitless possibilities through DeFi; while users can participate in DeFi and explore projects in CSC.
While ensuring compatibility between Ethereum and its future updated versions, CSC will constantly improve the security of escrow services, provide more versatile cross-chain token services, and make the blockchain client easier to use, while offering the compatibility between Ethereum and its future updated versions. Meanwhile, CoinEx will enrich DApps in the future.
$ 10 million seed capital plan encourages more developers to participate in DeFi projects
To facilitate the synergy between the CeFi ecosystem and CoinEx’s DeFi ecosystem and attract more developers to build centralized applications in CSC, the CSC Foundation will establish a $ 10 million seed capital scheme to support ecosystem building in the blockchain industry.
A DeFi project contest will be launched to encourage more developers after the seed capital launch. Featured DeFi projects will receive a fund of up to $ 100,000. The CSC Foundation will provide outstanding DeFi projects with capital, technology and marketing resources.
Promising new developers are welcome to apply for CSC seed capital and build their DeFi projects at CSC. Those with a wealth of development experience in other chains can migrate their projects to CSC. The CSC Foundation will provide gateway construction services for developers with demand for issuance of digital assets on multiple chains.
CoinEx will accept the application for DeFi projects continuously. The CSC Foundation will provide liquidity for the outstanding projects that pass the safety audit, and will issue CETs as a reward for them. In addition, the best projects will have the right to list their token on the CoinEx Exchange and enjoy the resources in the CoinEx ecosystem.
Risk Statement: The CSC Foundation does not perform security audits on projects, but can facilitate cooperation between developers and certified security agencies to jointly safeguard projects.
More projects accepted to apply for CSC seed capital to build more DeFi applications and enjoy endless possibilities at CSC.