May 2022 has been a heartbreaking journey for the crypto market. Most of you have heard about the recent debacle of the cryptocurrency Luna released by Terra. Projects with a top market cap of over $40 billion suddenly plummeted, with Luna’s price dropping from $90 to less than $0.00015 in a matter of days. The plunge in Luna, once one of the top three stablecoins, far outpaced the price drop in altcoins. At the same time, investors who held Luna also suffered heavy losses, with many losing millions.
Nearly a month after Terra’s debacle, Terraform Labs recently released Terra 2.0, a new version of Terra, equipped with the newly minted Luna coin for a comeback. However, will investors still believe in Terra 2.0? Trust can dissipate in an instant, but it takes a long time to build.
Currently, Ethereum is still the center of the public chain ecosystem. That said, Ethereum also has multiple flaws. For example, a large commercial DApp in the ecosystem can slow down the entire network due to its low TPS. In addition, Ethereum users also have to pay expensive gas fees. During peak hours, a single transfer can cost hundreds of dollars, hindering the mass adoption and growth of DApps. Although Ethereum has launched ETH 2.0, there is no specific date for when the ETH 2.0 upgrade will be fully completed, and the upgrade process has not been smooth sailing.
There is no doubt that the booming development of DApps is driven by public chains with high performance and low fees. Committed to building the infrastructure of the blockchain world, CSC is such a public chain.
CoinEx Smart Chain (CSC) is a decentralized and efficient public chain created by the CoinEx public chain team for decentralized finance. CSC provides developers with an efficient and low-cost on-chain environment, allowing them to run smart contracts and DApps and store digital assets. We believe that CSC has the following unique advantages.
1. Outstanding performance
When it comes to the performance of the public chain, the most commonly used indicator is TPS, which is the number of transactions that the public chain can process per second. Simply put, TPS is like throughput. The higher the TPS, the better the performance of the public chain. CSC’s TPS is as high as 1,000. To understand what this means, we can compare the TPS of CSC with the TPS of Ethereum and BSC.
Obviously, the TPS of CSC is much higher than that of Ethereum and BSC. This means that the public chain can process more transactions and carry more DApps in one second. That is, CSC can run more DApps at the same time.
CSC can achieve a TPS of 1000 mainly because it uses the PoS consensus mechanism from the very beginning. Additionally, CSC features a permissionless validator, high throughput, low fees, and compatibility with EVM.
As we all know, compared with PoW, PoS, as the mainstream consensus mechanism in the public chain in the market today, has significantly improved the performance of the public chain. For example, the goal of Ethereum 2.0 is to upgrade the network from PoW to PoS. Also, there are different forks of PoS. For example, EOS uses DPoS, which is one of the PoS forks. However, due to insufficient decentralization of DPoS, EOS validators can form alliances, resulting in a certain degree of monopoly.
2. Highly decentralized
Decentralization is also the main indicator for evaluating public chains. If a chain is not sufficiently decentralized, validators may collude when voting, and sometimes multiple validators can be controlled by a single validator, which is what happened on EOS. On the other hand, CSC is highly decentralized. The public chain can accommodate up to 101 validators, which is much higher than EOS’s 21 super nodes.
The 101 CSC validators are ranked by the amount of CET they stake. The higher the number of staked CETs, the higher the ranking. On CSC, anyone can become a validator by staking CET without any permission, which keeps the public chain highly decentralized.
3. Enhanced security
First of all, CSC is built by the CoinEx team. As a world-renowned crypto exchange, CoinEx has one of the earliest development teams in the industry, with expertise in technology R&D and global operations in the crypto field. Hacking is common among exchanges, and even Binance has been hacked. However, CoinEx has maintained a zero incident record for five consecutive years, which is an extraordinary record in terms of security. The public chain CSC developed by the team has been running stably since its launch in June 2021. CoinEx’s strong technical team escorts CSC security.
Second, CSC’s code has been audited by a professional security company. The public chain cooperates with PeckShield, the world’s leading blockchain security company, to ensure the security of CSC in the underlying code.
4. Emphasis on ecological construction: CSC launched a million-dollar support plan
The success of a public chain ecosystem is inseparable from the strong support of the public chain behind it. In this regard, EOS is a counter-example. EOS remains the most funded public chain to date. However, Block one, the parent company of EOS, did not use the funds raised for the development of the EOS ecosystem, but for compliance. Block 1 wasted a valuable window of opportunity, which is why EOS got off to a good start but lost momentum.
CSC has learned from the failures of many public chains and attaches great importance to ecological construction. The public chain has also established the Metaverse Ecology Million Dollar Support Plan and five million US dollars of special fund support. In addition to providing financial support to outstanding projects in its ecosystem, CSC also provides technical support and marketing resources to project teams. For example, promising CSC projects can be prioritized for listing on CoinEx.
In short, as a PoS-based public chain, CSC has the characteristics of high performance, decentralization, and low gas fees. In order to help DApp projects grow on CSC, the public chain provides strong support for the project team in terms of capital, technology, resources, etc., as well as technical/resource support from the CoinEx team. Additionally, CSC is also EVM compatible, which enables seamless migration of Ethereum-powered projects.