Last month, the World Blockchain Conference 2021 (Hangzhou) was held in the Academic Exchange Center of Hangzhou Future Science and Technology City, marking an era of full bloom for hundreds of public chains. Whereas, on the WEB 3.0 forum, the competitive factors of the high-quality public chain were identified as efficiency, the ecosystem, and economic incentives. Thus, amid the intense competition, what has CoinEx Smart Chain (CSC) done in these three aspects to outperform all the other chains? How does it manage to show its expertise and attract thousands of project partners?
A b etter p latform d epends on an a dvanced e cosystem
Long before CSC, CoinEx already had a five-year experience in the blockchain industry, where many applications, such as the mining pool, exchange, and wallet, have formed a complete and sound blockchain ecosystem. Based on the experience, the CoinEx team exerted the utmost effort for the launch of CSC, and after countless testing and improvement, in June 2021, the CoinEx Smart Chain mainnet officially took shape.
From the initial layout, CSC was designed to be compatible with the Ethereum public chain to help developers establish their projects on the new chain. Today, CoinEx’s desired vision has been realized, as the CSC serves as a liquidity pool and interactive platform for users, where a powerful smart contract ecosystem has been settled to help users realize their ideas.
Committed to being “developer-friendly”, CSC is fully compatible with not only EVM but also smart contracts on ETH, BSC and HECO. In other words, almost all DApps and ecosystem components on Ethereum can be directly or indirectly migrated to CSC, and users can easily gain access to the CSC network. This certainly reduces the developers’ workload, realized effortless operation on the public-chain platform, and initiated future cooperation with the developers to build a newer, better chain environment.
Improve e fficiency for the b etter u ser e xperience of the o n- c hain t ransactions and a pplications
As a chain compatible with Ethereum, CSC was designed to create a more efficient on-chain ecosystem than Ethereum, which led the CoinEx team to abandon the consensus mechanism of PoW at the very beginning.
The advantage of PoW protocol is that it attracts a lot of users to participate in the simple “pay according to labor” mechanism. In particular, those who participate first will receive more rewards, which will speed up the development of cryptocurrency in the initial stage, thus achieving the rapid expansion of the node network and the realization of relative fairness. However, the PoW mechanism is environmentally unfriendly due to the huge demand for hashrates, and its value loop depends on the external input. With these drawbacks, all apps built on PoW have to consider whether transactions can be confirmed.
To avoid the flaws, CoinEx has adopted a dual consensus mechanism with PoS as the underlying layer and PoA as the block-producing protocol. PoS, in comparison with PoW, is more environmentally friendly and decentralized, which greatly reduces the operation risk. Combined with the PoA, it generates blocks in seconds, maintaining excellent performance at a low cost. Also, the CPoS mechanism supports up to 101 validators, so every user can become a validator without any permission as long as an enough amount is deposited, which significantly improves the user/developer experience of on-chain transactions and applications.
Higher economic incentives for more stakeholders
To draw more project developers, CSC has launched a “$10-million Seed Fund” from day one. Besides the up to $200,000 support fund, promising project developers can also become strategic partners with CSC and enjoy support in terms of traffic and ecosystem resources.
As an open and transparent ecosystem, CSC welcomes various DeFi and infrastructure projects with a $10 million support fund to jointly create a new blockchain ecosystem.
Ten Million Dollar Fund Program
For ordinary projects:
The first tier: $1,000-$10,000 each for newbie developers or mature projects;
The second tier: $10,000-$50,000 each for experienced developers with good innovations in both technology and content;
The third tier: $50,000-$100,000 each for veteran developers with the excellent technology and user experience.
For projects in strategic cooperation:
A fund of at least $200,000 from CSC
II. Funds + Traffic
CoinEx will support excellent projects, from those that have received the funds, with traffic. The details are as below:
A. For large DeFi projects (lending, oracle, Dex, assets, cross-chain, derivatives, income aggregators, etc.), CSC will provide liquidity + media support
B. For infrastructure projects (development tools, wallets, mining pools, etc.), CSC will provide media support + promotion on its official channels + promotion in the community
III. Funds + Traffic + Ecosystem
For more excellent, fully-fledged projects, CoinEx will offer support in the ecosystem, in addition to funds and traffic:
Funds + Media promotion + Promotion in the community + Promotion on the official website + Listing on CoinEx Exchange + Liquidity + Investments from ViaBTC Capital
The Chinese version: 问卷系统
The English version:
CSC Developer: [email protected]
CSC Foundation: [email protected]
Official website: https://www.coinex.org/