What Makes CSC an Exceptional Public Chain?
June 21 2022 - 12:39AM
NEWSBTC
May 2022 had been a heart-stopping ride for the crypto market. Most
of you have heard about the recent meltdown of Luna, a
cryptocurrency released by Terra. With a peak market cap of over
$40 billion, the project suddenly slumped, and the price of Luna
dropped from $90 to less than $0.00015 within a few days. The
plunge of Luna, which was formerly one of the top 3 stablecoins,
far exceeded the price drops of altcoins out there. Meanwhile,
investors holding Luna also suffered heavy losses, and many have
lost millions. In nearly a month since the Terra meltdown,
Terraform Labs recently released Terra 2.0, a new version of Terra,
and equipped it with newly minted Luna coins to make a comeback.
Yet, will investors still trust Terra 2.0? Trust can dissipate
instantly, but it takes a long time to build. At the moment,
Ethereum remains at the center of public chain ecosystems. That
said, Ethereum is also subject to multiple flaws. For example, due
to its low TPS, a large commercial DApp in the ecosystem can slow
down the entire network. Moreover, Ethereum users also have to pay
expensive gas fees. During peak hours, a single transfer could cost
hundreds of dollars, which hinders the large-scale adoption and
growth of DApps. Though Ethereum has rolled out ETH 2.0, there is
no specific date as to when the ETH 2.0 upgrade will be fully
completed, and the upgrade process has not been all plain sailing.
Undoubtedly, the boom of DApps is enabled by public chains that
feature high performance and low fees. Committed to building the
infrastructure for the blockchain world, CSC is exactly such a
public chain. CoinEx Smart Chain (CSC) is a decentralized,
efficient public chain created by CoinEx’s public chain team for
decentralized finance. CSC provides developers with an efficient
and low-cost on-chain environment where they can run smart
contracts and DApps and store digital assets. In our view, CSC
boasts the following unique advantages. 1. Great performance
Speaking of the performance of a public chain, the most commonly
used indicator is TPS, the number of transactions that a public
chain can process per second. Simply put, TPS is like throughput.
The higher the TPS, the greater the performance of a public chain.
CSC features a TPS of up to 1,000. To understand what that means,
we can compare CSC’s TPS with that of Ethereum and BSC. TPS
Ethereum: 15 CSC: 1,000 It’s clear that CSC’s TPS is way higher
than that of Ethereum and BSC. This means that the public chain can
process more transactions in one second and carry more DApps. In
other words, CSC can run more DApps at the same time. CSC can
achieve a TPS of 1,000 primarily because it uses the PoS consensus
mechanism from the very beginning. Furthermore, CSC also features
permissionless validators, high throughput, low fees, and
compatibility with EVM. As we all know, compared with PoW, PoS,
which is the mainstream consensus mechanism among public chains in
today’s market, significantly improves the performance of public
chains. For instance, the goal of Ethereum 2.0 is to upgrade the
network from PoW to PoS. In addition, there are different branches
of PoS. For example, EOS uses DPoS, which is one of the PoS
branches. However, as DPoS is not sufficiently decentralized, EOS
validators can form alliances, resulting in a certain degree of
monopoly. 2. A high degree of decentralization Decentralization is
also a major indicator for assessing public chains. If a chain is
not sufficiently decentralized, validators can collude with each
other when casting votes, and sometimes multiple validators could
be controlled by one validator, which is what happened on EOS. CSC,
on the other hand, features a high degree of decentralization. The
public chain accommodates up to 101 validators, much higher than
the 21 supernodes of EOS. The 101 CSC validators are ranked by the
amount of CET they staked. The higher the amount of CET staked, 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 was
built by the CoinEx team. As a world-renowned crypto exchange,
CoinEx is backed by one of the earliest developer teams in the
industry, with expertise in technology R&D and global
operations in the crypto space. Hacking is common among exchanges,
and even Binance was once hacked. However, CoinEx has maintained a
zero-accident record for five straight years, which is an
exceptional track record in terms of security. CSC, a public chain
developed by the team, has been running steadily since its launch
in June 2021. CoinEx’s strong tech team keeps CSC secure. Secondly,
the codes of CSC have been audited by a professional security
company. The public chain partnered up with PeckShield, a
world-leading blockchain security company, which keeps CSC safe and
secure in terms of the bottom-layer codes. 4. An emphasis on
ecosystem building: CSC introduced Multi-Million Dollar Supportive
Plan The success of a public chain ecosystem is inseparable from
the strong support of the public chain behind it. In this regard,
EOS serves as a counter-example. To date, EOS remains the public
chain that raised the most funds. Yet, Block one, EOS’s parent, did
not spend the funds raised on the growth of the EOS ecosystem but
on compliance. Block one wasted the precious window of opportunity,
which is why EOS started off well but lost its momentum. Having
learned from the failures of many public chains, CSC attaches great
importance to ecosystem building. The public chain also set up
Multi-Million Dollar Supportive Plan and Five-Million USD Special
Funding Support for Metaverse Ecology. Apart from offering funding
support to the outstanding projects in its ecosystem, CSC also
provides project teams with technical support and marketing
resources. For example, promising CSC projects have priority access
to token listing on CoinEx. In short, as a PoS-based public chain,
CSC features high performance, decentralization, and low gas fees.
To help DApp projects grow on CSC, the public chain provides
project teams with strong support in terms of funding, technology,
and resources, as well as technical/resource support from the
CoinEx team. Moreover, CSC is also EVM-compatible, which enables
the seamless migration of Ethereum-powered projects.
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