May 2022 was harrowing for the cryptocurrency market. Most of you have heard about the recent collapse of Luna, Earth-launched cryptocurrency, which reached a market cap of over $40 billion, the project suddenly crashed and the price of Luna dropped from $90 to less than $90 billion. $0.00015 in a few days. The drop in Luna, which was previously a top 3 stablecoin, far outweighed the altcoin price drops out there. Meanwhile, investors who held the asset also suffered heavy losses and many lost millions. In nearly a month since Earth’s collapse, Terraform Labs has recently released Terra 2.0, the new version has been equipped with newly issued Luna coins. However, will investors still trust Earth 2.0? Trust can dissipate instantly, but it takes a long time to build. At the moment, Ethereum remains at the center of public network ecosystems. That said, Ethereum is also subject to a number of flaws. Considering its low TPS, a large commercial DApp in the ecosystem can slow down the entire network. In addition, users also have to pay expensive gas fees. During peak hours, a single transfer can cost hundreds of dollars, making large-scale DApp adoption and growth difficult. Although Ethereum has released the upgrade to ETH 2.0, there is no specific date on when it will be fully completed, and the upgrade process has not been easy. Undoubtedly, the expansion of DApps is made possible through public networks that have high performance and low rates. Committed to building the infrastructure of the blockchain world, CSC is exactly that public network.
The CoinEx Smart Chain (CSC) is an efficient and decentralized public network created by the CoinEx team focused on decentralized finance. CSC provides developers with an efficient, low-cost on-chain environment where they can: execute smart contracts; DApps; store digital assets.
CSC has unique advantages
excellent performance
Speaking of performance, the most used indicator is TPS, the number of transactions that the network can process each second. Simply put, TPS is like throughput. The higher the TPS, the better the performance of the public network. CSC has a TPS of up to 1,000. To understand what this means, we can compare it with Ethereum’s TPS.
TPS
Ethereum: 15 CSC: 1,000 Of course, the TPS of CSC is much higher than that of Ethereum. This means that the network can process more transactions in one second and transport more DApps. In other words, CoinEx Smart Chain can run more DApps at the same time. CSC can achieve a TPS of 1000 mainly because it uses the PoS consensus mechanism. In addition, it also has: permissionless validators; high yield; low rates; EVM compatibility. As we all know, compared to PoW, PoS, which is the main consensus mechanism among public networks in the market today, significantly improves performance. For example, the goal of Ethereum 2.0 is to upgrade from PoW to PoS. Also, there are different branches of PoS. Like EOS that uses DPoS, sort of PoS offshoots. However, as DPoS is not sufficiently decentralized, EOS validators can form alliances, resulting in a certain degree of monopoly.
High degree of decentralization
Decentralization is also an important indicator when evaluating public networks, if not decentralized enough, validators can collude with each other when voting and sometimes multiple validators can be controlled by one validator, which is what happened in EOS . CSC features a high degree of decentralization, accommodating up to 101 validators, far superior to EOS’s 21 supernodes. The 101 CSC validators are ranked by the amount of CET they have wagered. The higher the amount of CET staking, the higher the rating. At CSC, anyone can become a validator without needing any permission, this keeps the public network highly decentralized.
enhanced security
First and foremost, CSC was built by the CoinEx team, a world-renowned cryptocurrency exchange, which is backed by one of the industry’s first developer teams with experience in technology research and development and global operations in the cryptocurrency space. Security attacks are common among exchanges, even Binance has been hacked. However, CoinEx maintains its record of zero breaches for five consecutive years, which is an exceptional record in terms of security. The CoinEx Smart Chain, the public network developed by the team, has been running steadily since its launch in June 2021. CoinEx’s expert technology team keeps the CSC safe. Second, the CSC codes were audited by a professional security company. The public network has partnered with PeckShield, the world leader in blockchain security, which keeps the CSC safe and secure in terms of lower layer codes.
Emphasis on building the ecosystem: CSC introduced the Multi-Million Support Plan
The success of a public network ecosystem is inseparable from the strong support behind it. In this sense, EOS serves as a counterexample. To date, EOS remains the public network that has raised the most funds. However, Block One, the parent company of EOS, did not spend the funds raised on the growth of the EOS ecosystem, but on compliance. Block One missed a precious window of opportunity, which is why EOS started well but lost momentum. Having learned from the failures of other public networks, the CSC attaches great importance to building ecosystems and created the Multi-Million Support Plan and the $5 Million Special Funding Support for Metaverse Ecology. In addition to providing financial support to outstanding projects in its ecosystem, CSC also provides project teams with technical support and marketing resources, and promising CSC projects have priority access to the token listing on CoinEx. In short, as a PoS-based public network, CoinEx Smart Chain features high performance, decentralization and low gas rates. In order to help DApp projects grow at CSC, the network offers teams support in terms of funding, technology, resources, and technical support from the CoinEx team. In addition, CSC is EVM compatible, allowing seamless migration of Ethereum-powered projects.
Warning: This article is for informational purposes only and does not constitute investment advice or an offer to invest. CriptoFácil is not responsible for any content, products or services mentioned in this article. Read also: CoinEx creates global book donation campaign for children in need Read also: CoinEx announces partnership with Metablock, a token company from Ceará Read also: Multi-million support plan: understand how CSC can boost crypto projects
