CoinEx Smart Chain | Challenging the “Impossible Trinity”: CSC’s Innovative Consensus Mechanism
The “Impossible Trinity” (security, scalability or high performance, and decentralization) is a frequent topic when it comes to public chains. A public chain normally focuses on two features of the Trinity, while compromising on the third.
In the blockchain space, the three features of the Impossible Trinity are defined as follows:
1) Decentralization refers to having a large number of nodes participating in the generation and validation of blocks. Generally speaking, the more nodes there are in a blockchain network, the more decentralized it is.
2) Security is the cost of gaining control over a network. Blockchain networks are often anchored to real-world assets through the design of their consensus mechanism. For example, blockchains based on proof-of-work (PoW) are anchored to hashrate.
3) Performance refers to transactions per second (TPS).
Challengers to the “Impossible Trinity”
Confronted with the “Impossible Trinity”, mainstream blockchains that include Bitcoin, Ethereum, and EOS have all compromised on one feature of the Trinity. Bitcoin, a decentralized cryptocurrency, is decentralized and secure yet inefficient. Though Ethereum 2.0 will adopt the PoS consensus mechanism, the network is now frequently congested due to complex application scenarios and its low performance. Solana, a next-generation public chain, somewhat sacrificed decentralization and security for low fees and high speed by adopting Proof of Stake (PoS) and Proof of History (PoH). However, such features have been exploited, leading to network downtime.
Facing the “Impossible Trinity”, in addition to compromises, public chains have come up with many new solutions over recent years. For instance, there is the layered solution of Layer 2, as well as innovative consensus mechanisms such as the CPoS consensus invented by CoinEx Smart Chain (CSC).
CSC is a smart chain that launched its mainnet last year. Unlike the mainstream public chains that compromise on a certain feature, the public chain features compatibility with EVM, as well as technical innovations. CSC uses the CPoS consensus protocol based on PoS and also taps into the PoA block generation mechanism. Such an approach allows the public chain to be decentralized, efficient, and cheap to use, striking a nice balance between the “Impossible Trinity”.
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