CoinEx Smart Chain (CSC) Hackathon Grants with Industry Leaders: The Future Layout for Public Chains
With the kick-off of the two-month CSC Global Hackathon Grants on September 15, the top programmers from all over the world have started to compete with each other. Everyone is looking forward to the creative ideas they may bring to CSC.
On September 16, CSC invited Haipo Yang, a member of the jury and CoinEx’s founder, and Bonnie, head of ViaBTC Capital, to an AMA event in the community. The interview, which focused on the CSC development and the hackathon, and the Q&A session for community users presented the participants with the original intention and future plan of CSC! The following is a summary of the interview:
Established to “make the world a better place through blockchain”, CSC focuses on developer services and blockchain infrastructure services.CoinEx’s mission and vision are consistent, with better services and more diversified businesses to promote the realization of this mission. CSC is one of the great outcomes that bear testimony to his efforts.
With its high performance and full compatibility with EVM, CSC saves developers much development cost. In terms of its performance, CSC generates blocks within seconds with extremely low fees. Projects on CSC will also benefit from the CoinEx ecosystem and its massive user base. — Haipo Yang, founder of CoinEx
The following is the original text of the AMA interview.
High-performance CSC Links the World
Host: We know that CSC has launched its mainnet in June. We are all curious as to what CSC is and what are its advantages. Haipo, could you please detail it for us?
Haipo: The CoinEx team poured their heart and soul into the creation of CSC, which is a high-performing Ethereum side-chain dedicated to open finance. This means while CSC far outperforms Ethereum, it is also seamlessly compatible with Ethereum.
After multiple rounds of R&D and testing, we managed to launch the mainnet on June 30. As CSC is a new public chain, many of its infrastructures need to be improved, and the team is also striving to provide technical support for contract validation, NFT assets, cross-chain services, etc.
In terms of its advantages:
First of all, CSC fully supports EVM. Any EVM-based side-chain project can be conveniently migrated on CSC using the development tools it offers, which saves a ton of development costs and drives the growth of the CSC ecosystem.
Secondly, CSC is highly efficient. On CSC, blocks are generated within seconds, and the transfer fee is less than 0.01 USDT. Compared with other public chains, CSC is extremely user-friendly in terms of frequent transfers and transactions by users and developers.
The third advantage of CSC is its ecosystem. As a mature exchange, CoinEx supports project teams with influence and popularity. At the same time, as an institutional investor, ViaBTC Capital can also provide financing and investment services for participants of the CSC ecosystem.
Host: So, what is the development plan of CSC? What can we expect in the future?
Bonnie: Well, the development of CSC is divided into three stages.
The first stage is the infancy of the CSC ecosystem. At this stage, we will focus more on improving the CSC infrastructures and drawing more project teams. As Haipo mentioned earlier, right now, we are developing the CSC infrastructures so that more projects can become part of the CSC ecosystem more easily. Meanwhile, we have also set up a public chain seed fund to bring more projects into our ecosystem. This stage may last about 6 months.
The second stage is when the ecosystem starts to grow. At this stage, the infrastructures will be perfected, and we will concentrate more efforts on empowering CSC-based projects and hosting more developer contests. Furthermore, we will focus on helping the strong performers and engage in strategic brand cooperation with first-class projects to expand CSC’s brand influence.
At the third stage, the ecosystem will be matured. By then, we will continue to expand CSC’s community of global developers and crypto enthusiasts and foster the interaction and connectivity within the community. At the same time, we will focus more on developer services and blockchain infrastructure services to achieve our mission of “making the world a better place through blockchain”.
CSC Global Hackathon Grants Officially Opened
Host: The first CSC Global Hackathon Grants was officially launched, which is co-sponsored by ViaBTC Capital. Haipo, can you update us on the Grants?
Haipo: This is the first global hackathon contest hosted by CSC. We have prepared an initial prize pool and a judge prize pool of $300,000 in total. Meanwhile, the organizers will promote the participating projects through various channels so that the teams can receive more community votes.Any EVM-based project or any project interested in developing an application on CSC are welcome to apply for the Grants. We also hope to see other types of projects, including but not limited to DEX, lending, yield aggregators, DEX aggregators, synthetic assets, insurance, stablecoins, NFT, and games.
The Grants will last until December, so all teams will have enough time for development, deployment, and migration.
In this hackathon, we will promote the participating teams on social media so that they can get more community votes and receive more development funds.During the whole process, our technical staff will always be there to help, so both beginner developers or veteran developers are welcome to participate.
To empower the development of the CSC ecosystem, other than the $300,000 prize pool of the Grants, we have also set up a support fund of $10 million, which is open to all developers. You can apply at: https://www.coinex.org/million_dollar_plan
Host: Right now, the CoinEx ecosystem features many services and products, and CoinEx is also carefully preparing for the launch of CSC. Haipo, what are your expectations for CSC?
Haipo: “Born for open finance” — that is the slogan of CSC. We expect it to become the cradle of DeFi projects. During this hackathon, we hope to see more DeFi projects that are willing to run on CSC. Moreover, we will help all project teams achieve their targets in terms of funding, popularity, and media coverage. Through cooperation, we hope CSC can eventually develop into a public chain like Ethereum, where the ecosystem thrives and evolves on its own, to provide better services for the blockchain community.
Of course, it takes long and hard work to achieve this goal. We hope members of our community can join us in CSC and witness its future.
ViaBTC Capital is Committed to Investing in Blockchain
Host: Bonnie, could you offer more details about ViaBTC Capital? What is its role in this hackathon?
Bonnie: As an investment brand wholly owned by ViaBTC Group, ViaBTC Capital focuses on investments in Web 3.0, Layer2, and DApp projects incorporating DeFi, NFT, or DAO elements.
Our goal is to become a preferred source of investment for start-ups and innovators in the crypto community by relying on ViaBTC’s progressive insights, strong technical capabilities, and abundant resources.
As a co-organizer of the Grants, ViaBTC Capital will assess the participating projects as a judge. On the other hand, as an institutional investor, it will also look for promising investment targets. We look forward to investing in first-rate projects during the Grants. ViaBTC Capital will strive to help project teams make the best use of resources and drive the growth of the CSC ecosystem together with all project teams.
Host: Great! It seems that you are rolling out incredible supports for developers. So does ViaBTC Capital have any specific preferences in project investment? I believe many project teams would be very interested.
Bonnie: To begin with, we are more inclined to invest in Web3.0, Layer2, and DApp applications incorporating DeFi, NFT, or DAO. The way we see it, exceptional projects related to Web3.0 and Layer2 can still emerge, which are the fundamental crypto infrastructures, and DeFi, NFT, and other types of applications will unleash huge value on top of these infrastructures.
Secondly, when choosing a target project, we value the technical capacity and down-to-earth attitude of the project team. We understand that making profits is easy when the market goes crazy. That said, the dedication to the original commitment is key to the long-term development of a project, and we are happy to grow alongside such projects to make the benefits of blockchain technology more widely available.
This is also consistent with the investment philosophy of ViaBTC.
Community Q & A
1) Given that NFT and GameFi projects are trending, will CSC and ViaBTC Capital prefer them when supporting or investing in projects?
Haipo: In terms of the Grants, we certainly hope to see more DeFi projects, but the allocation of prizes depends on voting by the community and judges. As an open public chain, CSC will fully support projects recognized by the community.
We are planning to set up a special support fund for NFT projects to help more NFT projects stand out from the competition.
Bonnie: When looking for potential projects, ViaBTC Capital also favors NFT projects, but as I mentioned, we focus more on the technical capacity and operation philosophy of projects. Hence, though NFT projects are preferred, ViaBTC Capital will conduct comprehensive reviews that incorporate all these factors.
2) Haipo, since you’re one of the judges for the Grants. What factors will you value when evaluating a project?
Haipo: Well, because of my tech background, the first element I would look for is the technical capacity of the project. Secondly, I prefer projects with a business model that helps them stay afloat over the long run. In other words, I would not invest in projects that may disappear in a month or two.
3) What are the criteria for the $10 million support program launched by CSC?
Haipo: The criteria are not that stringent, as the fund was intended to help projects grow on CSC. Generally speaking, projects migrating from other chains will pass our reviews and receive the support fund as long as the they have a user base and operate soundly.
For projects in their infancy, we will conduct a thorough assessment in terms of plans and missions, as well as the integrity of its business logic according to the developers’ aspiration. Based on results from this assessment, we will offer three different levels of funds together with the associated support to accelerate the project development and launch in short periods.