CoinEx Smart Chain (CSC)｜Reshape Ecosystem Value and Cultivate Innovative Projects
In less than a year in 2021, NFT has gone viral both in and out of the blockchain circle. “Everydays: The First 5,000 Days”, an artwork that was sold at a sky-high price of $69.346 million, the entrance of giants from various industries and the interaction between them, as well as the launch of Alipay NFT payment code skins and LV’s mobile game “LOUIS THE GAME” which collects NFT cards have all fueled the NFT boom. Recently, the advanced version of GameFi has once again ushered in a new trend in the gaming field overnight. The emerging products that combine NFT with DeFi make games more like DeFi applications and more entertaining, thus driving the development of the entire ecosystem.
The emergence of a bunch of decentralized applications calls for better public chain ecosystems. Only the public chain ecosystem with good performance, low fees, and high-level security can carry the soaring number of decentralized applications and skyrocketing transaction volume. CoinEx Smart Chain (hereinafter referred to as CSC) has been striving for perfection since its launch, aiming to provide a smooth, safe, and simple operating environment for developers and users on the chain.
Empowering CET, a new consensus mechanism with higher performance
Unlike the PoW consensus mechanism, under which network congestion may occur due to the limited hashing power, the combined consensus mechanism of PoS and PoA adopted by CSC can generate blocks in 3 seconds within two months after it went live, and has thus maintained the high-performance operation of the on-chain ecosystem. The uniqueness of the CPoS consensus mechanism lies in its distinct validators and reward mechanism: CSC has placed a cap on the total number of validators, that is, only the top 101 nodes by staking amount can become validators to mine blocks and enjoy rewards.
The unique CPoS consensus mechanism of CSC also empowers CET, which is no longer just a platform currency, but also a circulation token and gas for a smart chain. CSC sets a minimum staking amount of 10,000 CET for each validator, which means a node will be disqualified from being a validator with the staking amount less than required. It shows that the launch of CSC has endowed CET with more circulation value. As the CSC ecosystem gets enriched, more on-chain application scenarios will be enabled, which will definitely boost the price of CET.
A support fund for outstanding projects
Only when diverse projects grow hand in hand can we make the ecosystem of a public chain prosper and in turn accelerate the development of CSC.
To accelerate the application of blockchain technology in various scenarios and enrich the public chain that cultivates more excellent projects, CSC has launched a $10 million seed fund. Apart from DeFi and infrastructure applications, hot early-stage projects of NFT and GameFi are also the beneficiary of CSC’s funds and traffic support. NFT and GameFi catalyze the blockchain game industry, which symbolizes a perfect combination of applications and opportunities of the times. Innovative NFT+DeFi developers and high-performance infrastructure teams are all likely to enjoy resources of funds, market promotion and investment from CSC, in a joint effort to boost the development of the CSC ecosystem.
Apply for the $10 million support fund here: https://www.coinex.org/
Global hackathon: To be started on September 15
With the continuous rise of new and old projects such as DeFi and NFT, finding high-quality developer teams in the bewildering market has inevitably become a headache for many public chains.
“It is better to take the initiative rather than wait.” Bearing that in mind, CSC and ViaBTC Capital jointly initiated the world’s first CSC hackathon, with a prize of up to $300,000. Moreover, to spot developers with characteristics and potential from all walks of life and support them with funds and publicity resources, the competition has organized a jury with members including “Bitcoin Jesus” Roger Ver, ViaBTC’s founder Haipo Yang, Arkstream’s captain, everFinance’s founder Wei Xiong, PeckShield’s founder Xuxian Jiang and others at large companies from such industries as the blockchain technology, security, and capital.
While the entrance of increasing new public chains impacts on the old public chains, the market will also have higher requirements on the public chains, and the latter will need more diversified projects. It is thus important to help projects be launched on the chain at an early stage. The competition among the public chains is bound to be a struggle for a diversified ecosystem. Only those with more applications from various fields and a large community user base will have an edge in survival.