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.
- 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 collide 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.