With A Solid Foundation of Security, CoinEx Smart Chain Facilitates the Stable Development of the Ecosystem
The year 2020 witnessed a boom in public chains. Some stood out, yet their network performance and security need further optimization. Even BSC, which has performed quite well since its launch last September, cannot be spared security issues. Being the top priority for the sound development of public chains, security is to DApps what a foundation is to a building.
On July 2, 2021, according to the security company Peckshield, XDX Swap, a project on HECO, was attacked. HECO is not alone. In the past few months, BSC has suffered multiple network shutdowns and hacking incidents.
As hundreds of projects with millions of users flood into the blockchain, the public chain has been plunged into a security crisis and become the target of hackers and scammers.
Two types of threats are common:
- External threats — Threats from outside the project. External attackers usually take advantage of vulnerabilities in technology or operations to sneak into internal systems through hacking or social engineering attacks, and steal funds and valuable information or make projects fail.
- Internal threats — Internal threats include project teams absconding with funds, scams, and internal leaks. These threats are more difficult to defend, and the investigation is much more complicated.
Committed to security as the top priority, CoinEx team builds CSC
Adhering to the “good products and security” as its bottom line, CoinEx has steadily developed from an exchange to an inclusive ecosystem in five years. The security of exchange is reflected in many details, from the architecture and protection of the internal network, through business logic, to a simple verification on the website. Since its establishment, CoinEx is one of the few exchanges without a hacking incident, thanks to the security and operation capability of the team.
Haipo Yang, the founder of CoinEx, once said in an interview: “The public chain is the cornerstone of the blockchain industry, but is also the bottleneck in the industry’s development. The key still lies in technological breakthroughs.”
This July, the CoinEx team launched the CSC mainnet. As a public chain that drives collaboration between CeFi and DeFi, CSC is gaining momentum day by day and has been optimized after the team drew on advantages of the big public chains in the early days as well as the hacking incidents they have suffered.
According to the DApp industry report for the first quarter of 2021, BSC has outrun Ethereum in terms of the daily number of unique addresses: BSC has 105,000 unique addresses, and Ethereum has 75,000. To better serve the rapidly increasing users and the active network, the decentralized ecosystem of CSC hit the market with its profound accumulation in the industry and makes concrete efforts to create a brand new healthy ecosystem with a commitment to security.
Consolidating security inside out
The security of CSC is guaranteed both internally and externally.
In terms of the internal system, CSC has strict control over the security of the code, nodes, and blockchain. It runs open-source code that can be audited by third parties and the public. Everyone (with abundant know-how) can carefully review the code, and evaluate potential vulnerabilities and threats. The CPoS algorithm is composed of 101 validators elected, thus avoiding excessive network control or abuse of power by a single validator.
The CSC ecosystem is composed of multiple parts and participants. Although threats facing each one of them may vary, CSC with its algorithm is secure overall. Relying on the mature CoinEx ecosystem which has never had any hacking incidents, CSC boasts a team that can offer professional technical support and guarantee security.
Extending outside, CSC has cooperated with the world’s leading blockchain security company PeckShield. After its contract security audit of the CSC ecosystem, CSC has its security, privacy, and availability enhanced.
CoinEx values the security of CSC, as it always did for past projects. It will also call on projects on CSC to work with audit companies to reinforce risk control through multiple security inspections. Meanwhile, sessions on blockchain security and anti-fraud education will be held for users’ benefit.
Aiming high while guaranteeing security
“We feel duty-bound to secure the exchange,” as suggested by Yang Haipo who has always taken security as the foundation of CoinEx. CSC will ensure security as well as compatibility with smart contracts on ETH, BSC, and HECO, and provide long-term support plans for on-chain projects.
CoinEx has rolled out a $10 million support fund to encourage promising developers to build DApps on CSC. Besides awards of up to $10,000, CSC also provides them with resources in capital, technology, and marketing, in an effort to jointly create a high-performance, versatile ecosystem.
Apply for the support fund:
The Chinese edition:
The English edition: