You Ask We Answer — Q&A from the CSC AMA
On September 16, CSC invited Haipo Yang, a member of the jury and CoinEx’s founder, and Bonnie Chen, 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.
Since we were limited to only a few responses during the AMA, we decided to run a “You Ask We Answer” competition on Twitter and collect all unanswered questions. Out of 80 comments, we have selected 10 questions from 10 users, and rewarded each selected asker 50 CET.
This is a new event providing an open Q&A session for all CSC and CoinEx users. Here’s the “You Ask We Answer” Vol. 1:
1) boopathi1405: How CSC will prevent from attack like previously polygon has been attacked? How will you prevent this attack in CSC nodes?
Many public chains and crypto projects have suffered network failures and hacking. As you mentioned, Polygon has also been a victim of such incidents. Therefore, the security of public chains has become the top concern for many project teams.
Before working on CSC, we investigated the previous attacks on the existing public chains and optimized CSC to avoid such problems. First of all, CSC features open-source codes that can be audited by third parties and the average user. Moreover, to keep the CSC contracts safe and secure, we are also working with the world-leading blockchain security company PeckShield to audit CSC’s contracts. Thirdly, backed by CoinEx, the CSC team boast strong technical capacity. It is noteworthy that CoinEx has never suffered from any security incident or hacking. Finally, considering that many attacks were caused by contract bugs of the project, CSC is offering vigorous support to first-class developers, allowing them to tap into more resources. In addition, we are prepared to help project teams if security audits are needed.
2) NatyBV_90: Since the DeFi projects became popular, there have been many attacks that leave millions in losses, what security mechanisms will you implement with the DeFi apps that work on your blockchain that give investors confidence that their money will be safe?
The CPoS algorithm adopted by CSC keeps its ecosystem secure. Moreover, to ensure the stability and security of the public chain, the CSC community will also carry out stringent security measures. We also hope that more CSC-based DeFi projects can cooperate with third-party auditors to maintain the security of project codes as well as users’ assets.
Our team will do everything to keep CSC secure and adopt all the security measures to audit the projects built on CSC. However, considering CSC is open to all crypto projects, we cannot fully ensure the security of all the CSC-based Dapps. Therefore, CSC strongly recommends that the contracts of all DeFi projects should be well audited before they are offered to users. Meanwhile, users should also carefully identify the risks of the project before taking part.
3) SUPERCUBANA: If some big hacks happens in CoinEx, is there any risk that affects more CSC chain? Or can be similar for any other chain?
Thanks for supporting CoinEx. Our exchange has never suffered from any security incident or hacking. The CoinEx team attaches great importance to the security of trades because we are fully aware that the security of exchanges determines the safety of users’ assets. Backed by a founding team with strong tech backgrounds, CoinEx is experienced in the security of the system, operation, and wallet. To ensure asset security, the exchange has been working with first-class security teams and has adopted a wide range of strategies, such as cold wallet plus multi-signature. These efforts have provided full protection for the CoinEx system and users’ assets. That also explains CoinEx’s immunity to any major hacking incident. When it comes to security, you can fully trust CoinEx.
Moreover, in terms of security, CoinEx and CSC are completely separated. As a user, you do not have to worry about the security impact the two may have on each other.
4) Steven12664657: What do you think about creating a fund to develop a project like Binance Labs or Coinbase Ventures?
The development of high-quality projects is essential to the ecosystem of a public chain. CSC is still in its infancy. As such, we have set up a public chain seed fund to empower more exceptional project teams and bring them into the CSC ecosystem. As the ecosystem grows, CSC will offer more support in terms of popularity and funding so that developers can be fully engaged in app development. We believe such supports will also allow users to enjoy more outstanding projects and applications on CSC.
5) arnobissn: What benefit does CSC offer to investor and developer, such as low cost, strong security, and more features?
First of all, CSC has an edge in technology. On CSC, blocks are generated within seconds, and the transaction fee is less than 0.01 USDT. Moreover, thanks to CSC’s compatibility with EVM, developers can migrate projects built on Ethereum onto CSC at low costs. Apart from this, CSC has set up a public chain seed fund that empowers developers, and ViaBTC Capital will also invest in the outstanding projects on CSC as an institutional investor.
6) juankstylez: Will CSC have a decentralized exchange?
CSC does have decentralized exchanges. For instance, OneSwap now supports transactions through the CSC mainnet. We welcome you to trade on OneSwap and experience the stable and fast CSC mainnet. In the future, CSC will foster more first-rate DEXs and provide better services for users within the CSC ecosystem.
7) CRYPTODEVIL16: Could you explain to us in simple terms what is the purpose of CSC? What is the strongest advantage that you think will make this team lead the market?
The purpose of CSC is to build a better carrier for high-quality DeFi projects. In other words, CSC is “born for open finance”. Backed by the technical support from CoinEx, CSC boasts superior technical capacity, especially in the field of finance. While equipping the CSC team with deeper insights into finance, such a background also makes it keenly aware of the demand of DeFi developers and users for a public chain and technically capable of building the kind of public chain developers need.
Furthermore, relying on CoinEx’s ecosystem and resources, CSC will provide project teams with a larger market, increased popularity, and better transaction services.
8) CryptoDuniyaIN: What is CSC going to do to reduce the gas fees or transaction fee? How will it compete against BSC and ETH 2.0?
Relying on the CPoS algorithm, CSC generates blocks within seconds and features low transaction fees. The race among public chains encompasses a wide range of elements, and each player still has a chance of winning. To date, there has not yet been a stable, secure, and efficient public chain. CSC is built to empower more high-quality DeFi projects and facilitate better user experiences. Hence, we will focus more on serving DeFi and other financial derivative applications while maintaining the security and efficiency of the public chain. With the strong technical capacity and a product-centered philosophy, we believe that CSC will keep a foothold in the future race among public chains.
9) SUJON61591275: Do you have a coin-burn, buy-back system or a token burn plan to increase the value of tokens and attract investors to invest?
Right now, CET can be used as gas for CSC. Plus, there has always been a burn plan. Every day, CoinEx will spend 50% of its daily profits from transaction fees repurchasing CET until the total supply drops to 3 billion. After that, another 20% of the profits will be used to repurchase and burn CET, until all the tokens are burned. CoinEx is also the first exchange to introduce the daily repurchase of platform-based tokens.
10) schiffl98399387: Can you shed us some light on how the CSC scalability will be?
CSC relies on the CPoS algorithm to overcome the PoW bottleneck of slow transactions. The public chain now supports up to 101 validators, without compromising its decentralization. It achieves a high TPS that can basically meet the current demands of DeFi applications. Therefore, CSC alleviates network congestion, a common issue among the existing blockchains. If a higher TPS is required in the future, the public chain can also support more scalability solutions, which, though, are unnecessary for the time being.