Coinex Smart Chain is a blockchain scalability platform that offers high transaction speeds and very low transaction fees and supports EVM (ethereum virtual machine). Coinex smart chain hereinafter referred to as CSC is a blockchain that focuses on overcoming the limitations of the ethereum (ETH) blockchain platform..
As you know by now, the ethereum blockchain is too busy and congested, causing problems with transaction fees (it becomes very expensive) and transaction confirmation times are very long. When you want to sell or buy NFT on the NFT marketplace, you need a fee of $50-$75 for one transaction. If you swap tokens on a DEX Exchange like uniswap, you need $40-$50, this transaction fee gives fear to traders with small capital . Meanwhile, almost everyone wants low (cheap) transaction fees.
From the problems experienced by ethereum, CSC is here to offer solutions to ethereum decentralized application developers (DApps). DApps developers who previously placed applications on ethereum, can migrate to CSC easily, because the CSC blockchain platform supports EVM and CSC is a blockchain developed from the same code as ethereum.
CET is the native coin of the Coinex Smart Chain (CSC) blockchain, to make transactions on the CSC network you need a small amount of CET coins to pay the gas fee, so that your transactions are fully confirmed.
CSC PoS Protocol Becomes the Solution
PoS (Proof-Of-Stake) is a protocol used by the CSC blockchain, the protocol is a concept on crypto assets, which explains that you as a user can mine or validate transactions of your crypto assets, according to the number of CET coins you hold. As an illustration, the more CET coins you have, the later you will have high bargaining power in mining a crypto asset.
This protocol is an alternative to the non-environmentally friendly Proof of Work system used by ethereum, the PoS protocol is also able to accommodate a larger number of transactions. Proof of Stake is safer, from miners attacking or even manipulating a network. The Proof-of-Stake model used by CSC is more scalable and allows faster throughput than the Proof-of-Work model used by Ethereum.
Coinex Smart Chain PoS requires validator nodes to operate the network and to secure the CSC network, in the PoW protocol, miners are tasked with processing transactions which are then broadcast to the network. In the Proof-of-Stake protocol the “Validator” is in charge of processing transactions, and validators run full nodes, participate in and authorize transactions.
To become a validator on the coinex smart chain network, users need to stake their CET coins with an amount of 10,000 coins & have to keep validator nodes online 24 hours. Later the validator will get a refund in the form of CET coins, as a reward for participating in securing the coinex smart chain network. CET coin holders can also delegate their CET coins to the staking pool, they will get a return according to the APR and CET coins staked to the staking pool.
The Future of Coinex Smart Chain
Coinex smart chain overcomes all blockchain scaling challenges and overcomes the problems that other blockchains have. Scalability, security and decentralization already belong to the coinex smart chain blockchain, while other blockchains are on the way. CSC is the coveted home of DApps developers and traders, developers only need to focus on developing their DApps, without thinking about network congestion and high fees, CSC is like a paradise for traders, they can make transactions with very low fees.
Coin native coinex smart chain (CET) grows very well alongside the highly stable CSC blockchain, as the csc ecosystem grows and users increase, the performance of CET coin will also get better, and CET will become the coin with the best utility.
Coinex Foundation set up a “CSC Seed Fund” or grant fund to help DApps developers who want to place their DApps on the coinex smart chain, this will trigger massive adoption in the CSC network, the ecosystem will develop rapidly. Coupled with the commitment of the coinex exchange to burn (cet) regularly, this will spoil CSC users and increase their attractiveness.
It’s just a matter of time, coinex smart chain will develop rapidly, becoming a blockchain with a large ecosystem and users. Just like the binance chain, CSC will have thousands of DApps running on the coinex smart chain network and become a blockchain platform with a high adoption rate.