Coinex Smart Chain is a much faster and cheaper copy of Ethereum, and it will bring millions of users with astonishing transaction speed. So what is CSC (coinex smart chain) and why is it a killer for ethereum?
Coinex smart chain launched by the Coinex Exchange in July 2021, it is a blockchain programmed to support smart contracts like its predecessor ethereum. CSC was built to enable smart contracts and challenge ethereum in the Defi and GameFi financial sectors. CSC is a fork of ethereum and this is an alternative that is easily accessible by developers who previously used ethereum, this will make CSC develop faster.
Ethereum is currently still using the old model protocol, namely PoW (Proof-of-Work), this is what causes ethereum to be unattractive, because 1 block on the ethereum blockchain requires a lot of energy and can only accommodate 10-15 transactions per second.
Unlike the coinex smart chain, it uses the PoS (Proof-of-Stake) protocol, this protocol is able to optimize the network with very low costs and high throughput without sacrificing decentralization and security factors.
Coinx Smart Chain : The new home for Defi and GameFi
Gas is the cost or price value required by a blockchain to complete transactions or execute smart contracts. The developers of Defi and GameFi are very concerned about gas and the number of transactions per second, because they think and consider from the user’s side. DEFI requires a lot of transactions per second, just like gamefi. When a blockchain is able to accommodate many transactions in 1 block, transactions on Dapps Defi and GameFi will be quickly confirmed in seconds.
Users want very fast transactions, when they stake, farm, or interact with smart contracts, just like gamefi users, they also want transactions in games to be confirmed faster in seconds. It’s very funny if we play games and make transactions in the game but it takes 15-30 minutes to complete 1 transaction, if you make many transactions it definitely takes a very long waiting time. this is why ethereum is starting to be abandoned and many gamefi developers are reluctant to put their dapps on ethereum.
Coinex Smart Chain is a new home for Defi dapps, a solution to a problem that has been faced by ethereum. When Dapps Defi is placed on the coinex smart chain blockchain, the process of swap, stake, farming, smart contract interaction becomes very fast, users don’t have to wait long for the transaction to be fully confirmed, it only takes 3-5 seconds. in terms of gas fees, users are happier, because in 1 transaction, they only pay $0.001 in CET coins for gas fees.
GameFi is a disruption model that combines gaming, crypto, nft and blockchain which aims to create a new gaming experience (P2E: play to earn). P2E games can range from hyper-casual games, strategy games or metaverse RPG games containing various elements and utilities.
Blockchain technology combined with games has changed the way we play games, P2E games are becoming more domain than traditional games, by playing gamefi, we can accept payments (make money) in crypto. This is all facilitated by the blockchain which helps prove ownership of digital assets in the game. Gamefi is a gold field for gamers, they can produce items such as weapons, skins, characters in the form of NFT, which can later be sold in the marketplace
GameFi requires blockchain with high transaction speed and low gas fees, Coinex Smart Chain is the solution to become the new home of GameFi Dapps. By using the CSC blockchain, gamefi users will be happier, because transactions in games are very fast and of course very cheap, users don’t have to wait long to process transactions in games.
With a blend of gamefi and CSC blockchain, it will provide an amazing P2E gaming experience. the game becomes smoother, faster and more economical, without burdening the pockets of game users. Game users do not need to spend a lot of money to pay gas fees when playing games.