The CoinEx Smart Chain Testnet Is Live, Along With a Seed Fund Scheme
The CoinEx Smart Chain testnet has been deployed and will be launched on May 31, 2021 after two weeks of stable internal operation. CSC is a smart contract chain created by the CoinEx public chain team for decentralized finance based on the principle of decentralization and permissionless block generation. It can provide developers with an efficient and low-cost on-chain environment to run decentralized smart contract applications (DApps) and store digital assets.
Although Proof of Work (PoW) has proven to be a practical solution for decentralized networks, it is not environmentally friendly and requires a large number of participants to maintain network security. The consensus based on the Proof of Stake (PoS) is more environmentally friendly, and outruns PoW-based consensus in the respect of performance (with less block generation time and higher transaction capacity). PoS-based consensus can be flexibly managed by the community, without compromising decentralization.
The CSC consensus protocol boasts a shorter block interval than Ethereum, adopts a staking-based on-chain governance mechanism, and supports up to 101 block proposers without permission. CSC’s compatibility with Ethereum means that almost all DApps, ecosystem components and tools on Ethereum can be migrated to CSC directly or with only minor changes.
More functions including the explorer will be rolled out after the CSC testnet launch
According to the CSC development roadmap, the CoinEx public chain team has completed the CSC Faucet at the end of April, published the CSC whitepaper and developer documentation in May, and launched the testnet along with the seed fund scheme; in June, it will release the CSC Explorer and the CSC mainnet, and will constantly improve the CSC ecosystem in the days to come.
Both developers and users can enjoy CSC after the testnet is launched. Developers can deploy and develop applications on CSC, creating infinite possibilities through DeFi; ordinary users can also get involved in DeFi and explore projects on it.
While ensuring the compatibility between Ethereum and its future upgraded versions, CSC will constantly improve the throughput of the blockchain, make the blockchain client easier to use, enhance the security of the custody services, and provide more versatile token cross-chain services. Meanwhile, enriching decentralized applications will be one of the developing directions of CoinEx in the future.
A $10 Million Seed Fund Scheme Encourages More Developers to Get Involved in DeFi Projects
To facilitate the synergy between the CeFi ecosystem and DeFi ecosystem of CoinEx and attract more developers to build centralized applications on CSC, the CSC Foundation will set up a $10 million seed fund scheme as a gesture of support for the ecosystem building in the blockchain industry.
Following the seed fund scheme, a DeFi project contest will be kicked off to encourage more developers. Promising DeFi projects will receive a support fund of up to $100,000. The CSC Foundation will also provide the outstanding DeFi projects with resources in terms of capital, technology and marketing.
CoinEx is happy to have new promising developers to apply for the CSC seed fund and build their DeFi projects on the CSC. Those with abundant development experience on other chains are also welcomed to migrate their projects to CSC. The CSC Foundation will also provide gateway construction services for project developers with demand for digital asset issuance on multiple chains.
CoinEx will continuously solicit good DeFi projects. The CSC Foundation will provide liquidity for the outstanding projects that pass the security audit, and issue CET as rewards to developers of star projects, outstanding projects and innovative projects. Moreover, the top projects will be entitled to list coins on CoinEx Exchange and enjoy resources in the CoinEx ecosystem including the promotion services in the new media matrix.
Risk statement: The CSC Foundation does not conduct any security audits on the projects, but can facilitate the cooperation between developers and certified security agencies to jointly safeguard the projects.
More projects are welcomed to apply for the CSC seed fund to create more DeFi applications and enjoy infinite possibilities on CSC.
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