CoinEx | You Ask We Answer: Special Edition— Celebrating CSC 1st Anniversary
Celebrating CoinEx Smart Chain’s 1st anniversary, CoinEx organized an Q&A Session on Twitter on July 6th. Users were encouraged to ask any question about CSC. Hundreds of comments were received, and here we’ve selected some of them to answer. Each selected asker is rewarded $50 in CET.
1. @Kavinraj_AK: A major problem for DeFi is liquidity. Is there a solution that you would like to share?
Initially, liquidity mining was created to solve the problem of insufficient liquidity. This approach is particularly suitable for infant projects that face liquidity problems; however, it also creates certain long-term risks. Therefore, from a long-term perspective, projects ought to determine a permanent goal to ensure sustainable access to liquidity over the long run while attracting loyal users.
In the future, innovations shouldn’t be simply playing with LEGOs. In our view, innovation in DeFi should be reflected via its technology stack, economic model, practical applications, and security facilities. Meanwhile, DeFi projects ought to retain such features as permissionlessness, transparency, and ease of use, thereby attracting loyal users while maintaining their liquidity.
2. @btc4cia: Which wallets support CSC?
CSC now supports Metamask, ViaWallet, Nabox Wallet, and OneSwap Wallet.
3. @AGOsmAni1: How many validator nodes will CSC run? What are the requirements for running a node?
CSC features 101 validators. For more details, please refer to https://www.coinex.com/blog/241-how-to-become-a-csc-validator
The minimum hardware requirement for running a node on CSC is as follows: 8 core CPU, 16 GB RAM, and SSD 500GB disk. On CSC, there are two kinds of validators: candidate validators and selected validators. A candidate validator must stake at least 10,000 CET, and each subsequent staking must be no less than 1,000 CET. A selected validator is one of the top 101 candidate validators in terms of the total CET delegation (its CET holding + the delegated CET). It should be noted that the validators are elected according to the latest ranking every 200 blocks.
4. @izetmmu: How much of CSC collected gas goes to the nodes and stakers?
CSC does not charge any GAS fee as all GAS fees are distributed to validators according to their staking ratio. Existing validators are connected to our official node server, and CSC produces blocks every few seconds. The public chain also provides validators with additional block rewards based on their staking ratio. It should be noted that stakers are not always the owners of validators. Block rewards go to validators, and stakers and validators need to negotiate and confirm the distribution ratio of such rewards.
5. @SHOTSAKTHI1: Please explain the EVM-compatibility of CSC.
EVM-compatibility means that CSC is compatible with Ethereum smart contracts. In other words, DApps on Ethereum can be seamlessly migrated to CSC. Plus, any EVM-based sidechain project can be conveniently migrated to CSC using the development tools it offers, which saves a ton of development costs and drives the growth of the CSC ecosystem.
6. @Armantweet4: Why should we choose CSC over other public chains?
CSC is a decentralized, efficient public chain created by CoinEx’s public chain team for decentralized finance. To developers, CSC represents an efficient, low-cost on-chain environment where they can run smart contracts and DApps and store digital assets.
a) Superior performance: TPS is the most common performance indicator for public chains. The higher the TPS, the greater the performance of a public chain. CSC features a TPS of up to 1,000, that is, it generates blocks within seconds. Meanwhile, it charges transaction fees of less than 0.01 USDT. Compared with other chains, CSC is much more user-friendly in terms of frequent transfers and transactions by users and developers.
b) A high degree of decentralization: CSC accommodates up to 101 validators, a figure that’s much higher than the 21 supernodes of EOS.
c) Ensured security: CSC was built by the CoinEx team. As a world-renowned crypto exchange, CoinEx has maintained a zero-accident record for five straight years. CSC, a public chain developed by the team, has been running steadily since its mainnet launch in June 2021. CoinEx’s strong tech team has kept CSC secure. Additionally, the code of CSC has been audited by a professional security company. The public chain partners up with PeckShield, a world-leading blockchain security company, which keeps CSC safe and secure in terms of the bottom-layer code.
7. @Faramis321: How can $CET incentivize market liquidity? Does $CET have an internal market maker to ensure continued liquidity? What if people are interested in providing liquidity to $CET?
Issued in January 2018, CoinEx Token (CET) represents a value-added services & privileges scheme in the business ecosystem of CoinEx. CET has now been migrated to the independently built CSC as its gas.
According to the value agreement of CET, CoinEx will repurchase CET every day to deflate the token. In other words, the exchange plans to reduce the circulating supply of CET without hurting its demand, which naturally increases its price. Such a burning mechanism motivates holders to hold or purchase CET, thereby creating a virtuous cycle.
Moreover, CET’s value is not limited to the CoinEx ecosystem. After CSC was launched, the token now covers a wide range of application scenarios, spanning fee deduction, repurchase & burning, the public chain, DEX, and DApp. CET can also be used by validators to earn staking rewards, and more use cases will be introduced in the future.
Last but not least, CoinEx works with professional market makers, who inject liquidity into CET markets in the spot trading segment. Meanwhile, CoinEx’s AMM (automated market making) function allows retail users to provide liquidity for CET. To be more specific, users may deposit funds into the CET liquidity pool of a CET market and become the automated market maker of the market. In CET markets, all trading fees are rewarded to liquidity providers.
8. @niiSacke_y: When are we going to see $CET get listed on other major exchanges? What is your future plan for the utility of $CET?
We do not yet plan to list CET on other exchanges, and you will be informed of any future plan about CET listing. As the public chain token of CSC, CET will cover a growing number of application scenarios as the CSC ecosystem expands. In the future, users will be able to use CET when experiencing CSC-based projects that focus on such categories as DeFi, NFT, GameFi, and even the metaverse.
9. @GF3636_: Will there be a stable coin belonging to CoinEx in the CSC network?
We do not plan to issue stablecoins at the moment.
10. @richcavington: What is your strategy to develop and attract developers to CSC ecosystem?
To begin with, CSC features unique advantages that enable a developer-friendly on-chain environment. Compatible with EVM, the public chain promises superior efficiency and extremely low fees. As it is fully EVM-compatible, CSC saves massive development costs for developers.
Secondly, CSC has introduced funding programs, including the Multi-Million Dollar Supportive Plan and the Five-Million USD Special Funding Support for Metaverse Ecology, to subsidize developers, empowering project teams during their infancy.
11. @Nervo1234: What are your plans to improve the CSC? Do you cooperate with other ecosystems?
CSC is an inclusive, free ecosystem. In today’s crypto space, as public chains with unique advantages achieve rapid growth, the future public chain sector will not be dominated by a single chain, and the public chain ecosystem will inevitably witness the boom of multiple chains. In light of this, it will become a trend for public chains to explore the cross-chain ecosystem. Last year, CSC launched CSC Cross-chain Bridge, which enables users to freely swap between ETH, BSC, and TRON-based assets. We intend to embrace other ecosystems and contribute to the building of a future ecosystem powered by multiple public chains.
12. @bisi_the_nurse: Where do you see CSC in the next one year? What is your roadmap?
After a year of growth, CSC has gone through its infancy, during which we focused more on improving the public chain’s infrastructures and recruiting more project teams. Ecosystem expansion represents the core growth driver of a public chain. The future growth of CSC is divided into two stages:
The first stage is when the ecosystem starts to grow. At this stage, the CSC infrastructures will be perfected, and we will put more effort into empowering CSC-based projects and hosting more developer contests. Furthermore, we will focus on helping the strong performers and engage in strategic brand cooperation with first-class projects to expand CSC’s brand influence.
In the second stage, the ecosystem will become mature. By then, we will continue to expand CSC’s community of global developers and crypto enthusiasts and interact with the CSC community more frequently. At the same time, we will concentrate more on developer services and blockchain infrastructure services to achieve our vision: Via Blockchain, Making the World a Better Place.
13. @ChalotteLinlin: How do you intend to progress in NFT and metaverse games? How will you meet the expectations of the users? What are your differences from your competitors?
Although NFT and metaverse games rapidly went viral last year, most of the relevant projects have quickly failed during the current bear market. NFT and the metaverse are still new concepts, and the existing projects are hardly innovative or revolutionary. As such, most of them could not meet the challenge of the market. Always prioritizing infrastructure development, CSC is never blindly after trending categories and has advanced by making steady efforts, and that is how CoinEx has survived the ups and downs of the crypto market.
When NFT and the metaverse went viral last year, CSC investigated the two new categories and fully prepared itself. If it has spotted any dark-horse project, the public chain will also make a push into these emerging sectors. Good projects never come easy. We intend to deliver premium projects that can stand the test of the market, rather than copycats that all look similar. Please stay tuned for more outstanding CSC-based projects.
14. @Nurse_Rancho: Which project has CSC partnered with?
OneSwap is a DEX deployed on CSC. As one of the early projects incubated by CSC, OneSwap is a fully decentralized transaction protocol based on smart contracts. It does not require permission to list tokens and supports automated market making (AMM) and the order book. In addition, OneSwap improves user-platform interactions via the built-in OneSwap Wallet, providing one-stop transaction experiences. This year, it has introduced a new feature called Prediction, which has attracted plenty of users.
15. @DappsMaster: Can you talk about your new partnership with Cososwap, and what are the benefits for CSC users?
Backed by CSC, Cososwap is a one-stop DEX that integrates smart aggregation transaction, multiple chain transaction, NFT transaction, and smart contract guarantee order book transaction. Focusing on the NFT Launchpad, the DEX also offers services such as Swap and OTC trading.
NFT Launchpad, the core function of Cososwap, takes a fair participation approach to asset issuance. After users participate in the NFT Launchpad, the platform will activate the assets protection mechanism for users. In the meantime, users can redeem all their assets. Cososwap also allows users to buy and sell tokens using gas-less orders that are settled peer-to-peer among its users or into any on-chain liquidity source. Leveraging “Coincidence of Wants”, the DEX eliminates the need for external market makers or liquidity providers, which saves users the gas cost, without incurring slippage or protocol fees.
16. @HendriA11938225: As a developer, are there any special requirements to create my own DApps on CSC? How does your Multi-Million Dollar Supportive Plan work?
The CSC public chain is an open-source ecosystem accessible to everyone. We welcome all developers and encourage them to build applications on CSC. It only takes three simple steps to deploy your application on CSC.
CSC’s Multi-Million Dollar Supportive Plan empowers promising and outstanding projects. Developers need to apply for the Plan, and will receive different levels of support, covering funding, user traffic, and ecosystem assistance once their application is approved.
For more details, please refer to: https://www.coinex.org/million_dollar_plan
17. @VicMxD: How was CSC born? Has it been planned since the birth of ViaBTC Group? When did it come to the need for CoinEx to have its own blockchain?
CSC was created to provide developer services and blockchain infrastructure services. More importantly, it was built to achieve our mission: Via Blockchain, Making the World a Better Place. Since CoinEx was founded, we have dreamed of “becoming the infrastructure of the blockchain world”, which will allow us to achieve our mission via better services and more versatile business segments. As the bridge connecting us with our vision, CSC has always been one of the growth targets of CoinEx.
18. @Cr1ptoWorld: Who are the people behind CSC?
The CoinEx team has poured its heart and soul into the creation of CSC. As a world-renowned crypto exchange, CoinEx is backed by one of the earliest developer teams in the industry, with expertise in technology R&D and global operations in the crypto space. This experienced tech team has always kept CSC stable since its inception. From a technical perspective, apart from CSC’s support of NFT token protocols, the CSC team has also adopted many convenient functions and optimizations for the CSC Explorer. We hope that CSC could evolve into a fertile ground for DeFi projects.
19. @ClementCapo: What was the most fun part of creating CSC?
In the public chain sector, the “Impossible Trinity”, covering security, scalability (high performance), and decentralization, is a popular topic for discussion. When we first set out to build CSC, we also had to confront this problem, which is a fascinating challenge. Our solution is to strike a balance between all the three requirements, instead of making compromises on one front. In the end, we decided to use the CPoS consensus protocol based on PoS and also tapped into the PoA block generation mechanism, striking a nice balance between the “Impossible Trinity”.
CPoS is an innovative consensus mechanism that features the following advantages: In terms of scalability, CPoS enables strong performance (1,000 TPS) as it is based on PoS. When it comes to decentralization, CSC features 101 validators, which makes it more decentralized. As for security, the public chain taps into the consensus characteristics of PoA and sets a higher staking threshold (10,000 CET) for validators. Meanwhile, validators are required to have a large CET holding. This drives up the cost of gaining control over the network, keeping CSC safe and secure.
20. @PutriZenisa: How to get news about CSC and CSC ecosystem quickly?
You can follow us on social media platforms or join our social media groups to get the latest CSC news.
Thank you all for participating, and congrats to the winners. Happy Birthday to CoinEx Smart Chain! Look forward to the next prosperous year.