CoinEx, a cryptocurrency exchange company founded in December 2017, today announced its native CoinEx Smart Chain (CSC) testnet has been successfully deployed, after two weeks of stable internal operation. CSC is a smart contract blockchain that provides developers with an efficient on-chain environment to run decentralized applications (DApps) and store digital assets.
The CSC PoS consensus protocol possesses a shorter block interval than Ethereum, adopts a staking-based on-chain governance mechanism, and supports up to 101 block proposers without permission. Furthermore, compatibility with Ethereum means nearly all DApps, ecosystem components, and tools on Ethereum can be migrated to CSC directly.
More functions including to be rolled out soon
According to the CSC development roadmap; the CoinEx public chain team 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. Coming up this month, it will release the CSC explorer and the CSC mainnet; with more improvement to come.
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 cross-chain token services. Meanwhile, enriching its DApp ecosystem will be one of the key objectives of CoinEx in the near future.
$10M seed fund and DApp contest to encourage more developers to get involved
To facilitate the synergy between the CeFi and DeFi ecosystem of CoinEx; the CSC Foundation is setting up a $10 million seed fund to attract more developers to build applications on CSC.
Subsequently, a DeFi project contest will also be launched to encourage more DApp development. Promising projects will receive a support fund of up to $100,000. The CSC Foundation will also provide the DeFi projects with resources in regards to capital, technology, and marketing.
“CoinEx is happy to have new promising developers 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 provide liquidity for the selected projects that pass the security audit, and issue CET as rewards. Moreover, the top projects will be entitled to list coins on CoinEx Exchange.”
– The CoinEx Team