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What is CSC?
Coinex Smart Chain is a decentralized blockchain Based on CPOS consensus protocol that supports smart contracts. CSC is not just a payment network or new kind of money , it is a decentralized general purpose platform.it means CSC can be used to build a bank, a shop , gaming service and etc.smart contracts are built on CSC using it’s programming language, Solidity.
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Developers can build decentralized applications, which can be executed on the CSC network on the Ethereum Virtual Machine (EVM) therefore CSC is almost same as Ethereum so every Dapp you develop for CSC , it can be executed on Ethereum and vice versa.
Blockchain
Blockchain is one kind of distributed ledgers technology (DLT) that consists of growing lists of records, called blocks, that are securely linked together using cryptography.it means blockchain is a distributed, and permanent database shared among multiple nodes on a computer network. They record data in a way that makes it probabilistically impossible to modify or hack the system. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree, where data nodes are represented by leaves).
The timestamp proves that the transaction data existed when the block was created. Since each block contains information about the previous block, they effectively form a chain (compare linked list data structure), with each additional block linking to the ones before it. Consequently, blockchain transactions are irreversible in that, once they are recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.
Blockchains are typically managed by a peer-to-peer (P2P) computer network for use as a public distributed ledger, where nodes collectively adhere to a consensus algorithm protocol to add and validate new transaction blocks.
The first decentralized blockchain was conceptualized by a person (or group of people) known as Satoshi Nakamoto in 2008. Nakamoto improved the design in an important way using a Hashcash-like method to timestamp blocks without requiring them to be signed by a trusted party and introducing a difficulty parameter to stabilize the rate at which blocks are added to the chain. The design was implemented the following year by Nakamoto as a core component of the cryptocurrency bitcoin, where it serves as the public ledger for all transactions on the network.
Consensus
A fundamental problem in distributed computing and multi-agent systems is to achieve overall system reliability in the presence of a number of faulty processes. This often requires coordinating processes to reach consensus, or agree on some data value that is needed during computation. Example applications of consensus include agreeing on what transactions to commit to a database in which order, state machine replication, and atomic broadcasts.
Coinex Smart Chain adopts CPOS consensus protocol and is fully compatible with Ethereum Virtual Machine (EVM) on support for high performance transactions, with a maximum capacity of up to 101 validators simultaneously. Meanwhile, CSC adheres to the principle of decentralization and permission-free so that anyone can become a validator by staking CET.
Goals of CSC:
- Shorter time period for block generation
- Higher compatibility with Ethereum
- Decentralization
Although Proof of Work (POW) has been proved to be a practical solution for decentralized networks, yet it is not environment-friendly and requires a large number of participants to maintain network security.
On the other hand, some other networks use Proof of Authority (POA) or its variants in different scenarios, including test network and main network. POA provides defense for 51% attack and is more effective in preventing evil-doing by some Byzantine nodes. However, POA protocol is not decentralized enough, for the validators are prone to corruption and security attacks given the extreme powers they possess.
Therefore, some blockchain projects introduce other consensus schemes on the premise of ensuring network security and stability without compromising decentralization, such as DPOS adopted by EOS and Cosmos, which allows token holders to vote for validator nodes and makes the blockchain more decentralized and conducive to community management.
After rigorous investigation and research, CoinEx Team adheres to the principle of decentralization and combines the characteristics of POS with POA to realize CPOS , without losing network stability and security. The features of CPOS are as follows:
- Blocks are generated with a maximum of 101 validator nodes.
- Anyone can become a validator by staking CET without any permitted.
- Validators take turns to generate blocks. When the validator node produce blocks normally, the difficulty is 2; when the validator node do not produce blocks in a predetermined order, the difficulty is reduced to 1; when the block forks, the chain with the greatest difficulty will be systematically selected.
- Anyone can stake for their trusted validator.
- Validator
CET
CET on CSC runs the same way as ETH runs on Ethereum, and its main functions are:
- As block reward for validators
- To pay for the gas for transfers and contract calls on CSC
- To pay for the transaction fees for deploying smart contracts on CSC
- To be delegated to the selected validators
Everyone is welcome to apply and become validator by staking CET. The first staking for the validator must exceed 1000 CET and each subsequent staking must exceed 1000 CET. Based on overall staking ranking, the blockchain will select the top 101 nodes as validators in every 200 blocks. The validator has the obligation to generate blocks and verify on-chain info. In return, the validator will be rewarded with block commission fees and a certain amount of block production reward (currently 1 CET) on the basis of the proportion of their staking.
- Staking
Everyone is welcome to assist nodes to become validator by staking CET . The assets can be unstaked directly via contract calls or command operations and these CET will be available for withdrawal after 86,400 blocks.
- System contract
CSC manages node staking and governance via system contracts. The system contract has been deployed after CSC launch. Currently, 2 sets of system contracts are designed for CSC:
Via staking contract, anyone can create nodes, stake for the nodes and make profits.
Due to network, hardware, configuration and other factors, CSC might suffer from instability led by network abnormalities, machine crash and other potential problems. As a result, CSC introduces penalty mechanism. The slash contract is mainly responsible for keeping track of wrong block records of validator nodes. When the wrong block record reaches a certain threshold, 500 CET of penalty fee will be taken from the validator’s staked assets.
Rewards
Mainly, the rewards for validators are from block rewards (1 CET per block) and commission fees from block transactions. The reward differs according to the proportion of validator staking in overall staking. Since the validator take turns to generates blocks with the same probability (if they remain 100% online), the revenues of all validators are only related to their staking proportion.
The blockchain distributes rewards in proportion to the staking every 200 blocks. Validator’s reward receipt address can retrieve the reward by invoking the contract or via node command line. Rewards can be withdrawed every 28,800 blocks.
Slash
CSC punishes the validator node that fails to produce block normally. All validator nodes take turns to generate blocks. When it is the turn of a node to produce a block but it fails, the wrong block record will be increased by one. Every 200 blocks decreases the wrong block records of all nodes by one. When the wrong block record reaches 48, 500 CET of penalty fee will be taken from the validator’s staked assets. If more than one address has staked to the node, the penalty is proportional to the staking.
You can inquire node’s wrong block record by invoking the contract or via node command line.
Recommended
Coinex Smart Chain Documentation
How does a blockchain work by Simply Explained
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