CSC School: Mechanism-1 #2

Crypto

CSC School: Mechanism-1 #2

akohad

December 27, 2022

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History

in previous lecture we introduced CSC Network. in this lecture we will talk about CSC Fuctionality but first of all we need to know more information about CSC.

Ethereum was originally proposed by Vitalik Buterin, a young programmer and co-founder of the Bitcoin Magazine. He used to play World of Warcraft from 2007–2010, however, when Blizzard decided to remove the damage component from his favorite warlock’s Siphon Life skill, Buterin was very upset and quit the game altogether.this is why we love decentralization.

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In 2011, he came across Bitcoin, and got quite fascinated by the idea. He wanted to formally contribute, so he started writing articles about it in exchange for a few Bitcoin per article. In late 2011, he co-founded the Bitcoin Magazine and went full time into crypto. He traveled across the world looking at various crypto projects, and realized it is possible to generalize the functionality of most of these projects by integrating a Turing-complete general-purpose programming language into a blockchain.

Buterin tried to convince the Bitcoin core developers, among devs from other projects, that the blockchain technology can have much wider impact than just monetary exchanges and blockchain needed a general purpose programming language to go with it. However, after being refused by the existing projects, he decided to do it himself. He went ahead and proposed the development of a new blockchain platform with a Turing-complete programming language (Solidity), that went on to be what we know as Ethereum.

In 2014, the project was publicly announced, and the core team consisted of Vitalik Buterin, Mihai Alise, Anthony Di Iorio, Charles Hoskinson, Joe Lubin and Gavin Wood. A few months later, the team held an Initial Coin Offering (ICO) for the Ether token to fund the development. The team raised over 31,000 BTC, which at the time was around $18 million USD. They then established the Ethereum Foundation, a non-profit based in Switzerland which was tasked with seeing Ethereum’s open source development early on.

CoinEx was founded in December 2017 and is headquartered in Hong Kong. It is trading under the ViaBTC Group. Currently, they say they have more than two million customers in over 100 countries and regions. The exchange is available in 15 languages, including Chinese, English, Japanese, Korean, Russian, etc.

Haipo Yang is the founder and CEO of CoinEx. His previous experience includes working for Tencent TEG/Weibo and Futu Securities. Coming from a strong mathematical background, he independently completed all the code for the ViaBTC mining pool in 2016 that was then launched two months later. After that, he went on to establish the CoinEx exchange. The rest of the team is in the shadows, but the exchange’s website states that, CoinEx core team members are from world-leading internet and finance companies, including the earliest adopters and professionals of cryptocurrency who boast rich experience in global operations and services in the industry.

CoinEx Chain is the world’s first public chain exclusively designed for DEX. CoinEx Chain aims to develop a trading system that is decentralized, community-driven with self-administered user assets and transparent trading rules. Besides DEX Chain, CoinEx Chain will also include a Smart Chain supporting smart contracts and a Privacy Chain protecting users’ privacy. Ultimately, CoinEx Chain will be a perfect ecosystem powered by the parallel public chain architecture.

CoinEx Chain is committed to building the next generation of blockchain financial infrastructure. In order to better achieve this goal, Cionex team plan to launch a public chain that support smart contract: The CoinEx Smart Chain (CSC). On March 15, 2021, CoinEx officially announced that CoinEx Chain would be upgraded to the CoinEx Smart Chain (CSC) in June 2021.

How Does It Works?

we talked about coinex smart chain history and its features. it’s time to talk about CSC working mechanism.

Coinex smart chain is a permissionless, non-hierarchical network of computers (nodes) that build and come to a consensus on an ever-growing series of blocks, or batches of transactions. Each block contains an identifier of the chain that must precede it if the block is to be considered valid. Whenever a node adds a block to its chain, it executes the transactions in the block in the order they are listed, each of which may alter the CET balances and other storage values of CSC accounts. These balances and values, collectively known as the state, are maintained on the node separately from the blockchain, in a Merkle tree.basically , CSC is a state-based machine.

https://www.coinex.net/block/0

Blockchains start off with a Genesis State when they launch. .the first block in the blockchain is Genesis Block

Since there are millions of transactions, transactions get grouped together in blocks. Hence the name. These blocks are chained together in a cryptographically verifiable way so they are historically traceable. The current state of a network can be recalculated at any time by starting from the genesis block and transitioning the state according to each block’s information up until now.

Node

A blockchain network is managed autonomously through a peer-to-peer distributed network of computer nodes. Without going into too much detail, you can simply think of each node in the network as keeping a copy of the global transaction ledger. Therefore, each node can individually verify and audit transactions happening on the network and ensure there was no illicit behaviour.

Each node communicates with a relatively small subset of the network — its peers. Whenever a node wishes to include a new transaction in the blockchain, it sends a copy of the transaction to each of its peers, who then send a copy to each of their peers, and so on. In this way, it propagates throughout the network. Certain nodes, called miners, maintain a list of all of these new transactions and use them to create new blocks, which they then send to the rest of the network. Whenever a node receives a block, it checks the validity of the block and of all of the transactions therein and, if it finds the block to be valid, adds it to its blockchain and executes all of those transactions. Since block creation and broadcasting are permissionless, a node may receive multiple blocks competing to be the successor to a particular block. The node keeps track of all of the valid chains that result from this and regularly drops the shortest one.

Another type of node, called a Validator node, is responsible for grouping together new transactions being made on a network into a block, verifying them, and proposing the block to be included onto the global ledger by everyone else. Mining is computationally hard, and very important to do securely, so miners whose blocks get accepted are given a token reward for their hard work.