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CoinEx Smart Chain for DApp development
Blockchain and cryptocurrencies have had the world buzzing recently. Not surprising, since the global blockchain market is expected to reach $69.04 billion by 2027. The demand is clearly rising for decentralized ledger technologies.
Today, DApps are what we’ll be talking about. They may not have much media attention yet, but understanding what they are, their pros and cons, and whether your business needs them is essential. Professionals looking to help their companies leverage innovative technologies need to stay up to date with the latest developments. So, let’s get started and dive into the world of decentralized apps
What are DApps
In short, DApps fully known as Decentralized Applications are similar to traditional software applications, but they are built on decentralized networks like CSC. Hence, to fully grasp the concept of DApps, you should first understand their underlying technology — blockchain. See my previous article to have a clear understanding on what Blockchain is.
CSC — CoinEx Smart Chain is a layer1 public high efficiency blockchain based on PoS consensus protocol, CoinEx Smart Chain is decentralized and energy efficient. CSC makes it easy to build your own (DApps)decentralized applications.
DApps connect to the blockchain via smart contracts, instead of linking to centralized data servers like traditional apps. A smart contract lies at the core of a DApp as it helps automate agreement execution between parties.
Key features of DApps
Now that you have a general idea about DApps, let’s get more specific and dive into the key features that actually constitute them.
- Open Source. A DApp has to be open source, with no single entity controlling it. It must be autonomous, and the code has to be available for inspection.
- Decentralized. Its operational records have to be stored on a decentralized blockchain.
- Incentivized. It must be able to generate tokens as proof of value and distribute these tokens as rewards on the network.
- Protocol-compliant. DApp’s stakeholders must agree on a cryptographic algorithm to show proof of value. For example, both Bitcoin and Ethereum currently use Proof of Work as their consensus protocols. However, the latter is planning to shift to Proof of Stake in the next few years.
End users may not even distinguish DApps from traditional applications since the main differences are found in the underlying blockchain protocol.
Benefits of DApps: Why its gaining worldwide Adoption
here’s a reason DApps are gaining popularity. In fact, there’s more than one. Take a look at the advantages of decentralized applications and decide if they could benefit your company.
Censorship Resistance. No government or entity can block users from operating a DApp. No single individual has enough power to control the network, prevent users from submitting transactions, deploying the applications, or reading data from the blockchain. Basically, if Instagram or Twitter were on Ethereum, nobody could block your post or stop you from tweeting.
Anonymity. The majority of DApps don’t require your real identity. Instead of going through an extensive signup process, you just need to have an Ethereum login and a digital wallet.
Zero Downtime. Thanks to its reliance on a peer-to-peer system, the DApp will continue to function even if parts of the network architecture go down. Once it’s live, it will only collapse if the blockchain platform it’s based on crushes as well.
Data Integrity. Cryptography ensures that the data stored on the blockchain can’t be forged by hackers. Moreover, users can access the public blockchain to verify transactions, thus making data records more reliable.
Built-in Payments. There’s no need to integrate your app with third-party payment providers. This makes for much faster payment processing times.
Economic Statistics
Blockchain is consistently one of the highest paying programming fields, where developers earn between $150,000 and $175,000 on average per year as salaried employees. While a wide range of factors determine compensation, even beginning blockchain developers can command high pay.
According to job recruitment firm Hired.com, the average blockchain developer salary is staggering — it ranges from $150,000 to $175,000 per year! While this high figure represents the mean salary, the median annual pay is as high as $127,000 based upon data provided by leading management consulting firms
According to Hired.com, blockchain demand is growing at a rapid rate of 517% year over year. This is a good indication of why blockchain salaries are so high: the demand has exploded, but the supply has not. In other words, there simply aren’t enough people with the right skills to satisfy the demand for blockchain talent.
Roughly 1/3 of all blockchain developers earn more than $180,000 per year, bringing the average salary up.
About 80% of all blockchain developers earn more than $115,000 per year, and that roughly less than 10% earn below $100,000 per year.
There is a clear opportunity to earn a high 6-figure income as a blockchain developer.
CSC for DApp Developers
After 2021 saw billions flowing into the DApps, the category showed an evolved and more mature space. As Ethereum used to dominate DApps, the well-known issues of high transaction costs and low scalability allowed other blockchains like CSC to make their DApp footprint visible. DeFi also saw a significant trend, where influential DeFi protocols expanded their features to more than one chain in the so-called multichain paradigm.
There are various platforms for DApp development, you need to determine which one will work best for you. Each blockchain platform has its advantages and limitations, hence you need to spend some time figuring out which will suit your requirements.
Due to high demand of this new technology, it’s been difficult for new developers to navigate through the industry and getting a preferred platform. Developers tend to face various issues such an inefficient blockchains and high fees for development (fees paid to deploy and execute smart contracts on blockchains).
CoinEx Smart Chain — CSC: DApp Development Platform.
Committed to product development and service improvement, building an infrastructure for blockchain and the principle of decentralization, CSC is a decentralized and high-efficiency public chain that provides developers with an efficient and low-cost on-chain environment to run decentralized smart contract applications (DApps) and store digital assets.
Why Pick CSC as Development Platform.
CSC has various value-added services and benefits that makes it a suitable choice for DApp development, here’s a few:
- Perfect compatibility with the Ethereum ecosystem. Developers can easily migrate Dapp to CSC, which is based on the Ethereum Virtual Machine (EVM), using mature development tools, users can also quickly access the CSC network.
- Extremely high efficiency and low transaction fees. With the POS consensus protocol, CSC generates a block in seconds, supports extremely high Transaction Per Secong (TPS), and keeps transaction fees at a low level in the meantime.
- No permission required for block proposers. CSC supports up to 101 block proposers, which are sorted and determined according to the number of CET stakes. It does not require the review of centralized institutions, making the network more decentralized
CSC Effort to Support DApp Developers
CoinEx Smart Chain Multi-Million Dollar Supportive Plan: To perfect a high-performance smart chain ecology for CoinEx Smart Chain (CSC), improve basic track facilities and enrich track environment for CSC developers, CSC Seed Fund of millions of US dollars was founded to recruit outstanding developers from all over the world to build decentralized applications on CSC.
According to the performance, the projects will receive funding support from CSC Foundation.
Regardless of blockchain hype, a decentralized approach to operations will inevitably become a business standard in the future. However, the majority of ongoing Dapp development initiatives are still happening in finance. The initial conditions set by the very nature of this industry are welcoming enough for companies to confidently move towards blockchain-based digital transformation.
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