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Crypto exchange CoinEx goes live with native blockchain testnet plus launches $10M seed finance

CoinEx, a cryptocurrency exchange firm founded in December 2017, today announced its native CoinEx Smart Chain (CSC) testnet has been successfully deployed, after two weeks of stable inner operation. CSC is a smart contract blockchain that provides developers by having an efficient on-chain environment to operate decentralized applications (DApps) plus 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. Additionally, compatibility with Ethereum indicates nearly all DApps, ecosystem elements, 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 finished the CSC faucet at the end of April, published the CSC whitepaper and developer paperwork in May, and launched the particular testnet along with the seed finance 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 as well as future upgraded versions, CSC will constantly improve the throughput of the blockchain, make the blockchain client easier to use, enhance the safety of the custody services, and offer more versatile cross-chain expression services. Meanwhile, enriching the DApp ecosystem will be one of the key objectives of CoinEx in the near future.

$10M seed fund plus DApp contest to encourage more developers to get involved

To facilitate the synergy involving the CeFi and DeFi environment of CoinEx; the CSC Foundation is setting up a $10 million seed fund to attract more developers to construct applications on CSC.

Subsequently, a DeFi project contest will also be launched to encourage more DApp development. Promising projects will receive a support fund as high as $100, 000. The CSC Foundation will also provide the DeFi projects with resources in relation to capital, technology, and marketing and advertising.

“ CoinEx is happy to have new promising programmers apply for the CSC seeds fund; and build their particular DeFi projects on the CSC. Those with abundant development experience on other chains are welcomed to migrate their particular projects to CSC. The particular CSC Foundation will provide liquidity for the selected projects that will 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

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