Running businesses in a trustless economy with Coinex Smart Chain

A crucial element of CoinEx Smart Chain, as a blockchain, is trustless, meaning that it is decentralized and there is no need to trust a third party. In traditional finance, people have to put their trust in intermediaries like banks to ensure that their transactions occur. As a result of putting their trust in third parties, there is the risk that issues may occur, such as counterparty risks. Another risk that is present in this type of organization is the risk of a single point of failure.

These issues are being solved by CoinEx Smart Chain. As more people ask for a trustless economy with Decentralized apps and Web3 platforms, these innovations need to be built on a highly scalable blockchain, and CoinEx Smart Chain ticks the boxes.

Below are some reasons that CoinEx Smart Chain is at the forefront of building a trustless economy that is free from intermediaries and the risks attached to them.

• Data coordination.

CoinEx Smart Chain allows developers to easily access both on-chain and off-chain data. There are different oracles that developers can link their decentralized apps to when they want to source the necessary data. These oracles are customizable and they can seek data from both on-chain and off-chain sources.

• Rapid deployment.

As a trustless chain, Developers do not have to seek permission from any centralized authority before they can launch their Decentralized app or Web3 platform. Deploying is quite simple and it takes a short time to achieve this.

• Network size.

As the backbone of the trustless economy, CoinEx Smart Chain understands the issues that are linked with networks that are not scalable. The code behind CSC was designed to ensure that it scales with the number of transactions and decentralized apps that occur in the chain.

• Finality.

Transactions that occur in the network are final. This means that once a transaction is confirmed, it can’t be altered. This is because of the immutability feature of CSC. As the backbone of the trustless economy, people and businesses can rest assured that issues like chargebacks do not exist. Once it’s confirmed, it can’t be altered. Users can also check the history of transactions that have occurred in the network.

What is CoinEx Smart Chain?

CoinEx Smart Chain is a permissionless public blockchain that falls under the newer generation of technologies that are solving the issues noticed in the older generation of blockchains.

It is a trustless ecosystem, which has been made possible because of its transparency, immutability, and decentralization.

By immutability, it means that the transactions that are verified and stored on the network can’t be altered by anyone. This has made it trustworthy to users.

CoinEx Smart Chain breeds trust, which is something that is uncommon in the traditional financial space. It is one of the most transparent blockchains in existence that allows users to enjoy data sharing and transactions. People can know the history behind the usage of cryptocurrencies by a crypto wallet on CSC. Not only has trust improved because of CSC, but people can also seamlessly track transactions because of the transparency.

Its transparency has made it easy for anyone with access to the internet to cross-check the transactions that have occurred on CoinEx Smart Chain whenever they want.

CoinEx Smart Chain is known to be decentralized. This is made possible because of the myriad of nodes that operate in the network. It is impossible for only one person to verify the transactions that occur in the network, thereby reducing the risks of records being altered.

With the high level of Scalability which has led to increased speed and lower transaction fees, more projects are now built on blockchain. Traditional brands are seeking for ways to erect their functionalities on the chain. The average block generation time is pegged at 3 seconds and the average transaction fee is $0.003.

This means that more people and brands can build their innovations on CoinEx Smart Chain without worrying about expending a lot on launching their smart contract or thinking that people won’t use their platforms because of high gas fees.

The low transaction fees and innovations on CoinEx Smart Chain make it a destination.