CSC | An Efficient Blockchain Technology for Smart and Secure Applications.
The CoinEx Smart Chain — CSC
CoinEx Smart Chain Technology intendeds to clarify and define, in simple terms, the technology behind blockchain.
As of now, our primary focus is on Blockchain and CSC, understanding the basic concepts and technology behind it.
What is blockchain technology? What makes it so important?
Blockchain technology is the concept or protocol behind the running of the blockchain. The blockchain is an immutable (unchangeable, meaning a transaction or file recorded cannot be changed) distributed digital ledger (digital record of transactions or data stored in multiple places on a computer network) with many use cases beyond cryptocurrencies (what its popularly known for).
Not all blockchains are created equal. There’s a common misconception that all blockchains are public, which may explain the reluctance that some people have about participating in cryptocurrency trading.
The three types of blockchains, which all relate to who has access to the information stored there. Learn more about the types of blockchains from my previous article here
What is CSC
CoinEx Smart Chain — CSC, Based on PoS consensus protocol, is a highly decentralized and energy efficient Blockchain network. CSC makes it easy to build your own decentralized applications.
Immutable and distributed are two fundamental blockchain properties. The immutability of the ledger means you can always trust it to be accurate. Being distributed protects the blockchain from network attacks.
CSC serves as a support for high-performance transactions, with over 600+ transactions per second. It can provide developers with an efficient and low-cost on-chain environment (lower fees for transactions) to run decentralized smart contract applications (DApps) and store digital assets.
Features of CSC
Here, well take a close look at various advantages of the Blockchain as why this technology is becoming widespread and accepted all over
- CSC Blockchain Technology is Decentralized
The main difference between the U.S. dollar and blockchain-powered cryptocurrencies is the centralized regulating body. The U.S. dollar is distributed and regulated by the Federal Reserve. However, digital currency is not controlled by any government agency.
Therefore, it is challenging for an external influence to destroy the existence of the blockchain network. The decentralized landscape of digital currency reduces overall costs with no intermediaries charging fees. The blockchain network also constantly operates 24 hours per day, seven days per week, 365 days per year.
2. Accuracy and Security
The chance of error with the CoinEx Smart Chain network is extremely low. Because humans are not involved within each transaction, there is less chance for mistakes.
The network of nodes confirms and verifies each blockchain subtransaction, which makes the whole blockchain accurate. It is also tricky for information or financial data to be altered, eliminating the chance for counterfeit activities.
3. Anonymous and Transparent
CSC technology provides transparency because all transactions are documented on the network of computers. The transaction history and digital wallet addresses are attached to each event. The public can view each user’s digital wallet and transactions through the CSC explorer, but the individual owners are entirely anonymous.
Advantages of CoinEx Smart Chain — CSC
- High security and less fraud
- Low-cost transaction
- Faster processing time
- Free of friction
- Assets are controlled by the owner
- Verification is independent
- More transaction trust
- It is completely transparent, so it is safer.
Some Use cases of CSC Blockchain technology
While cryptocurrency is still the most commonly implemented use of blockchain technology, leaders in every industry are exploring the possibilities of adopting it for a wide variety of purposes. Some of the potential uses of blockchain technology include the following:
- Secure voting and elections
- Storage of protected health information
- Creation of smart contracts
- Establishing provenance of creative work
The technology has the potential to revolutionize many areas of our lives and we anticipate that we will see its adoption expanding as industries and organizations realize its potential.
With Great power comes great Responsibilities
Is there a way to remove centralized corporate interests from web-based applications? That’s the question early Web3 developers hoped to address using blockchain technology. Thanks to innovations on blockchains like CoinEx Smart Chain — CSC, it’s now possible for developers to create dApps (decentralized apps) that are fully transparent and enable a new business model. The term decentralized means that there’s no involvement of a central authority or any intermediaries.
What are dApps?
DApps are software applications that exist on smart contract blockchains like CSC. DApps are built on existing blockchains. Instead of relying on centralized computer servers, DApps employ code that executes by itself once pre-programmed conditions are met called smart contracts and to fulfill users’ requests.
The node operators on a DApp’s underlying blockchain help provide enhanced security by ensuring no bad actors manipulate the applications. Using consensus mechanisms like proof-of-stake (PoS), CSC incentivize network participants to validate transactions in exchange for token rewards.
It is built on the Consensus Algorithm and protocol. It is a Process that utilizes protocol and algorithm so that nodes will agree on the same state of the blockchain without having to trust one another. It is a series of rules that control the whole network operation and all core components.
Integrating the features of PoS and PoA, CSC adopts PoS as the underlying consensus mechanism. Learn more about CSC Consensus here.
By using CoinEx Smart Chain technology, businesses can benefit from a more efficient transfer of goods and services. It creates interesting research areas, especially from the perspective of technical challenges and its limitations.
CSC is committed to product development and service improvement and contributes its share to the infrastructure of the blockchain. CSC will constantly improve the throughput of the blockchain, make the blockchain client easier to use, enhance the security of the custody service
For More on CSC, Visit CSC
TELEGRAM | TWITTER | FACEBOOK | WEBSITE | GITHUB | DOWNLOAD APP | YOUTUBE
New to trading? Try crypto trading bots or copy trading