Taxonomy Of CSC

Understanding CoinEx Smart Chain

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Coinmonks

4 min readOct 26, 2022

Based upon several criteria, blockchain systems are classified as public and private blockchains. A public blockchain provides an open platform for people from various organizations and backgrounds to join, transact, and mine whereas private blockchain is used to facilitate private sharing and exchange of data among a group of individuals…

CSC

CoinEx Smart Chain — CSC is a permissionless completely decentralized public blockchain Based on CPoS consensus protocol. CSC supports high-performance transactions and lower fees for transactions, with this it is highly efficient and can provide developers with an efficient and low-cost on-chain environment to run decentralized smart contract applications (DApps) and store digital assets.

What is Taxonomy

Taxonomy is about the systematic classification of something; here we deal with Taxonomy of Blockchain i.e., the classification of Blockchain based on the rights of the nodes in dealing with Distributed Ledger of the Blockchain network.

Access and Control Issues

This taxonomy is about the Distributed Ledger Construct which results in authorization and control policy governance. In the CSC network, there is a set of rules to manage users, systems, and nodes to follow security-related activities. These rules enable or restrict users’ access to the blockchain’s resources including data. The basic issues to be addressed by these rules are as follows:

Who can read the ledger?
Who can write on to the ledger?
Who monitors consensus and hence integrity of the ledger?

The integrity policy of the network defines the blockchain to be Public Permissionless and Permissioned. To fully understand the taxonomy of a blockchain, we need to go deeper and understand as what type of blockchain it is first.

Taxonomy of Blockchain Technology

The basic types of blockchains we have are Public and Private blockchains. Public and Private Blockchain differ in various ways, i.e., Who can become a member of the Peer Network, who or who all can execute the consensus protocol and write into the shared ledger.

Public Blockchain

Public Blockchain is fully distributed and Open. Anyone can join the Peer Network and become a member. A person can simply download the protocol of the network, install in his system; when he gets connected on the internet, he becomes a member without the need to reveal his identity. There is no sole ownership but generally incentivized to its members so that more members join the network. The consensus process is open to all, and everyone is eligible to participate.

Private Blockchain

One can become a member by invitation of the starter of the Network or should meet the rules set by the starter to be eligible to join the network. Thus, this Private BC is called Permissioned BC and it is a Closed type of network. Businesses start the network and invite or approve members. Identities of the members are known. This is a kind of Distributed Network, but the powers are centralized. The consensus mechanism is concentrated in one hand and hence single ownership for block creation. Private BC uses the setting for Access Control. Public BC is said to be faster, privacy rich, trusted, managed, scalable and legal.

Hybrid or Consortium Blockchain

Hybrid BC is a kind of both public and private Blockchain. In the sense, it is a Distributed framework but public only to select member groups. These member groups form the consortium. Unlike the case of Private BC, the consensus happens among on select servers of the groups which are preselected. Identities of preselected members are only known. The sub members of these groups are not known. Thus, this Hybrid BC is partly Centralized and partly decentralized. But this is a Permissioned Public BC.

Becoming Part of the CSC Network

CSC operates a CPoS consensus mechanism that allows token holders to vote for validators, which makes the network more decentralized and is conducive to community management. The features of CPoS are as follows:

Blocks are generated by a limited number of validators.

2. Validators generate blocks in PoA in turn. In other words, they share the same probability of generating blocks.

3. The set of validators is selected and eliminated by on-chain governance based on staked tokens without any permission.

4. Anyone can delegate tokens to the node he or she trusts.

Validator

Everyone is welcome to apply to assist nodes to become validator by staking CET. Based on overall staking ranking, the blockchain will select the top 101 nodes as validators in every 200 blocks. The validator has the obligation to generate blocks and verify on-chain info. In return, the validator will be rewarded with block commission fees and a certain amount of block production reward on the basis of the proportion of their staking.

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