In the 2019 exchange of the public exchange of the exchange, a strong competitor was added. CoinEx, a well-known cryptocurrency exchange, officially released a white paper on the CoinEx Chain public chain. Without the usual routine of a public chain + a DEX, CoinEx is the three public chains: the DEX public chain, the Smart public chain and the Privacy public chain. The three chains focus on trading, smart contracts and privacy. They are interconnected through IBC inter-chain communication protocols. CoinEx is not a chain, but a decentralized public chain ecosystem . Born for financial freedom, and with the three-chain innovation structure, can CoinEx Chain kill a day in the turmoil of the exchange?
Trading, smart contracts and privacy, precise cut-in, interconnected complementarity
CoinEx Chain's white paper shows that, like the coin chain, CoinEx Chain is based on the Tendermint Consensus Protocol and the Cosmos SDK. It can achieve tens of thousands of TPS and second-level confirmations while providing sufficient decentralization to provide near-centralized transactions. The user experience of the platform. But the difference is that CoinEx will introduce three public chain architectures:
- For the sake of financial freedom, how does the CoinEx public chain create a new generation of decentralized financial systems?
• The first DEX public chain , which is created for trading functions, maximizes transaction processing speed;
• The second Smart Public Link , which deals with smart contracts and supports complex financial applications;
• The third Privacy chain provides privacy transactions for the CoinEx Chain ecosystem.
Although one shot is three public chains, CoinEx is very focused on the design of each individual chain. Efficiency issues have always been the most criticized place for decentralized exchanges (DEX), and many of DEX's DEX have to use a non-decentralized approach to improve efficiency. The CoinEx DEX public chain is committed to providing users with a fair and transparent trading experience, and the whole process of trading is on the chain. At the same time, the DEX public chain will adhere to the concept of decentralization, and the private key will be controlled by the user, and the transaction can be completed without charging and hosting. In fact, these two aspects are the core of decentralization.
To maximize the transaction processing speed of the DEX public chain, the CoinEx DEX public chain only supports the necessary functions and does not support smart contracts, focusing on the decentralized transaction itself. At the same time, the ecological wallet and browser services will also be optimized for trading. Jiang Jiazhi, head of the CoinEx Chain project and former head of the Copernicus team, said:
“A lot of decentralized exchanges have been decentralized exchanges because of the introduction of smart contracts. We have made a public chain for decentralized exchanges to meet the performance, experience and business needs of the transaction. ""
Of course, smart contract functionality is the foundation for building more complex financial applications. To this end, in the case that the DEX public chain does not support smart contracts, CoinEx Chain will include a Smart public link that supports smart contract functions, and communicate with the DEX public link through a cross-chain mechanism to ensure the performance of the DEX public chain. Ability to support complex financial applications.
In addition, because the anonymous feature provided by the blockchain address concept is easy to reverse analysis through data, the privacy issue has attracted more and more users' attention. To maximize user privacy, CoinEx Chain will build a Privacy public chain that supports transaction privacy protection and cross-chain connectivity to empower the entire ecosystem.
According to its white paper, the Privacy public chain is based on the latest cryptography research, using the Zether protocol, which can hide the transaction amount, account balance, and privacy protection schemes of both parties under the Account model, and is based on the blockchain. Consensus agreements are independent of each other.
The introduction of smart contracts and privacy protection based on DEX can bring more innovation and protection to the entire CoinEx Chain ecosystem. The DEX public chain, the Smart public chain and the Privacy public link are interconnected, allowing the dedicated functions of each chain to cooperate and cooperate with each other, which highlights CoinEx's vision: CoinEx's vision is not limited to a public chain. , or a DEX, it is aimed at a complete exchange public chain ecology . Focusing on things, broad vision, and the future of three chains are worth our expectations.
Innovation is not just about architecture, technical details are also improving
In addition to the architectural innovation of the three public chains, CoinEx Chain has also carried out technological innovations and improvements in various technical directions.
On the CoinEx Chain, the user's account private key is controlled by itself, so how to ensure the private key security of the user account becomes the core issue. CoinEx Chain provides a threshold multi-party ECDSA signature mechanism for the private key protection of the wallet, and directly uses the fragmentation of each private key to calculate the final signature value, avoiding the single point failure of the current common Shamir secret sharing scheme (SSS).
At the same time, although CoinEx Chain is based on the Tendermint Consensus Protocol and the Cosmos SDK, the development team has also made a series of improvements. The BFT-type Tendermint protocol requires a set of verifiers to vote (signature) on each proposed block, which consumes considerable storage space on the chain. CoinEx plans to use aggregated signatures to solve this problem. The BLS aggregation signature mechanism proposed by Musig and Boneh et al. is considered. It can aggregate the signatures in the block into a single signature, which saves storage space. In addition, Long Range Attack has always been one of the biggest threats in the PoS protocol. In the future, CoinEx will also improve Tendermint in this respect, enhancing the resistance of CoinEx Chain to such attacks.
For the Cosmos SDK itself, the team is also actively involved in the improvement, and many features have been developed even ahead of the Cosmos SDK. In the spirit of open source, the development team will submit improvements to the Cosmos SDK main code and continue to contribute. Jiang Jiazhi said:
“The blockchain has evolved to the present, and the underlying technology should continue to mature, and it’s a great honour to be able to make some contributions.”
How does CoinEx stand out from the crowds of DEX?
Since the end of last year, traditional centralized exchanges have begun to exert their strength on the exchange's public chain. On April 18th, the main chain of the currency chain was launched, and soon the currency security center was quickly launched. On June 30, Li Lin, the founder of the fire coin, also disclosed the public chain plan of the fire coin, which is scheduled to be officially launched in May 2020. According to the announcement of OK in December last year, OKChain is also expected to launch the main network in 2020. There is a "wolf" before, and there is a "tiger". How can CoinEx occupy a place in the brutal competition?
The three-chain architecture of the DEX public chain, the Smart public chain and the Privacy public chain is naturally a new attempt by CoinEx Chain and its biggest highlight. In addition, CoinEx DEX itself is also very competitive.
In the current exchange market of the exchange, the currency chain that has been officially launched has been receiving attention from the market. As the first step of the CoinEx Chain roadmap, the development of the DEX public chain has a certain overlap with the coin DEX, but it is also very different.
Like the coin DEX, the CoinEx DEX public chain is also based on the Tendermint consensus protocol and the Cosmos SDK. In the cross-chain ecosystem of Cosmos, whether CoinEx DEX and CoinEx DEX are sparked by IBC is also worth looking forward to.
As with the BNB limited total issuance, according to the white paper, CoinEx also promises never to issue a platform currency CET, and will not use the inflation method to cast new coins. The original ETC 20 form of CET tokens can be redeemed at a 1:1 ratio after DEX is online. Considering that block incentives are critical to increasing community engagement, the CoinEx Foundation will allocate 300 million CETs after the main online line as an incentive for initial verification nodes and Staking participants.
However, compared to the currency DEX, CoinEx is committed to creating a more open trading system and striving to implement its philosophy of financial freedom. CoinEx will open source code after the main online line, embracing the spirit of open source. At the same time, in the node selection, any user holding a certain amount of CoinEx platform token CET can become a verification node, which is more transparent and open than the way in which the coin chooses its partner. In addition, the number of 42 nodes is about 4 times that of the currency DEX, which is more decentralized.
No license is another important manifestation of the openness of CoinEx DEX. Jiang Jiazhi said: “The decentralized exchange is the most important infrastructure for the future blockchain. A public chain that focuses on trading and is not licensed is extremely important for the development of the entire blockchain.” Considering the DEX public chain focuses on Trading does not support smart contracts, and the public chain has a built-in currency template. Projects can be issued in accordance with standard steps without a license, and create transaction pairs to achieve a very low-cost "on the currency", and then bid farewell to the high cost of the currency.
It is worth mentioning that CoinEx DEX also innovatively introduces two automated market making agreements, Bancor and UniSwap. CoinEx Chain will expand the two to make it more suitable for decentralized exchanges, better to provide enough liquidity for Token, and to ensure the price is reasonable.
Jiang Jiazhi said: "The vision of CoinEx Chain is to build a decentralized public chain ecosystem for financial freedom." The exchange of the exchange's public chain market is cruel, and CoinEx Chain can use its own advantages to break through and realize its vision. ? We will wait and see.