On July 8th, CoinEx held a white paper conference to fully explain the CoinEx public chain. CoinEx founder Yang Haipo said: CoinEx has been launched on the public chain test network. CoinEx Chain is a public chain established for decentralized transactions. It is born for financial freedom and is a brand new exploration in the blockchain industry. After several rounds of polishing and discussion, the CoinEx public chain test network is about to meet with you. The biggest breakthrough in the CoinEx public chain is to solve the problem of real financial applications and create a new generation of decentralized financial system.
CoinEx CEO Yang Haipo
It is understood that CoinEx Chain is led by senior blockchain developer and former team member of the Copernicus team, Jiang Jiazhi.
Three-chain parallelism – building an open public chain ecosystem
The CoinEx public chain is unique in its ability to create a "three-chain parallel" solution, the three chains namely – DEX public chain, Smart public chain and Privacy public chain.
The DEX public chain supports decentralized trading functions. Use asset-winding, chain-on-chain transactions, chain-matching, and asset control to return users to provide users with a secure and transparent infrastructure system. At the same time, the DEX public chain supports the Tendermint consensus. This consensus can achieve second-level transaction confirmation. characteristic. Jiang Jiazhi, head of the ChainEx public chain, said that in the future of the blockchain, trading is the core function, and the future of the blockchain will be driven by decentralized transactions.
At the press conference, CoinEx CEO Yang Haipo CoinEx Chain test network was officially launched. Currently, the test network averages 2.7 seconds of block time; TPS reaches 4000; the main network is expected to be officially launched within 2-3 months.
The Smart Public Link specifically supports smart contract functions. Smart contract functionality is an indispensable component in the development of blockchain technology. The Smart Link can achieve the goal of programming cash.
CoinEx Chain core developer Wang Wei said that CoinEx Chain will combine the Relay and Notary mechanisms to develop a de-centralization and implementation of the Lite-Relay mechanism between the two. At the same time, Smart Contract will develop better ADS to improve the execution speed of smart contracts; pay attention to the progress of Move language and its virtual machines, and launch test network in due course.
The privacy protection function of the privacy public chain support chain. It is designed based on the latest cryptographic advances to build an account model public chain based on the Tendermint consensus protocol with privacy protection.
The "three chains" complement each other and are interconnected through the IBC inter-chain communication protocol. CET tokens that need to participate in complex financial contracts can be transferred to the Smart public chain through the DEX public chain and, after the end, back to the DEX public chain. CET tokens that need to be involved in token confusion can also be carried out through the private transaction of the Privacy public chain, and can eventually return to the DEX public chain. Each of the three chains performs their duties to create a financial service system that is secure, transparent, anonymous, and convenient. Jiang Jiazhi said that to make the ecology of CoinEx public chain into the infrastructure of future finance, blockchain-based payment, deposit and loan, securities and insurance business can appear in the ecology.
CoinEx public chain team leader Jiang Jiazhi
Let users become the "master" in the health mechanism
The CoinEx public chain held five highlights at this conference:
(1) Take charge of your own private key, asset security;
(2) POS mechanism, instantaneous confirmation;
(3) One-click coin transfer without permission;
(4) high performance and low transaction costs;
(5) Experience multi-platform client.
Taking charge of your private key, asset security is one of the highlights of the CoinEx public chain. During the entire transaction process, the system returns the control of the asset to the user, the user controls its own private key, and the user's assets are in their own wallet. The CoinEx public chain will support the EDSSA's depreciated multi-party signature mechanism in the wallet to further enhance the user. Protection of the private key. Throughout the transaction process, the system is only responsible for the user's pending order transaction, to create a fair and secure trading environment for the user.
The POS mechanism, instantaneous confirmation is the second highlight of the CoinEx public chain. The CoinEx public chain uses a POS consensus mechanism to achieve second-order block rate and instantaneous transaction confirmation. The user completes the operations such as pending orders, withdrawals, and transactions on the system, providing users with a fast and convenient transaction process.
No need for permission, one-click currency is the third bright spot of the CoinEx public chain. CoinEx public chain built-in coin module, the release of Token in the chain without license, no review, anyone can issue. At the same time, the user can create a related transaction pair for the Token. In addition, when the Token is issued, the CoinEx public chain supports functions such as burning, additional issuance, freezing of addresses, and freezing of currency, creating a financially versatile system for users.
High performance and low transaction costs are the highlights of the CoinEx public chain. Among them, high performance is reflected in the CoinEx public chain every step has standardized operating standards, chain assets, chain transactions, each transaction cost is predictable, CoinEx public chain transaction speed can reach tens of thousands per second . The low transaction cost is reflected in the user's every operation, the CoinEx public chain only charges a small amount of CET as a transaction fee, to achieve a high-performance experience for users.
Experience the multi-platform client is the highlight of the CoinEx public chain. The CoinEx public chain provides web, desktop, mobile wallets and professional blockchain browsers. Users can create their own wallets, manage their assets easily, place orders, browse industry news and updates. In the near future, the CoinEx public chain will invite more developers to participate in the construction of the public chain and build a more powerful and rich public chain infrastructure system.
CoinEx Chain core developer Wang Wei
Let the user know, let the community share the decentralized results
In the wave of blockchain development, in order to allow users to perceive the charm of the decentralized public chain and let the community enjoy the results of the blockchain industry, the CoinEx public chain implements two initiatives.
For the user, the record is open. All operations of the user will be accurately recorded on the chain according to the successive nodes, and all operations can be traced at a glance.
For the community, the source code is open. The underlying technical code of the CoinEx public chain is created by the senior team of the blockchain industry. The team will be committed to the development of the CoinEx public chain for a long time. In the future, the source code will be open to the community and the industry technology developers will be invited to cooperate. The opening of the CoinEx public chain source code will undoubtedly promote the development of the blockchain industry.
CoinEx Chain cryptographer Wen Long
CET incentives and chain governance
CoinEx Token (CET) is the native currency of CoinEx Chain's DEX, and the CoinEx Foundation and CoinEx Business Ecology will work together to complete the CET's main network mapping.
The initial number of verification nodes for CoinEx Chain is 42. Anyone can create a verifier by issuing a CreateValidator transaction. The verification node sorts the number of CETs that are pledge, and selects the 42 certifiers with the highest pledge. At the same time, the CoinEx Foundation will allocate approximately 315 million CETs to motivate initial verification nodes and staking participants.
The community can achieve community governance by first proposing/re-voting, and the verifier can vote for the principal, but the principal also has the right to re-submit the verifier's vote.
Nodes will participate in DEX's infrastructure building, chain governance and operations, and will receive DEX revenue share and mining incentives. At the same time, CoinEx launched a node support program to support a number of nodes contributing to DEX infrastructure and community building, and voted for support nodes without requiring revenue sharing.
At the moment when centralized exchanges are popular, theft of user assets is frequent, like the sword of Damocles hanging over the entire industry. Various events indicate that there should be a way to circumvent such risks. As a result, the decentralized public chain came into being, and the CoinEx public chain entered the public eye.
For the decentralized public chain, the early stage of the industry is a deep rooted process, and when the time is ripe, it will develop rapidly. The characteristics of the CoinEx public chain are measures to ensure that its roots draw down nutrients. The CoinEx public chain is committed to creating a new generation of blockchain financial infrastructure. It is believed that it is worthy of expectation due to the combination of many advantages and highlights.