CoinEx Smart Chain?
Blockchain! Blockchain! Blockchain? whats that?
-A blockchain is essentially a distributed database of records or public ledger of all transactions or digital events that have been executed and shared among participating parties.
Smart contracts are contracts which are automatically enforced by computer protocols. Using blockchain technology it has become much more easier to register, verify and execute Smart Contracts. Many cases where assets are transferred only on meeting certain conditions which require Lawyers to create a contract and Banks to provide Escrow service can be replaced by Smart Contracts. CSC enables Smart Contracts using blockchain technology.
HOW DOES BLOCKCHAIN WORK?
Here’s a simple breakdown of how blockchain technology operates.
-MIKE(A) WANTS TO SEND MONEY TO LISA(B)
- THIS TRANSACTION IS THEN REPRESENTED ON THE NETWORK AS A BLOCK
2. THIS BLOCK IS THEN BROADCASTED TO EVERYONE ON THE NETWORK
3. THOSE ON THE NETWORK APPROVE THE TRANSACTION IS VALID
4. THE BLOCK IS THEN ADDED TO THE CHAIN OF TRANSACTIONS, WHICH PROVIDES A TRANSPARENT RECORD OF TRANSACTION
5. THE MONEY IS THEN MOVED FROM A TO B
6. THE BLOCKCHAIN IS A PUBLIC LEDGER WHERE THIS TRANSACTION IS RECORDED
DECENTRALIZED APPLICATIONS
CSC is a blockchain network built for running smart contract-based applications.
Part of the aim of the platform is to enable developers build decentralized applications (DApps) and help users manage their digital assets across-chains.
DApps are any computer applications whose operation is maintained by a distributed network of computer-nodes, as opposed to a single server.
The concept of a decentralized application was enabled by blockchain platforms that support smart contracts
COINEX SMART CHAIN aims to lower transaction costs and provide a space to create DApps and other DeFi products.
