CoinEx (CoinEx Technology Limited) was established in December 2017 and is headquartered in Hong Kong, China. It is a sub-brand of ViaBTC mining pool. Currently, the business scope of CoinEx includes CoinEx Exchange, CoinEx Public Chain, CoinEx Decentralized Exchange, etc. The current development focus of the CoinEx platform is the public chain and the exchange. The main purpose of the public chain is to build the infrastructure of a decentralized exchange (DEX) and build an ecosystem around DEX.
Launched in January 2018, CoinEx Token (CET) is the native token of CoinEx Chain. CoinEx Chain is a public chain specially built for decentralized exchanges. The main network was officially launched in November 2019.
CoinEx Chain aims to use the industry's highest technical standards to create a decentralized trading system (CoinEx DEX) with community-based operations, transparent trading rules, and user assets controlled by itself. It innovatively adopts a parallel model of three public chains: DEX public chain, Smart public chain and Privacy public chain. The three chains focus on transactions, smart contracts, and privacy respectively, and are interconnected through the IBC inter-chain communication protocol to create a decentralized public chain ecosystem.

Project Introduction

CoinEx's early business core is the exchange business, including two categories of spot and derivatives transactions. Currently, there are 123 trading currencies on the line, including 302 trading pairs. On June 28, 2019, CoinEx released the CoinEx Chain public chain white paper, aiming to use the industry's highest technical standards to create a decentralized trading system (CoinEx DEX) with community-based operations, transparent trading rules, and user assets controlled by itself; since then, CoinEx Chain has become another development focus of CoinEx. The CoinEx Token (CET), which was originally the endogenous token of the CoinEx exchange, will also be mainly developed as a built-in token of the public chain.

CoinEx Chain is a public chain based on the Tendermint consensus protocol and Cosmos SDK, and adopts the POS mechanism. CoinEx Chain plans to support 42 nodes when the project is launched, and any entity in the ecosystem can participate in the validator election by staking CET. CoinEx Chain will use new block rewards and transaction fees included in the blocks as rewards for running full nodes.

In order to meet the rigid needs of transaction performance, smart contracts and privacy protection of blockchain transactions at the same time, CoinEx Chain has developed three public chains with different positioning and each performing their duties, which are connected and operated in parallel through cross-chain technology. At present, the block generation time of the public chain is between 2-3 seconds. According to the tracking and observation of TokenInsight, the block generation time is relatively stable, but the number of transactions through the CoinEx public chain is not high at present, and the number of transactions in 24 hours is about 30,000; At present, the TPS disclosed by the public chain can reach up to 1500 transactions per second.

CoinEx Chain adopts a three-chain parallel model to build a richer ecosystem around DEX. The three chains are: DEX public chain, Smart public chain and Privacy public chain, which are respectively responsible for decentralized transactions, smart contracts, and privacy protection on the chain.

CET that needs to participate in complex financial contracts can be transferred to the Smart public chain through the DEX public chain, and then transferred back to the DEX public chain after the end. The CET tokens that need to participate in token confusion can also be traded through the privacy of the Privacy public chain, and can eventually return to the DEX public chain. The three public chains perform their own duties, and they are interconnected through the relay mechanism cross-chain technology. In addition to ensuring their respective transaction processing speed and functional attributes, they can also jointly provide richer and safer functions, and jointly form the CoinEx Chain. Decentralized public chain ecosystem.

In addition, CoinEx Chain also supports any participant to issue new tokens on the chain and create new transaction pairs for the issued tokens. CoinEx Chain guarantees the new tokens by establishing a transaction pair between the new tokens and CET liquidity.

Project public chain planning

The development plan of the CoinEx public chain is to create a series of public chains with specific application directions, including:

1. EX public chain: solve the problems of poor security and opacity that are widely criticized by centralized exchanges; aim to build a transparent, safe, and license-free free financial platform; restore the experience of central exchanges to the greatest extent ;

2. Smart public chain: a public chain that supports smart contracts and provides a platform for building complex financial applications;

3. Privacy public chain: It mainly provides information protection and concealment of transaction amount, account balance and transaction parties.

In order to achieve the performance of each specific application public chain, each public chain in the CoinEx public chain focuses on the development of a certain function. For example, in the DEX public chain, in order to improve its transaction processing speed, the DEX public chain only supports necessary functions and does not support smart contracts. The realization of smart contract function support requires a cross-chain connection between the DEX public chain and the Smart public chain.

Token Economy

CoinEx Token (CET) is the endogenous token of the CoinEx ecosystem. It was issued in January 2018. The holders of the token can enjoy some user value-added services in the ecosystem. Currently, it is mainly used as the native token on the CoinEx Chain. certified use.

Usage scenario

The current use scenarios of CET mainly include discounts to deduct platform transaction fees, enjoy VIP services, special event rights, CoinEx Chain internal circulation and fuel, and external scenarios.

1. Discounted platform transaction fee

CoinEx platform users can use CET to deduct transaction fees when conducting transactions on the platform. At the same time, users who use CET to pay transaction fees can enjoy the exclusive preferential rates provided by the platform.

2. VIP Service

With a certain amount of CET, you can become a platform VIP user, and you can also use CET to purchase platform VIP to obtain corresponding privileges: such as rate discounts, accelerated withdrawals, and exclusive customers.

3. Special event benefits

CET holders can enjoy special rights and interests in platform marketing activities, such as participating in airdrops on the platform or accelerating opportunities for high-quality projects.

4. CoinEx Chain built-in token

CET will be used as the endogenous token of CoinEx Chain to circulate and act as fuel in CoinEx Chain. Users can also use CET to invest or trade other digital assets. In addition, CET can also serve as a transaction fee and function fee (issuing Token, creating a new transaction pair, account activation), etc. within the platform. Users can also participate in the validator election by mortgaging CET tokens.

CET is currently also used as a circulation token for CoinEx DEX to issue Tokens, create orders, Bancor, address activation, and set address aliases.

In general, the types of usage scenarios of CET are not rich enough. In order to better develop the internal ecosystem of the platform, it is necessary to design and develop more CET usage scenarios and incentive mechanisms to increase user retention while adding new users.

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