CSC Network – Understanding our future
Our new technology that will allow us to scale Ethereum and other ETH based L1 and L2 blockchains is known as DPOS. It stands for delegated proof of stake, it’s very different to traditional POS in many ways.
Our DPOS model is an evolution of POS in that we use node based validators otherwise known as witnesses. Only 50 nodes will compete for their share in the transaction fee’s. These nodes are delegated through the staking of coins and any user is able to share in these rewards by staking their coins with their known validator of choice. All these actions are carried out in a trustless manner on the blockchain.
In future, all a user needs to do to connect to our new chain is make some simple network changes to metamask, in exactly the same way as you would with other alternatives.
CSC Network will benefit from crosschain bridges that will link our current CREDIT chain, Ethereum, Binance Smartchain, Polygon and others. This means that any user with assets on any of those chains will be able to instantly swap to a Credit wrapped asset version on the CSC network in seconds. Once they have ported their assets to CSC network they will benefit from faster transactions and almost 0 fee’s. ($0.001 per tx)
When a user moves their assets to CSC network, the primary assets are held by a smartcontract on the primary chain and new assets are issued on CSC network, this means the users funds are safe on the previous network. This allows them to easily swap back to the primary chain at any time they choose with 0 risk. Once the asset exists on our network, the user starts to benefit.
What seems like almost nothing in the way of GAS fee’s to the individual, adds up very quickly on a large scale across the network. So instead of sending $0.15 gas fee’s or more on a competitor chain you can spend $0.001 or less on Credit. The gas price is identical but the value of the native token is what determines the real world value of the transactions. To be clear what is a $0.15 cost on BSC is $15.00 cost on ETH and would be a $0.001 or less on Credit.
An estimation of the USD value of these charges can be made as such:
Using ETH as an example, there are over 1M eth transactions a day, at a cost of about $15.00 per transaction. This means that at a minimum $15M is being paid by users every day. Even with other scaling solutions already in existence. That makes a whopping $600M a year.
If we look at Using BSC as an example, there are over 4M BSC transactions a day, at a cost of about $0.15 per transaction. This means that at a minimum $0.6M is being paid by users every day. Even with other scaling solutions. That makes a whopping $20M a year.
So as we can see its pretty easy to work out that BSC was able to scale ETH real world transaction costs by 100:1 and therefor has been able to achieve 4x the daily transaction volume.
Still there is a lot of money, namely, $15.6M being spent everyday in fees on those networks. Our goal is to scale ETH many times more than any other layer 1 chain has before and ensure that the costing is future proof.
We believe that the GAS problem might have been reduced but has not yet been solved, Credit is busy solving it as we speak. The point is to not only lower cost for those that currently use these networks but also to open the door to new users who perhaps only have $1.00 per year to pay in fee’s.
It is important to remember that ordinary users who don’t operate nodes will be able to stake their coins with the validator of their choice. A process that is simple and 100% risk free. The 50 nodes that have the highest balances will compete for their share in the fee’s on a block by block basis.
There are many types of Ethereum sidechains, but CSC network will be the cheapest by a very wide margin . Given the pre-existing knowledge garnered from user experience with other networks that are similar to CREDIT, we expect a free flow of liquidity in and out of the CREDIT blockchain.
Our goal is to deliver a layer 1 Ethereum side chain with 50 validators. This is where the community will play a role. To help us fill the validator slots, we ask that the community get behind us on social media whilst we drive demand for CREDIT.
Our current directive is to find and identify these 50 node based validators. And to ensure that our beloved CREDIT benefits as much as possible we have set this minimum balance quite high, which should drive demand for Credit to new heights.
We will commence the campaign in 7 days with another release detailing how much Credit is required, how to get the required amount of CREDIT and how to validate your balance in order secure one of these limited witness node slots. We will also touch on the testnet participation aspect and the technical requirements, as well as announce the launch of our new Discord Server.