Coinex token:A token for creating and issuing other tokens as well as a token for creating pairs of the issued token in terms of coinex on its DEX

Coinex token:A token for creating and issuing other tokens as well as a token for creating pairs of the issued token in terms of coinex on its DEX

By quintomudigo | Crypto Street | 13 Nov 2019


           

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Coinex coin is a native cryptocurrency of the coinex chain blockchain platform  created and issued on  the ethereum blockchain network platform but it is scheduled to be transferred to its mainnet in late 2019 whose transaction takes place from one peer to another without involvement by the government thus is being considered to be a decentralized asset.When coinex token was issued on the ethereum network, its main function was to be used to pay for trading fees on its native centralized exchange,coinex.com. Later on,since its mainnet is already launched and has already started to operate,coinex coin can be used to create and issue tokens on the coinex chain.The creators of those tokens on the coinex chain can create a pair of their tokens in terms of coinex coin thus making it easier for token listing which was a lengthy process on the centralized exchange.This makes coinex coin to be considered as a coin to determine the networh of people.With coinex coin,traders of the coinex DEX can use the coin to pay for the gas fees while executing a trade.The trade will become successful after being verified by any of the verified delegates since the fee will become their income.With coinex coin,users can use it to pay for transaction cost for transfering their Coinex token from one smart contract address as well as to pay for transaction cost for transferring their issued token on the coinex chain from one smart contract address to another.Since coinex coin is a delegated proof of stake coin,delegators can use the coin to vote the delegates who will use the coins to secure the network and to verify any transaction taking place on the coinex chain thus in return they receive reward which they will distribute to delegators based on their voting amount.

  Coinex coin transaction 

Coinex coin transaction takes place on the ethereum blockchain explorer based on block height and timestamp.In the near future,the transaction will be taking place on the coinex chain.  Here is a view of the Coinex coin transaction;    

351665157-a7c3fdf537965ae6d6b869234d5f23b05d90056abbf5a7ac5fd5b656ee57ab10.png  

 

To view how the transaction takes place on the ethereum  blockchain, you can follow the link below; https://etherscan.io/token/0x081f67afa0ccf8c7b17540767bbe95df2ba8d97f  


You can also view transaction on the mainnet from below;    

351665157-fbb147a9ed67a50904f5ec50424d766e3b2ea5123a6ffe971e8f987b48057e0a.png  

To view how transaction takes place on the mainnet, you can follow the link from below;

https://explorer.coinex.org/  

  Date Launched

Coinex token project was started in 2017 but was launched in 2018 to become a utility token for paying for trading fees on the coinex centralized exchange but is scheduled to be transferred to its mainet coinex chain late 2019 where whose objective will be to enable issuing and creation of tokens as well as self pairing of issued token on its DEX exchange.

Founder Of coinex  coin

Coinex coin project was started by the viabtc mining pool company with the main objective of making it a native coin of the coinex centralized exchange.Later on it will become a native coin of the coinex chain where users will have right to issue token of their community as well as to create a pair of the issued token in terms of coinex.

Process of creating coinex coin  

We will explain the staking process after the launch of the coinex mainnet.Since coinex platform has been working on creating its own blockchain ,it further makes coinex token to become a delegated proof of stake coin.Although coinex token was initially been used to pay for trading fees on its centralized exchange,its function further increases  on the launch of its blockchain.During the launch,5.573 billion coins were issued to respective team.The remaining 315 million coins will be released through staking process for a period of 5 years.In the first year,the block reward will be 10 block per every 3 second for the first year,8 blocks per every 3 seconds for the second year,6 blocks per every 3 seconds for the third year,4 blocks per every 3 seconds for the fourth year and 2 blocks per every 3 seconds for the fifth year. In its blockchain, there are two key players,the delegators and the delegates.Currently,there are only a maximum of 42 delegates.The delegators can delegate their coins to any of the 42 delegates who will use the coins to secure the network and to validate any transaction taking place such as sending and receiving tokens and coinex coin as well as placing an order and canceling it.As a delegator,the more your voting power the more reward you will receive .Delegators can delegate any amount while to become a delegate,you need to have atleast 10,000 votes from other delegators in your wallet.Here is how the staking process looks like;

  351665157-1ff2879ddeff75324d7fa5b9878cdc92931933e2964769cdc541e624ddae7267.png  

 

If you would like to take part in the voting process so that you receive reward when your coins are used to secure the network and to verify any transaction taking place,then you can follow the link from below

http://dex.coinex.org/

Maximum circulation of Coinex coin  

Will not give the supply for the ERC20 token. Instead,we will give the supply for the coinex mainnet.From the coinex chain white paper,the maximum amount of coinex that should be circulating in the coinex chain should be 5.888 billion coins. Out of this amount,2.888 billion coins is issued to users and already circulating while another 885 million coins reserved for the coinex foundation which can be unlock if in need.Another 1.8 billion coins is reserved to the coinex team member which will be released for the period ranging between 2020 to 2024 at a rate of 360 million coins per year. The remaining 315 million coins is set aside by coinex foundation for the reward program to validators and stakers to be released for a period of 5 years at a rate of 105.12 million for the first year, 84.096 million for the second year ,63.072 million for the third year,42.048 million for the fourth year and 21.042 million for the final fifth year. Here is how the coinex supply distribution looks like;

  351665157-40ed31cc5ead89fb761585f3aac6c87c67176aea9b95fc8410a88c06b6ee7600.png  

 

  Coinex coin  Price

Currently, 1 coinex  coin is worth more than $0.02 and its price is expected to increase over the next period of time due to its increase in its utility function. Coinex coin is being abbreviated as  CET.

 

  Converting my coinex coin  to other cryptocurrencies

To convert your coinex coin to other cryptocurrencies such as bitcoin and Ethereum, you need to have a cryptocurrency exchange account. If you don't own one then you can follow the link to open a cryptocurrency exchange account for easy conversion of your coinex coin to Bitcoin or Ethereum. Currently,coinex is only listed on coinex centralized exchange.As a token creator on its coinex chain,you can issue your token and be able to create the pair of your token thus you will be able to convert your issued token to coinex token and back.Here is the link to coinex centralized and decentralized exchange;

  https://www.coinex.com/ 

 http://dex.coinex.org/    

Storing my Coinex coin

To store your coinex coin, you need a coinex wallet compatible to ERC20 token for the coinex issued on the ethereum platform and a wallet compatible to coinex chain. You can either store online or offline. To store your coinex coin online, you can either use myether wallet or metamask for ERC20 or can store on the coinex DEX the one issued on its mainnet. To securely store your Coinex coin offline from being stolen by hackers, you can use ledger Nano wallet.

Transferring my  coinex coin to other Users

If you want to transfer your coinex coin to another user, the two of you must have trust in each other. The trust should be the coinex coin address provided for by the receiver while the sender must have the coinex coin balance in their account to send to the receiver. For the sender, a blank space to insert the receiver address and another blank space to insert the amount to send to the receiver is indicated. Here is how it looks like;

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Knowing more About coinex coin

If you feel that you need to learn more about coinex coin, then you can follow them on their site. Here is the link redirecting you to coinex coin platform website

  https://www.coinex.org/  

You can as well read their white paper to learn more about their idea from below

https://www.coinex.org/whitepaper_en.pdf  

You can also join as a community member in any of their social media platform from below to follow the discussion made by other community members;  

twitter:https://twitter.com/CoinExChain

medium:https://medium.com/@chain_66731

telegram:https://t.me/CoinExChainOrg

Now that you know, I think that it is time for you to start earning some coinex coin by simply delegating your coinex token issued on coinex chain  to any of the 42 verified delegates  who will use the coin to validate transaction and to  secure the network. The more your delegating amount the more your reward.If you feel that we should also own some coinex coin for simply helping you know about it then here is our coinex coin address issued on the coinex chain;

coinex1lkdx5sehms6q28g5jvg0758dwsscpp06pyc8e9


quintomudigo
quintomudigo

Trader, Blockchain Technologist and Contentpreneur. Also founder and CEO @ Teacher Forex School.


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