GXChain is the world’s first exchange of its kind. It is a public blockchain offering decentralized data exchange solutions. The platform is created by the KPX team as an industrial-level and permissionless blockchain, which is meant to allow for a trusted data internet of value. The network was created to gather millions of trusted nodes and verified user IDs to facilitate a safe and secure environment. There are two cryptocurrency tokens used by GXChain. GXShares or GXS was originally used and GXC is the current token which uses Delegated Proof of Stake (DPoS) consensus.
This short guide will explain what GXChain is designed for, the team behind it, the way it works, and the various uses and applications.
What Is GXChain Designed For?
GXChain is employed in building an internet of value, which is trusted by the masses. The infrastructure addresses key concerns in security, integrity, and data ownership. GXChain addresses one of the most important concerns in the blockchain and internet world – trust. Know-Your-Customer (KYC) or ID verification is the foundation of today’s data-driven society.
When users log into devices such as PlayStation, iPhone, or Fire TV stick, they believe they are logging into a trusted ecosystem. The only reason users allow large corporations, like Amazon, Sony or Apple to access their personal information is because it makes their life easier.
This tradeoff is a common aspect of the 21st century with third-party apps like LastPass existing, as people find it difficult to remember their logins. However, where big data is concerned, there are big problems. And, GXChain with its technology is attempting to create a centralized place where information can be stored within the blockchain on an encrypted smart contract.
Who Is The Team Behind GXChain?
GXChain was developed by MQ Huang who is also the CEO of the blockchain platform. Before founding GXChain, Huang worked as the CTO at Hakim Information Technology and Insigma Internet. The current COO is Jessie Fan, who is also the CEO of Prophet.
How Does GXChain Work?
GXChain makes use of a dual Delegated Proof-of-Stake (DPoS) consensus mechanism. The blockchain makes use of a Graphene layer at its core to allow delegates to run for elections on any one of the 21 GXChain TrustedNodes. These nodes, in turn, generate block rewards and fees after processing on-chain transactions. The rewards are then distributed among themselves.
GXChain heavily focuses on cross-compatibility as any blockchain 3.0 project should do. It supports off-chain interactions and transactions with all off-chain data platforms. A Blockchain as a Service (BaaS) model makes the GXChain API available. Gas in the form of GXX is paid to carry out these transactions.
GXC is traded on Indodax, Binance, Gate.io, and BitMart, with Binance taking up a major share of the trading volume.
What Are Current and Future Applications of GXChain?
There are several use cases of GXChain since the platform offers high performance, scalability, dynamic adjustment of parameters, BaaS service, data supply, digital asset distribution, and application development based on the public letter chain. All these interesting features are wrapped conveniently in open source code.
Some real-life Dapps built on GXChain include:
Block city - This is for beginners to experience the blockchain world. This large-scale mobile app is based on GXChain and attracts millions of users through the “Mining” incentive.
Block Pirate – This is the first game built as a Dapp, which combines TCG with tower defense. The game is based on GXChain and is developed by a North American blockchain game development team called the Block Kingdom.
Chaos - This is a virtual world multiplayer game where players can participate in war strategies. It is based on blockchain technology and offers a brand new, glorious chance of rewriting history to all its users.
The platform can support transaction speeds up to 100,000 TPS with block sizes that get dynamically adjusted. The open-source platform aims to be the next decentralized data exchange that is used by medical, government, banks, loan companies, insurance, and other enterprise users.
In the U.S, there are various legacy systems in place to track employment, financial history, and other matters. For instance, E-Verify is used for employment verification, Equifax, Experian, and TransUnion are popular credit reporting agencies. ChexSystems helps track financial history for banks.
GXChain has a long road ahead of itself whether it is looking to work with these legacy systems or replace them. Securing high-level financial and governmental contracts in numerous countries can be difficult, but is doable.