Reborn: GXChain Foundation Initiates Proposal for “Comprehensive Revolution”
“Since the mainnet went live in 2017 has been working on building a value-added network from trustworthy data. In order to capture the revolutionary changes brought about by DeFi, GXChain decided to go with the trend and revolutionize itself with GXChain 2. “
GXChain 2. will continue its efforts to “become a free, lightweight and development friendly public blockchain”. The GXChain 2nd test network has currently been running stable for more than half a year. Today the Foundation makes a proposal for the “Comprehensive Revolution” in the following aspects:
Rebranding: from GXChain 2nd to REI. Network
The “Comprehensive Revolution” proposal submitted by GXChain Official proposes that GXChain 2 be renamed REI Network (hereinafter GXChain2. Collectively referred to as REI Network) in order to better reflect the technological innovation of GXChain 2.
REI is derived from the first three letters of the words Fast, Economical and Creative, which correspond to the three main characteristics of the REI network.
A new technical architecture: a fast, inexpensive, EVM-compatible blockchain
The biggest improvement the REI community made over GXChain 1. is that it has been redesigned from the base architecture to a completely new blockchain structure based on a lighter code structure and compatible with EVM and Ethereum RPC, with Ethereum applications migrating seamlessly so that multiple applications can be developed on GXChain and Ethereum, including DeFi, to connect directly and more quickly to each other’s ecosystems.
At the same time, users of the REI network can receive free online calling and transferring contracts, as well as other sources of stake-out transaction fees. This enables the REI network to meet the requirements of compatible EVMs while solving the problems of high cost and low processing speed.
New economic model and new token distribution
As the proposal suggests, the Foundation unlocked GXC accounts for 25% of the total. Considering that the updated REI network needs to connect different systems together and that the original asset REI is used in different application scenarios like governance, collateral and binding and is the key to exchanging assets and data between ecosystems, the REI is Network will completely reform the economic model.
1.Tokens are shared equally
The native mainnet token conversion from GXC to REI will follow the 1:10 apportionment rule and the maximum REI offer will be 1 billion.
2. The activated part of the team is upgraded to “eco funds”
The team used all 25 million unlocks as environmental funds, of which 5 million were used for node rewards, 5 million for marketing, and 15 million for incentives for developers and systems.
3. Overview of the REI token distribution after the fork
Total tokens after the split: 1 billion
A groundbreaking way to promote ecological collaboration
In the Comprehensive Revolution Proposal, GXChain officially proposed a method to encourage radical ecological collaboration in the hope of using all 250 million unlocked REIs (the amount after the GXC fork) to encourage eco-contributors and developers in the REI- Encourage network. These methods include, but are not limited to, rewards for great developers, investments in quality projects, user rewards for those who make great contributions to the ecosystem, etc. The group’s announcements have also been changed from 25% to%.
Eco funds will gradually be released as the ecosystem grows and will not circulate directly in the market for an extended period of time. In the short term, it does not lead to an increase in the circulation on the market, but leads to ecological building incentives.
New admin function
In this proposal, the GXChain Foundation suggests adding a new chain governance module. The new governance functionality will differ from the current voting model of board members and node members and will become a voting model of “direct democracy” that is available to all coin holders.
In-chain changes in the REI network or community suggestions can be posted to the community through suggestions, and users can vote with the REI to achieve the goal of a “manageable” public chain “and the governance value of REI to increase.
The “Comprehensive Revolution Proposal” for transforming GXChain into the REI network will be the first proposal for on-chain governance. Once the proposals in the Comprehensive Revolution Proposal are implemented, this will be the biggest change to GXChain since 2017. It is reported that the GXChain community has started voting on this proposal.