A data exchange cryptocurrency has seen a surge in value after wide-ranging changes to its protocols were announced.

GXChain (GXC) recently announced that it will undergo a “major overhaul”, a relaunch as GXChain 2.0 and the name REI Network (REI). The news caused GXC to rebound from a seven-day low of $ 0.62 to $ 5.43, up nearly 800%.

Source: TradingView

The proposed changes include an improved blockchain structure that would make the cryptocurrency more compatible with Ethereum (ETH) -based networks, allowing developers to create more applications for blockchains.

“The biggest improvement of the REI network over GXChain 1.0 is that it has been restructured from the basic architecture to a completely new blockchain structure based on a lighter code structure and with the Ethereum Virtual Machine (EVM) and the Ethereum Remote Procedure Call (RPC) compatible) to which Ethereum applications can be migrated seamlessly.

This will allow many applications developed on GXChain and Ethereum, including DeFi, to be connected directly and more quickly to each other’s ecosystems. ”

Other changes include a new governance function and a new economic model that distributes coins evenly, as well as the addition of an “eco-fund” of 250 million tokens for developers.

“GXChain is officially proposing a radical incentive method for ecological collaborations in the hope of using all 250 million unlocked REIs (the amount after the GXC fork) to incentivize the ecology of contributors and developers in the REI network.

The methods include, but are not limited to: rewards for excellent developers, investments in high quality projects, rewards for those who make a great contribution to the ecosystem, etc. ”

Hodler GXC will be able to convert its tokens into REI.

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