What is ChainX (PCX)?
ChainX is a blockchain platform that supports native asset interaction between different blockchain networks. The platform does this through the use of parachains and a Proof of Stake mechanism to reach consensus.
Besides, ChainX also allows staking coins that do not support this feature, such as Bitcoin. The project was initially launched as a Single-system chain, then upgraded to a Dual-chain network, and by 2021 is already operating as a Multi-chain system supporting several other blockchains.
ChainX was also one of the first projects built on Substrate. This allows the platform to create cryptocurrencies and other decentralized systems. Most projects built with Substrate can be easily integrated with the Polkadot network. So the integration process will be quite seamless and easy.
What problem does ChainX pose to solve?
Here are the current Blockchain technology problems that the ChainX dev team wants to solve:
- The PoW algorithm that issues cryptocurrency based on the mining power of “Miners” is considered a relatively decentralized and fair method. However, it is still easy to be monopolized by large “Miners”, causing small “Miners” to spend money to buy excavators at high prices.
- The PoS algorithm is not fair when the confirmation vote depends too much on the number of coins that the individual holds.
- Slow transaction speed.
- Smart Contracts are not merged. For example, the fact that ETH has a
- Smart Contract but cannot merge convert to PoS.
Blockchains are stuck in their own systems that cannot inter-chain cooperation with other Blockchains.
What is ChainX solution?
To solve the above problems, the dev team relied on Polkadot's Substrate to create their own Blockchain.
Some features of the above solution:
- ChainX calculates the mining power based on the market value of the coins so it will not depend on the miners with high prices.
- ChainX uses PoS algorithm to establish the first Blockchain to support competitive mining in a fair manner.
- Faster transaction speed.
- Smart Contracts can be merged to help projects transition across platforms more optimally.
- Every chain can connect to the ChainX network for cross-chain cooperation with other chains.
- ChainX v1 is the first generation of ChainX. This version allows the integration of Inter-chain assets on the networks of BTC, LTC, ZEC, ETH, ERC-20, ERC-72, ADA, EOS to expand and attract more users who can participate in mining. property extraction.
- In Q4 2019, the project will release ChainX v2. With this improvement, ChainX will add a new Relay chain in parallel with Polkadot to connect Polkadot assets and continue to support the community to develop other dApps.
- In 2020, the project launches ChainX v3. This release will evolve into a multi-architecture chain and act as Polkadot's Relay Network layer 2.
- Currently, the project has just launched a dApp system that allows users to experience transactions with a fee of only 0.1% and pay up to 10% of transaction fees for miners.
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