GXChain was designed to be an “Internet of value”. The KPX team created it as a secure locus for large numbers of confirmed ID users and approved nodes. GXchain’s enterprise-level blockchain has two crypto coins associated with it, called GXS (which was the first to be launched) and GXC, which managers consensus through Delegated Proof of Stake (DPoS).
GXChain is intended to garner trust in an age when private organizations and governments alike store information on all citizens, to the extent that without this background of data it’s impossible for us to exist as citizens. GXChain attempts to address certain worries around data integrity, ownership, and security.
Blockcity is the first significant app to be developed on GXChain. The platform has one of the world’s most active Blockchain communities, with more than 2 million users at the start of 2019. Blockcity was built for mobile and it combines user information into one cryptographically protected file that earns GXC over time.
In July 2018 GXChain was rated as the fourth-best blockchain by China’s Global Blockchain Assessment Index.
GXChain’s supply is 100 million GXS. GXC reached its highest price of $10.38 on January 13, 2018.
The GXChain ICO private sale ended on 5 April 2017, achieving sales of 10 million GXS. What was left was divided in this way:
5 million went to the mining pool
9.49 million went to supporting developers
51 million went to the GXS Foundation
The GXChain whitepaper talks about getting ready for a GXS to GXC token swap, and this took place towards the end of 2018, with a like-for-like value, i.e., one GXS was swapped for one GXC.
Dual Delegated Proof-of-Stake (DPoS) provides the consensus mechanism for GXC mining, with one block being produced every three seconds. DPoS takes place on a Graphene layer where elected delegates can run one of 21 GXChain TrustedNodes. Their job is to process transactions on the chain to create fee and block rewards, which can then be assigned to whoever has earned them.
GXS/GXC is traded on Binance, Gate.io, Indodax, and BitMart, with Binance looking after the majority of the trading volume. GXS trading pairs include BTC, ETH, and USDT.
An official GXS/GXC wallet can be found on Github, and mobile, web, and desktop versions are available. There is no third-party wallet support as of January 2019.
GXChain is an open-source public trust network built on the blockchain for enterprise users. Companies and government agencies frequently have to track sensitive personal data used for things like KYC.
GXChain keeps personally identifiable information (PII) in cryptographically protected smart contracts.
The GXChain blockchain’s native coin is GXS/GXC, and it’s used for tokenized transactions. It is mined using DPoS consensus.
GXChain is recognized by China as being one of the best blockchains, and its Blockcity app has higher usage than most other dApps. It offers very practical data security advantages and it seems well-placed for mass government adoption.