GXChain (GXS) – Everything You Need To Know
What is GXChain?
GXChain is the underlying blockchain of an decentralized data exchange, called KPX. The aim of the project is to provide a platform for P2P data trading and sharing of data between different companies or agencies.
Additionally, GXChain has an API for the integration of existing businesses, which essentially is a BaaS- (Blockchain as a Service) functionality.
Smart contracts and personal backend solutions are available too.
To access data stored on the blockchain the private key is used, this guarantees that every user has full control over his/her data.
And GXChain secures the stored data with an ID-verification system to prevent data manipulation.
Delegated Proof-of-Stake is the consensus mechanism, and there are 101 delegates. A new block is generated every 3 seconds, the block size can be dynamically adjusted, and the blockchain can handle up to 100,000 tx/s.
The source code is completely open-source. Every GXS (native currency of the ecosystem) that is used for executing a function in the network will be burned afterward, this reduces the token supply with time.
The project was founded with an ICO in early 2017, where 24,510,000 GXS were distributed.
Additional information is not available. The team is led by Minqiang Huang, who has more than 10 years of experience in data sharing and FinTech.
Can GXChain be mined?
No, the project uses dPoS (distributed Proof-of-Stake) as a consensus mechanism. Instead of mining, block producers will be generating blocks and get rewarded in tokens. Block producers will be voted upon with the dPoS-system.
What differs GXChain from other Cryptocurrencies?
This project is built for data trading and exchange, bringing big data to the blockchain.
How much is GXChain worth today?
What is the total and the circulating supply?
The maximum and the total supply of GXS is 100,000,000 and the circulating supply at the time of writing is 60,000,000 GXS.
Where can you buy GXS?
You can buy GXS on several cryptocurrency exchanges, most notably Binance.
Can GXS be sold for cash?
You can sell GXS for cash on several cryptocurrency exchanges that have fiat-pairings, most notably QBTC (not recommended).
There is no official roadmap at the time of writing. But the project is actively developed, the team currently works on implementing a virtual machine, bug fixes and finishing smart contract related codes.
Verdict and Rating
5/5 Interesting project with use-cases that make sense. Big Data is coming, and FinTech and Insurance companies are always interested in new technology. The team is experienced, and the code is openly accessible through GitHub.
What I don’t like is the fact that very little information is available and the project is based in China, which adds regulatory uncertainty.
And dPoS is not even close as save as PoW and with only 101 validator nodes it is hard to talk about a decentralized system here.
Current blockchain solutions are suffering from scalability problems, GXChain can handle a very high transaction throughput. But they’re nowhere near as save and decentralized as the known public blockchains.
DisclaimerThe writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
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