GXChain (GXS) – cryptocurrency functionality

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GXChain cryptocurrency – blockchain-based storage and exchange of data

Cryptocurrency GXChain (GXS) is a digital monetary unit that is in circulation within the ecosystem of the same name.

The GXChain platform is a decentralized data storage and exchange system based on blockchain technology. It is designed to establish links between information sources that are released on various platforms, and to exchange data among peer-to-peer companies: organizations or agencies.

The project is based on the need to eliminate one of the problems in the world of cryptocurrencies – the limited information about transactions. This is an innovative project that has no analogues and direct competitors in the market for the provision of services using blockchain technology.

History of the creation and development of GXChain

The date of the official launch of the project is June 10, 2017.

Developers have already released a decentralized application based on GXS technology and a wallet for storing tokens. Application users can create block chain identifiers and operate with personal data. Falsification of information is not possible, because they all pass a preliminary check.

The project team

Behind the creation of the project is a team of specialists from the Chinese company GXS Foundation Ltd, it has opened branches in Japan, the UK and Singapore.

The core of the GXChain team is:

  • Mingcheng Huan – CEO and Founder;
  • Guojun Tu – co-founder;
  • Chen Won – Technical Director;
  • Xiaopien Sui – Operations Director;
  • Liu Wu is a product manager.

Project purpose

The information platform GXChain works using blockchain technology. The concept of the idea of ​​the authors is based on the ability to safely and quickly track transactions and verify data, using a large amount of information.

Platform users have the opportunity to receive a wide source of verified data. To collect information with its help, it becomes a reality to check numerous government information bases: tax authorities, social security organizations. Information obtained from a reliable source is accurate and does not require re-verification.

The GXChain platform offers unlimited data access, even for ordinary users. Before the project, such activity was not feasible.

System Search Functions

Users draw credit information and transaction data from the large BigData pool, which gives unlimited access to their database. The information received can be used in various ways. To check the customer base, these data are studied by insurance companies, banks and credit organizations.

The repository can be used not only by legal entities, companies and organizations, but also ordinary users. Journalists and media workers find in the system the data necessary for conducting investigations.

Information from BigData can be useful for real estate lessors to study clients, will help when hiring office or home staff.

 Platform structure

The network is based on three principles:

  • Allows network participants to group their data and save them in encrypted form in a distributed file system. Users can give open access to personal information and monetize it.
  • P2P Data Marketplace. A decentralized data market will be beneficial for the business. Such a storage system makes it possible to transmit information in a peer-to-peer network (P2P) with a high level of security. This method is distinguished by data privacy and copyright, a high degree of protection against fraudsters.
  • Applications: on the basis of the project, you can develop all kinds of applications. It is capable of supporting smart contracts and BaaS services, and also offers a number of other services: ID verification, multidimensional data, KYC and quick access. The network is capable of delivering speeds of around 100,000 transactions per second, according to common business application scenarios. Developers have the ability to create new assets based on the GXChain blockchain.

GXS Token

GXChain used the token sale to raise the funding needed to launch the project.

GXS is a utilitarian token from the GXChain project, which was released by the GXS Foundation Ltd. This currency is a payment method for using applications in the platform ecosystem.

Token Distribution:

  • Limit number of coins: 100,000,000 GXS;
  • ICO amount: 24,510,000;
  • Amount for distribution among private owners: 10,000,000;
  • Blockcity mining pool: 5,000,000;
  • Developer community support: 9,490,000;
  • GXS Fund: 51,000,000.

Tokens held in the fund were frozen during the initial coin distribution. During the first year, 6,000,000 GXS will be thawed. Starting from the second year, 5,000,000 units will be put into circulation. The fund is intended for hiring, consulting, business development and marketing activities. GXS fund account is open for public observation, it can be verified through GXChain.

Features and possibilities of using GXS tokens:

  • Blockcity dApp mining to attract attention to the currency;
  • Incentives for users to complete quests and tasks at Blockcity dApp;
  • GXChain Community Award
  • Ballot for witnesses who are responsible for mining;
  • Payment for transactions with P2P data, use of services in Blockcity, operation of the GXChain blockchain as a service (BaaS);
  • Developers can implement their applications in GXChain, and customers can use digital currency as a way to pay for using or purchasing applications;
  • Developer Registration Fee.

GXChain mining

Consensus algorithms that the platform runs on during data exchange:
  • DPoS – delegated proof of stake;
  • PoCS – Proof of Credit Share.
DPoS is an alternative consensus mechanism, it is carried out by voting token holders for delegates who are responsible for checking transactions and maintaining the blockchain. The principle of operation of DPoS includes the need to select “witnesses”. They are responsible for creating new blocks to add to the chain, and receive a reward for this.

PoCS is a consensus algorithm developed by the project team in order to eliminate imbalance in the exchange of information among large and small companies. Each PoCS score of alliance members will be calculated when they complete the data exchange. PoCS pricing is based on transaction frequency and will help pay for it. Members with a lower account will pay more commission for the data, and members with a higher account will spend less for transaction fees.

Where to buy GXChain

You can buy and sell GXS tokens only on a small number of trading platforms.

List of exchanges that support GXS (in decreasing order of daily trading volume):

  • OEX;
  • Binance;
  • Gate.io;
  • QBTC;
  • Bit z
  • DragonEX;
  • BigONE
  • OTCBTC;
  • Allcoin.

GXS Storage

There is a special wallet developed by the GXChain team for storing funds. It is available for download on the site. It is possible to choose a software option suitable for different operating systems and devices on which it will be installed:

  • Windows
  • Mac
  • Linux
  • Android
  • IOS

Forecast and Prospects

GXChain platform is an innovative, innovative and promising project. It offers great opportunities for business and ordinary users as a service for storing and providing personal information.

While the project does not work at full capacity and is not widely popular. Why it is difficult to draw conclusions about the benefits of investing in its development and support. The success or failure of the platform can be discussed only after a while: when the developers will provide the public with a finished product and give full information about themselves, their idea and its phased development.

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