Make bitcoin more valuable
ChainX, one of the earliest projects to launch in the Polkadot ecosystem, is committed to the research and application of Bitcoin Layer 2 expansion, its growth as a digital asset gateway and becoming a Polkadot second-layer relay chain for cross-chain asset exchange. A true pioneer in the development of Bitcoin Cross-DeFi.
Bitcoin, with a market capitalization on its way to reaching US$1 Trillion, holds the key to the digital currency world. Its value proposition is enabling further and deeper blockchain technology breakthroughs, validating Bitcoin as a payment method and a superior way of transferring and storing value; in the eyes of many, we have only seen the tip of the iceberg in terms of its full potential.
ChainX is deeply committed to researching and expanding Bitcoin’s Layer 2 financial platform, striving to promote Bitcoin’s value flow, enrich financial derivative opportunities and improve hedging tools.
The The ChainX asset gateway is composed of two parts: decentralized Bitcoin trusteeship and inter-chain asset mirroring.
Users deposit and collateralize bitcoins for X-BTC and use this in transactions with synthetic assets of other cryptocurrencies, growing to a wide range of cryptocurrencies that can be exchanged and traded on the same chain.
Parachains are developed using different types of blockchain technology. Relay chains are responsible for safeguarding the network’s co-sharing consensus and facilitating inter-chain transactions among parachains. The relay chain itself does not deploy any applications. Parachains are the ones that develop and deploy applications.
Polkadot’s focus on the efficient, inter-chain connection within its ecosystem advances all blockchain development to a new level and it looks set to usher in Blockchain 3.0. ChainX will run as the second-layer network to Polkadot after it releases version 2.0.
ChainX 2.0 combines and coordinates various functions like hybrid PoS consensus, on-chain council governance, WASM virtual machine, native execution of smart contracts, efficient light-client protocol, off-chain workers, and multi-signatures. The system architecture is highly compatible with Polkadot.
The module is based on the native token PCX. For the most part, it includes functions performed by PCX such as staking, paying fees, on-chain governance, distributing inter-chain mining rewards, and backing Bitcoin financial derivatives. PCX is related to most programs running on ChainX.
A cross-asset transaction module, it promotes circulation of assets on different chains while minimizing transaction costs.
This is an ‘entering or exiting’ module for different chain assets and the X-Tokens. It includes an inter-chain transaction verification system, on-chain mintage program, trusteeship program, and a deposit and withdrawal program for the X-Tokens.
A window for information exchange and verification between ChainX and outside chains, it is primarily comprised of a chain information update program, a chain monitor program, and an inter-chain information collection and transmission program.
The cryptocurrency PCX (Polkadot ChainX) issued by ChainX has a fixed total supply of 21 million. In the initial dividend round or the first 210,000 cycles, 50 PCX is distributed as a reward in each cycle, and 25 PCX for the second round. 20% of the issuance in the initial round (which accounts for 10% of the total) goes to the founding team for ongoing project development. All the subsequent issuance goes to the community.
ChainX adopts the BABE+GRANDPA hybrid consensus, Polkadot's brand-new mechanism whose most notable feature is to separate block confirmation from block generation. The BABE (Blind Assignment for Blockchain Extension) module generates blocks every 6 seconds, with GRANDPA (GHOST-based Recursive ANcestor Deriving Prefix Agreement) making the final confirmation.
A tricameral governance structure has been adopted by ChainX at the advice of Polkadot for better decentralized community governance. The three chambers are a Referendum Chamber, a Council and a Technical Committee. In addition to these, ChainX will also be introducing a Treasury (to incentivize groups and individuals that contribute to the ecological development of ChainX) and the X-Association, a non-profit organization responsible for promoting the development of both the community and technology.