A novel interoperability solution to integrate the benefits of all major blockchains.
While legacy blockchains are well-known for delivering benefits like transparency, decentralized storage of value, automation, and/or privacy, novel enterprise-focused blockchains seek to leverage DLTs to offer interoperability in cross-company interactions.
Ironically, interoperability is yet to materialize within the Crypto space itself.
Different established blockchains offer varying solutions. The Bitcoin blockchain is recognized as the most robust in terms of security, subsequently, the network’s cryptocurrency has gained recognition as a likely alternative to gold as a store of value.
Different blockchains have paved their own market purpose but a novel solution in the digital asset sector aims to ensure the benefits of all these blockchains can be benefited from simultaneously. Interoperability holds the key to ensuring a single solution that enjoins the benefits of each network.
ChainX aims to aggregate the benefits of various blockchains.
ChainX is an interoperability layer. Applications that integrate different cryptocurrencies can be built upon ChainX. Users are able to deposit the cryptocurrencies of different blockchains in trustless, decentralized escrows which subsequently emit a representation of that specific asset that is native to ChainX. This allows anyone, irrespective of which Crypto they hold, to access the applications without the need to convert back-and-forth between different digit assets.
The digital assets deposited on ChainX lead to subsequent native representations which are protected, mapped, and verified by network nodes. ChainX uses a unique proof of stake consensus to ensure that the network maintain byzantine fault tolerance. The voting power allocated to each node is dependent on the amount of virtual PCX they possess.
Virtual PCX is acquired by depositing digital assets. Thus, those who deposit the most have the most interested in protecting the network; thus, these individuals are given more virtual PCX as they have the greatest vested interest in ensuring the viability of the network as they are motivated by the personal interest of protecting the deposits they’ve made. Access to virtual PCX enables mining rights which allow nodes to allocate resources to the network to acquire block rewards in the form of real PCX.
The distribution of PCX is dependent on what tier a node falls into.
- Trust Nodes: The 15 nodes with the highest vote accumulation host the user inter-chain assets. To acquire such a high concentration of votes, a node is likely to have made substantial deposits and thus has a natural interest in protecting the network.
- Validator Nodes: The top one thousand nodes collectively process network transactions. Naturally, these nodes play an important role in ensuring double-spending and other network attacks are thwarted.
- Sync Nodes: A standard node will allow users of ChainX to make transactions.
By enabling users to take deposit various cryptocurrencies and then take advantage of their collective benefits, ChainX acts as a layer that allows blockchains to achieve interoperability. Rather than users being forced to opt for particular digital assets for the sake of their unique benefits, ChainX gives them the advantage of benefitting from the value-adds of the cryptocurrencies of all major networks.
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@hatu what do you think about the possible future of Dogecoin and its utility? Do you think It'll be next digital currency to rule human minds or do you consider any other highly growing currency doing that job?
DOGE was an early entrant that managed to acquire a strong niche community and that keeps it going. That's about it.
Thank you! the way you express things have got me stunned. I have just followed you, looking forward to more content like this.
Thanks. :)
Y de OneCoin, qué opinión tienes al respecto?
what do you think about WAN? competition or no?
Absolutely! This directly competes against WAN and there are a few key points to note.
Now, with the above points in mind, consider that WAN is valued several-fold more than ChainX. The main reasoning is likely that ChainX is not listed on any major exchange yet.
do you think that $6 dollars is somewhat over valued at the moment? 21million coins sounds good but i still feel that a 1 or 2 dollar entry would be best. Ill keep my eye on it though thanks, good article.
An individual coin's price doesn't matter. It's important that you realize that market cap and net diluted market cap matter.
Market cap takes into account circulating supply and impacts the immediate decision on hold/dump. Diluted market cap comes into effect once token release dates get close. This, of course, does not apply to traditional assets as diluted market cap is taken into account. However, due to low liquidity in this space, circulating supply plays a more important role in imminent decisions.
me parece bien
Great
@hatu, The cover picture defines everything and definitely in my opinion this is one more project which is very effective solution and in my opinion through this kind of Initiative may be tomorrow effective collaborations between Blockchain Platforms can happen. Stay blessed brother.
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STEEM Game over??? it was experiment ?
This doesn't compete against STEEM, which is a blockchain.
ChainX is an interoperability layer.
Your level lowered and you are now a Minnow!
Vote for @Steemitboard as a witness to get one more award and increased upvotes!
Well, what can I say, good competition. Well, if I understand you correctly)
Hey! These people who dm on social media networks and ask to invest money with them in blockchains, so Are they legit or are they scam?
Please Reply!
Scam, of course.
Thanks For letting me know
Cool. You Know any BTC EARN WAYS
Go to coincurb.com.
Click "Airdrops" or "Bounties."
Nice
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Una interesante articulo, del cual hay que tomar en cuenta detenidamente!
With all of the projects emerging to provide cross-chain services, will we soon see a meta-cross-chain chain linking the cross-chains together? ;)
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Hahah, that's a good idea!
The interoperability solutions are second layers so once we have enough of them, you and I can kickstart the meta-cross-chain chain linking projects!
Haha, good point. But we really need just a single blockchain that combines the benefits of existing solutions. It probably will be one of the existing chains but upgraded. Natural selection will determine which one.
Congratulations @hatu!
Your post was mentioned in the Steem Hit Parade in the following category:
Wow, nice upvoted!!
Very interesting! Even more great news for today. Interoperability is crucial for more wide spread use of tokens. I look forward to seeing more details about ChainX will operate.
Soy nuevo en esto me estoy familiarizando con el sistema y los servicios pero hay vamos la mejor de las suertes parece muy prometedor.
Interesting, Following
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Interesting concept!
Thank you for the article. One point. You write "novel enterprise-focused blockchains seek to leverage DLTs to offer interoperability in cross-company interactions." When reading the article it is clear you address the interoperability of different blockchain solutions. In the phrase quoted this not really clear. Because the digitalization of cross-company interactions aims to improve the interoperability of the companies on the business level. And blockchains (especially those which interoperate) are one concept that helps to realize this.
Thanks for the post.