GXChain (GXS) Review – A Blockchain-based Commercialized Data Marketplace
|White Paper URL||https://github.com/gxchain/whitepaper/blob/master/en/whitepaper.md|
GXChain is a public blockchain that supports that issuance of digital currencies and application development. Essentially, it allows developers to build their own decentralized and distributed applications with access to the platform. The goal of GXChain is to build a trustworthy and multi-functional data exchange network that enables the flow and exchange of data from many aspects of our lives.
Table of Contents
The Idea and the Team Behind GXChain
With the proliferation of data on the internet, there are many pain points for individuals. Since you do not own your data, someone can sell you information and personal data without sharing profits. In addition, data is often scattered among multiple platforms, making it difficult to manage. Finally, data is difficult, if not impossible, for individuals seeks to monetize and earn from it. They don’t know how the blockchain could be applied in this scenario to better their lives.
GXChain solves these pain points by obtaining user consent before collecting and storing user data on a blockchain. Access to user data on the blockchain is managed by a private key, securely generated and given to users, allowing them full control over their data. GXChain secures data with G-ID, an ID verification system to prevent tampering of data from other users. Access to user data is managed by a private key to ensure security. Proof of Data (PoD) is an innovative incentive mechanism to help users earn digital assets. Finally, user data is encrypted via private-public key pairs, enabling users full control over their data.
GXChain wants to be the data trading network that protects user privacy and offers copyright protection and usability at the same time. It has real-world applications in insurance, online lending, consumer loans and banks.
The GXChain team is led by Minqiang Huang, who has over 10 years of experience in data exchange, financial technology, and the blockchain. Previously, he was CTO at Hakim Unique Internet Co Ltd, a company engaged in intelligent internet, entertainment media and innovative finance industries. He has a bachelors in computer science from Shandong University of Science and Technology and a masters in management at Hong Kong Finance and Economics College.
Goujun Tu is GXChain’s co-founder and Vice President. Previously he was a senior executive at three publicly-traded companies. He is also a serial entrepreneur with more than 21 years of experience in the field of information security, payment and IT. He has a bachelors in computer science from Hunan University.
GXChain has a number of strategic Chinese partnerships, including: China Unionpay, a payment processor for four major Chinese banks; China Unicom, the state-owned telecommunications operator of China; and China mobile, the state-owned telecommunication corporation that provides nationwide mobile service across mainland China.
GXChain Token Price History
After the launch of GXChain in July of last year, the coin briefly shot up to $5.66 in January. The coin rose again to $10.23 by mid-January.
The GXChain Technology
The GXChain technology consists of three separate components for the different users of the system. It is known as a “CBD” model, which stands for Customer, Business and Developer.
Blockcity – (To C)
Blockcity is a blockchain mobile app based on GXChain that assists users in taking control of their data with its applications in data management and sharing. Users are given incentives to authorize their identity and information. Blockcity is dedicated to protecting user privacy and does not cache user data. Blockcity has a population of over 1 million verified users.
Decentralized data marketplace – (To B)
The data marketplace is an alternative to traditional data transactions, including the trading of data through third-parties and underground data transaction without precipitating data. A decentralized data marketplace has many advantages, including uncached data, privacy protection, fraud prevention and bilateral anonymity support. Current real-life applications for this type of data marketplace include industries like fintech, loans, P2P lending, governments, insurance companies, healthcare and logistics. GXChain’s marketplace commercialized in September and has since brought in over $7 million in revenue.
GXChain – (To D)
As a permission-less blockchain, GXChain supports different types of development, including: smart contracts, blockchain as a service (BaaS), ID verification, multi-dimensional data, KYC and swift login. It offers 100,000 transactions per second (TPS), which is sufficient for most applications. It also enables developers to issue new assets on GXChain.
The GXChain Network
The GXChain network will be powered by GXShares tokens (GXS). Once a user spends GXShares on a specific feature, service, or application on GXChain, the utility tokens will be burnt, reducing the amount of GXS in circulation over time. This is meant to prevent devaluation of the token over time.
The tokens will be distributed as follows:
Private equity – 10,000,000
Blockcity mining pool – 5,000,000
Community developer support – 9,490,000
GXS foundation – 51,000,000
The tokens held by GXS foundation was frozen at the time of the ICO and 6 million are unfrozen the year after. The year after, an additional 5 million will be unfrozen. Funds from the foundation will be used for hiring, consulting, business development and marketing activities.
In contrast to the usual Proof of State model, where miners put of a stake in a cryptocurrency to validate transactions, GXChain offers delegate proof of state (DPoS). This model requires coin holders to vote for “delegates” (or witnesses) who are responsible for validating transactions and maintaining the blockchain. Witnesses are rewarded for generating blocks which are then added to the blockchain.
How to Purchase GXS
OEX.com is the main option for purchasing GXS, as well as the exchange where it has the highest volume of trading. It is available for purchasing with CNY (chinese yen), BTC and ETH.
GXS is also available on the following exchanges:
- Bit-Z (Trade GXS with ETH or Bit-Z)
- Bit-Z (Trade GXS with BTC on Bit-Z)
- Binance (Trade GXS with BTC on Binance)
- io (Trade BTCP with USDT on Gate.io)
- Binance (Trade GXS with ETH on Binance)
How to Store GXS
GXS can be stored on a number of online wallets that support various desktop, online and mobile applications, including a Windows, MAC, Linux, Android, IoS and Github.
For maximum security, however, you should store your GXS offline.
Roadmap and Future Updates
GXS has many impressive accomplishments. It recently announced the finalization of its GXChain developer platform, which will launch in June. It has also announced that its founder and CEO, Vincent Huang, has recently returned from his third invite to Alibaba, where he shared the “CBD” business model. To stay updated on their most recent accomplishments, you can check the website and subscribe to weekly development updates via their site or on Medium.
GXChain has not released an official roadmap. It does plan to develop the project further but has declined to publicly announce specific timelines for events.