ChainX AMA in Crypto Hub
ChainX was invited to have an AMA in the Sri Lanka Community
Q1:Could you give us a brief Self introduction?
Hello ， Everyone! I am Kristen from ChainX. It’s a great pleasure for me to introduce ChainX to you guys!
ChainX is the largest layer-2 network of BTC based on substrate technology! ChainX implemented the BTC Inter-chain on with light client technology！
On 16th Nov. 2019, ChainX launched the first BTC smart contract of the world！As the smart contract goes alive，the stable coin 、loans、oracle are expecting to be developed on ChainX. ChainX will bring BTC to block Chain 3.0 and will be eco-portal of BTC in the future!
Q2 What motivates the founder of ChainX?
In 2016, the co-founders have noticed the ParityTech team for their strong developing capabilities in blockchain area, so we began to study the Polkadot whitepaper as soon as it was released and translated it into the first non-English version. We gave it a Chinese name pronounced as Boca which sounds similar to Polka, and we have set up communities and organized meetups dedicated to the Polkadot network as well as the Web3 ecosystem. Now there are strong community bases for the Polkadot investors, developers and users in China.
We started diving into Substrate about a year ago, which makes us one of the earliest developers’ teams in the world. At that time Substrate was not completely separated from the initial Polkadot codebase. After 9 months of development and multiple iterations, we had developed 4 milestones of test-net, launching the final main-net on May 25. So, we are the first live chain based on Substrate. By now, we have performed 5 community-driven runtime upgrades since the launch of the main-net.
Q3- Who are the customers of ChainX, currently? In the near future? And what is the incentive and key of One to appeal to businesses that need to use the Harmony ChainX?
ChainX is a public Chain, which needs developers、nodes、and users. Now ChainX have 180+ Nodes ,and lots of developers who have contributed to the code. As the smart contract goes alive we hope that more and more developers could develop popular Dapps，which would attract more users to ChainX！
Q4. — No matter how innovative, but many xyz protocols will disappear as their “TECH” can be adopted & improved on by larger, more established protocols. How you will ever be able to compete with them? What unique ideas have Team actually come up with?
ChainX doesn’t have competitors right now . RSK was going to launch the smart contract of bitcoin ,but it’s been years ,nothing visible progress can be seen. ChainX main net went alive 6 months ago and today the smart contract goes alive . Polkadot was also planning to launch the smart contract, but the date is so illusive and no solid progress was made . If you are talking about the larger ones will EAT the others , ChainX is the LARGER one .
Q5. — Are there business opportunities for long-term or short-term individual investors in ChainX?
For long-term，you could be ChainX nodes、the Dapp developers 、holding PCX . For short term you could start to try with BTC lock-up mining, which is at zero cost. you could get 0.5 PCX /DAY , the compound interest will be much more!
Q6. — Are there very important benefits that investors should know about PCX in the Blockchain Industry?
In the Blockchain industry, 90% projects will die in the end ,so does their Tokens，except Bitcoin .
ChainX is BTC‘s largest layer-2 network ,which will expand the value of BTC . As the platform token ,the value of PCX will growing with Bitcoin.
Q7. — Most of investor just focus on the price of token in short term instead of real value of project. Can you tell us the motivation and benefits for investors to ChainX long term?
like what I have mentioned above. BTC is the only crypto currency that live in the end. So does ChainX.
If you wanna hold PCX long. Now it is a good Chance.
1)PCX is the Token of ChainX, 21 million in total. There is no public or private offerings, nor is pre-mining. The amount of token generated is halved every two years. The initial generation rate is 14400PCX/day, which means 10.5 million will be issued in the first two years. The team will automatically receive 20% of the tokens in the first two years for development and Operation expenses.
Now ，PCX is only 6 months old. like BTC ,the earlier to participate ,the more you can benefit.
2) PCX POS staking annually revenue is 186% ,which will hedging the fluctuation of the token price!
3) Impartial participating . there are 3 ways to get PCX.
No matter when to start ,you get the impartial chance to mine by asset at zero cost. If you are holding BTC or DOT ,BTC deposit mining; BTC lock-up mining,DOT Mapping mining might be good to start. you just need to following the Guid book on website www.chainX.org . or join the community https://t.me/chainx_org ,there gonna have lots people help you.They are very easy
Q8. — All current projects are concerned with the speed and quantity of transactions. Old projects have also improved their network. So what else does PCX need to bring to investors?
The public chain come across the technical limit in terms of performance ！Even though they are improving ，but generally they are sacrificing the decentralization. so we should think another way. Inter-Chain is the another way. Generally speaking inter-chain is a different structure and philosophy! ChainX base on interchain technology and is advancing the traditional blockchain technology a lot.
Q9 : The Chinese Chairman Xi Jinping recently made a positive speech about blockchain technology. What do you think will change in China’s future and how may it impact PCX?
It’s a really good news.
1)Bitcoin price raised around 40% within one day
2) Blockchain ,now ,is the national welcomed technology in China
3) The government of all aspect is pushing the implementation of blockchain in substantial economy.
The impact to PCX is positive. Government is cleaning up some illegal projects, which is good for the healthy development of the whole industry!
Q10 : I am a crypto investor and I only care about prospect of a crypto that I chose, tell me the reason why I should choose your token over the existing one.? What is your token advantage that can convince me to change from my favorite token?
- Safe. the annual revenue of PCX staking is 186% according to today’s token price, which means even though the token price waves down to 90%, you will still have your principal.
- Fair. In other project ,if you buy late, you buy in high price . but for PCX, you still have the chance to get pcx at zero cost .
- Promising. ChainX smart contract platform will incubate the overwhelming BTC Dapp, and PCX will have a strong usage scenario. As bitcoin’s largest layer-2 network .ChainX would be the first eco-portal of bitcoin.
Q11:Rest in the space and minimal product, where do you see your product actually being used by the community and solving the real world problem?
Solving the real world problem is a question that the whole blockchain industry is thinking about and working on. ChainX is a part of it .ChainX now focus on solving the problem of how to expand the application of BTC ,basing on the inter-chain and substrate technology.
Q12 — What’s the Algorithm used by #PCX Project ?? On which POS or POW Volume Network works ?
Q13-ChainX will give the chain back to community two years later, how would the community government？
ChainX currently has 30 validators authoring new blocks and an unlimited number of candidate validators. The commission rate of all the validators are fixed and exactly the same to guarantee the fairness between big and small validators. ChainX founding team had been renamed as PolkaX team which is one of the 11 council members. The other 10 council members are composed of the top 10 validators who receive the most votes.If a proposal is approved by more than half of the council members, then it will enter the referendum stage. If two of thirds PCX holders approve it, then it will be developed and upgraded by PolkaX team. So far six proposals have been passed, which are about the use of council funds and the refinement of the staking rules.
- Official website: https://chainx.org
- Wiki: https://github.com/chainx-org/ChainX/wiki
- Twitter: https://twitter.com/chainx_org
- Medium: https://medium.com
- Telegram: https://t.me/chainx_org
- White paper: https://chainx-static.oss-cn-hangzhou.aliyuncs.com/chainx_en.pdf
- Desktop wallet: https://github.com/chainx-org/chainx-wallet/releases/tag/v1.0.3
- Official Wechat: interchain