ChainX Hopes that with the Help of IPFS, all Data on the Chain will be Stored Properly, and Called at any Time When Needed

1. The transfer bridge project is steadily ongoing.

We have been focused on the inter-chain business for a while. There are four stages.

  • Build IPFS rust library
  • Build the rust client for Filcoin
  • Build Filcoin mining pool
  • Integrate the first three modules into Substrate as a parachain

Currently we are at the third stage.

We’ll start with chain crossing from Filcoin to ChianX so that Fil can be connected to the mainnet. The other way around remains unfinished before Filcoin’s smart contract is launched, so we’ll have to put up with the old way.

2. ChainX reinforces the incentive mechanism of Filcoin.

What can we do with inter-chain assets from FIL? For FIL holders and miners, they are eligible for asset mining in ChainX to earn interest.

There are two kinds of assets in ChainX, original assets and mapped assets or inter-chain assets, to put it another way. Inter-chain assets via ChainX transfer bridge can participate in mining, which is important to avoid token concentration, a systematic problem of POS, and at the same time earn PCX mining interest for users so that tokens are distributed fairly and in a decentralized way. Besides, inter-chain technology itself is to facilitate the flow of assets on chains. It’s just in this case, the flow of profits is also added.

FIL will enjoy the same interest as inter-chain BTC in asset mining after the transfer bridge is done. If you are a FIL holder, you’ll earn PCX as interest by crossing FIL onto ChainX. In particular as a Filcoin miner, you’ll get both FIL token as storage incentives and PCX. This is what we call the reinforcement of incentives.

3. Filcoin will further prosper after ChainX joining

ChainX smart contract platform incubates a series of derivatives. Based on BTC, a series of products about games, quizzes and virtual pawn shops are created, with a batch of Defi products under development. ChainX decides to go an extra mile to build a BTC gateway.

Advantages of ChainX smart contract platform like high-degree decentralization, low-cost usage and secure contact language are encouraging developers to try all sorts of scenarios. Meanwhile ChainX has special funds earmarked for development. In the not-too-distant future, a whole set of DApp on games, quizzes, Defi, Dex, payment and loans will burgeon.

4. ChainX will enlist the help of IPFS to store data.

ChainX will selectively take onboard more inter-chain assets form Ethereum, Zcash, Binance, Libra, etc. and naturally incubate a series of DApps centered on these assets after the transfer bridge is complete.

The increase in application and transaction requires larger ledger or storage, a problem that all blockchain networks need to face. ChainX plans to use IPFS to solve this problem.

The IPFS technology used by Filecoin uses sharding to divide user’s files into N shares, which are encrypted and stored in different nodes. We all know that the smaller the file, the faster the download. Therefore, using IPFS for cloud storage only requires 1/n of the previous time.

ChainX hopes that with the help of IPFS, all data on the chain will be stored properly, and called at any time when needed.

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