ChainX Live AMA in Crypto Believer
ACALA network is also exploring the solution of using X-BTC as collateral
Host by @Cryptoobeliever
Could you please introduce yourself and ChainX in Brief?
Hello ,I am Kristen，the CMO of ChainX. It is a great pleasure for me to meet you all today!
ChainX is the largest layer-2 network of BTC based on substrate technology! ChainX implemented the BTC Inter-chain comunication on ChainX with light client techonolgy！
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!
Q.1 What is the difference between ChainX Smart Contract and Ethereum Smart Contract? How ChainX Smart contact can lead over Ethereum smart contract?
The difference between ChainX Smart contract and Ethereum Smart Contract is illurstrated as the following table
ChainX Smart contact can lead over Ethereum smart contract for four asepct.
Firstly，ChainX Smart Contract is based on the customized contracts module of substrate framework which uses WASM as the virtual machine, thus it has an inherent performance advantage than EVM of Ethereum. You can use Rust language to write WASM contract on ChainX. Rust is a system-level language focusing the performance and security which is exactly what Blokchain needs.
Secondly，The average block time of ChainX is 2s, much faster than 15s of Ethereum.
Thirdly, the ChainX Smart Contract could use bitcoin ,but Ethereum is still on testing.
Furthermore, ChainX can evolve into the Polkadot Network easier in that they are all based on substrate framework.
Q.2 There are so many different Blockchains , each one having different features like ETH for smart contract, some have privacy features but what features does ChainX have and why do you think people will use it ?
I think we should focus on what problem they could solve or what value they could bring instead of what features they have. ETH explores the function of Block Chain.
ChainX expands the value of Bitcoin. Bitcoin got the largest consensus of the world out of all the crypto currency. Even China Daily，whoes country is very strict on crypto currency, has writen that Bitcoin is the first project of Blockchain,which highly proved the irreplable and innovative value of Bitcoin in the world. But due to the limitaion of its systerm,Bitcoin ，now, could only be serves as payment or a store of value. Actually Defi needs Bitcoin，Dex needs bitcoin, Dapp needs bicoin，and ChainX exists to bring Bitcoin to them. Many projects want to solve this prolbem,but no solid progress has been made,such as RSK.
ChainX already have bitcoin on its Chain,only waiting for excllent Dapp developers or teams!
Q. 3 ChainX Project uses PoS Consensus mechanism ! But, Many Big Developers said that PoW consensus is best in terms of security ! Then, why ChainX choose PoS instead of PoW or any other consensus ?
Although there are still a lot of dispute about PoW or PoS, we believe PoS is the future. No need to compare these two in details, the facts speak for themselves. Gavin Wood, the most distinguished and experinced blockchain architect and industry leader in the world, chooses to use PoS consensus for Polkadot. Ethereum is actively evolving into Eth2.0 which uses PoS too. It’s obvious that PoW is no longer the mainstream.
Q.4 I saw @chainx_org on @AcalaNetwork website. Do you plan to integrate Acala stablecoin into ChainX DEX or does Acala plan to use PCX as a collateral for their crosschain stablecoin system? Can you comment on this collaboration?
Actually We are working together to implement ACALA network stablecoin as the trading medium of ChainX through the bridge. At the same time, ACALA network is also exploring the solution of using X-BTC as collateral.
Q.5 I see on medium about “World’s First Bitcoin DAPP”. Can you please tell more about this Bitcoin Dapp ? I have never heard of Bitcoin Dapps.Why did you invested in this?
You never seen anything as Bitcoin Dapp, because no one could realise it before ChainX implenting the bitcoin cross chain and lauching the smart contract. No one could ever combine these two together before,but ChainX did it. we belive the value of bitcoin. as I mentioned in the Q2, we all needs bitcoin but technically impossible to implement!
ChainX will always focus on expanding the value of Bitcoin. we breaks the barriers of technic and will incubating the good Dapp as well. we beleive ChainX will make the history!
- Official website: https://chainx.org
- Wiki: https://github.com/chainx-org/ChainX/wiki
- Twitter: https://twitter.com/chainx_org
- Medium: https://medium.com/@chainx_org
- 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