ChainX network upgrade: Selected nodes can enjoy BTC Gas Fee

ChainX
2 min readJun 19

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I. Introduction to ChainX:

ChainX is a trusted and scalable BTC Layer2 solution aimed at achieving diversified applications and value circulation within the Bitcoin ecosystem.

ChainX supports cross-chain transfer and trading of various on-chain assets. It implements a Layer2 model that combines Taproot distributed thresholds and light nodes, ensuring enhanced privacy and security.

We’ve also released our token: PCX, which is used for network governance and incentives.

In the upcoming major upgrade to version V5.0.0, ChainX will become the first BTC Layer2 solution to use BTC as the native gas fee and support the EVM ecosystem.

Users will be able to access decentralized applications on ChainX using tools like Metamask and directly pay for transactions and operational costs with BTC, without the need to convert or exchange other tokens.

To drive the network’s development and expansion, ChainX welcomes more nodes to join its ecosystem and participate in the network’s consensus and governance processes.

Nodes can become validator or candidate nodes by staking PCX tokens and receiving corresponding rewards.

By staking PCX, nodes not only earn profits but also receive BTC gas fees. This allows nodes to benefit from the increasing value of Bitcoin while contributing to the security and stability of the ChainX network.

II. Gas Fee Details:

In the upcoming V5.0.0 version, BTC will serve as ChainX’s BTC-EVM gas fee, with the following details:

All BTC gas fees will be 100% transferred to ChainX validators.

1.Gas fee = gas * gas_price. Our gas_price is fixed at 0.05 Gwei (50000000 wei).

The gas size of EVM transactions initiated by users varies, with a minimum of 21,000. This means that validators receive at least 105 sats for each gas fee.

2. Excess gas from users will be refunded.

3. Every 5 minutes constitutes a session, with 288 sessions per day.

The reward for each session is currently 12.5 PCX (PCX incentives will be halved by 2023.06.07). The reward for each session is distributed among validators based on their block production rate.

The more votes and blocks produced, the higher the PCX reward.

III. How to become a candidate:

If you are interested in ChainX and want to become part of its network, you can visit the following website to apply as a candidate node:

https://chainx-org.github.io/documentation/docs/chainx/validators/

ChainX is a dynamic and innovative BTC Layer2 solution that enables value circulation and expansion within the Bitcoin ecosystem.

If you want to be part of this ecosystem and benefit from BTC gas fees, we welcome you to join ChainX and apply as a candidate node.

LINKS

Twitter:https://twitter.com/chainx_org

Website:https://chainx.org/

Discord:https://discord.gg/YK3N8C7vvn

Contact:business@chainnet.tech

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ChainX

ChainX is a BTC Layer 2 solution compatible with EVM that utilizes Bitcoin as a gas fee, serving as the predecessor network of BEVM.