ChainX secured technologically strategic partnership with government-sponsored project of Future Science Town

A Strategic Technological Partnership has been forged between Spider, an inter-chain project heavily funded by the government of Hangzhou Future Science and Technology City, and ChainX, a frontrunner in Cross-DeFi technology in the Polkadot Ecosystem.

ChainX, dubbed as the first chain of Polkadot, is fully committed to the expansion of BTC Layer 2, the development of digital asset gateway and Polkadot secondary relay chain in order to facilitate the unbridled flow of inter-chain assets. The mainnet was launched in May 2019 and has been running smoothly for nearly 2 years.

Spider, aspiring to create an integrated multi-chain system where chains are intertwined and interconnected, takes different inter-chain technologies via four distinctive routes including centralized gateway, multi-signature trusteeship, light node and mirroring mechanism on board to build what’s called the Internet of chains. The project has been strongly endorsed by the government of Hangzhou Future Science Town with over 10 million yuan.

Forging a comprehensive strategic partnership between the two shows a textbook example of strong alliances in the blockchain industry. Spider will reinforce ChainX with full-scale technical support and traditional strategic resources. In return, advantages enjoyed by ChainX in the international sphere, inter-chain technology, and BTC layer 2, will enrich Spider in terms of technical upgrades and practices, and finetune its design.

ChainX’s mainnet was upgraded to version 2.0 in November 2020 with the mission to bringing BTC onto Polkadot at the forefront of its mind. Aiming to become the world’s largest BTC layer 2 platform, ChainX 2.0 provides more options for asset management with each evaluated against best practices chosen by users.

The end of May 2021 will not only witness the two-year anniversary of ChainX’s mainnet launch, but also mark the first halving of PCX generation from 14,400 to 7,200, with all mining activities seeing their rewards halved, which will definitely inject a strong boost to PCX’s market performance.

This year has seen the crypto market gain strong and unstoppable momentum culminating in record prices being set by a motley collection of cryptocurrencies spearheaded by Bitcoin, revealing the already thinly-veiled attention of the global market unreservedly. What ensues is enthusiasm toward blockchain technology reaching a fever pitch. Against this backdrop, the forged alliance between ChainX and Spider goes with the trend of the market and fits into the bigger picture. It is the solid foundation laid by both teams tirelessly over the past years that serves as a new springboard for future development and progress.

About ChainX

ChainX, the first project in Polkadot’s ecosystem, is committed to the research and application of Bitcoin layer 2 expansion, digital asset gateway and will become Polkadot’s second-layer relay chain, to realize cross-chain asset exchange, leading Bitcoin Cross-DeFi.

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ChainX is the largest Layer-2 network of Bitcoin, based on Substrate, and will evolve into the Polkadot Secondary Relay Chain.