The ChainX mainnet was launched on May 25, 2019. It is the first Polkadot eco-chain based on Substrate technology. In order to preheat the polkadot ecosystem, chainX has opened a green channel for polkadot investors.
Firstly, Let’s get to Know ChainX and Polkadot.
Polkadot makes inter-chain information exchanges possible and ChainX is mainly focused on inter-chain assets like BTC, ETH, BNB and other digital currencies to transfer these assets from their original ecosystem to the future inter-chain ecosystem. ChainX will operate as an independent chain before Polkadot goes live. After Polkadot goes live, ChainX will connect to the Polkadot network via a para-chain.
Secondly, ChainX Token Economy
The token of ChainX is PCX, 21 million in total, with output halved every two years. No private offering or pre-mining will be launched. 20% of total PCX issuance in the first two years is distributed to the development team for research and development, after that all issuance will be distributed to the community. 90% of the total will be owned by the participating users through assets mining with only 10% for the founding team.
Thirdly, Asset is Power
We all know that the measurement of POW mining power represented by Bitcoin is the computing power, namely One CPU One Vote. The measurement of PoS mining power is the amount of coins, One Coin One Vote. ChainX pioneers the asset mining model of “One Asset One Vote”, which means that users can participate in ChainX Staking by simply depositing cryptocurrencies and they can get PCX. Asset value is the only voting power.
What’s More, the Reward Calculation !
Here is the recent calculation result.
SDOT PoS mining revenue (DOT mapping)
10,000 SDOT day theoretical income: 31.9 PCX
Converted to USDT: 510.4 USDT
Daily rate of return: 3.64%
Annualized rate of return: 1328.6%
How to calculate?
The PCX generated will flow to three reward pools.
1. BTC deposits pool
2. DOT mapping SDOT pool
3. Nodes’ PCX votes pool
In the ChainX system, voting is used as the computing power of mining. Voting is divided into “virtual voting” and “real voting.” Users are rewarded with PCX according to their voting weight or computing power.
- BTC deposits :virtual voting power
After BTC is deposited, the virtual voting power is obtained according to the BTC/PCX average price generated in the Chain X currency trading system, and the voting power will have a further 50% discount.For example, if one BTC equals 100 PCXs and with 50% discount to be imposed, then depositing one BTC means 50 PCX virtual voting power. - DOT mapping :generating virtual voting power
After DOT is mapped into Chain X and becomes SDOT, SDOT will obtain the voting power of 0.1PCX.For example, if you map 100 DOTs, you can get the virtual voting power of 10 PCXs. - PCX voting (generating real voting power):
In the first cycle, everyone does not have PCX, but in the second cycle, users can vote PCX to their favorite nodes to get the corresponding PCX voting power.
The percentage of rewards that individuals can receive is
(Virtual voting power of individual BTC deposits + virtual voting power of individual DOT mapping + real voting power of individual PCX votes) / (virtual voting power of total BTC deposits + virtual voting power of total DOT mapping + real voting power of total PCX votes)
Last But not Least ,For DOT Investors, You can Successfully Complete the Mapping by the Following Five Steps.
- Are you an Polkadot investor?
Although the current DOT is still not transferable, if you are involved in the first phase of the 2017 Polkadot investment, you can now participate in the mining on ChainX by mapping DOT to obtain PCX. [Click to view the list of DOT users that can participate] (https://etherscan.io/token/tokenholderchart/0xb59f67a8bff5d8cd03f6ac17265c550ed8f33907). DOT users can map the currently locked DOT to SDOT on ChainX at the ratio of 1:1, and enjoy the benefits of permanent participation in mining in ChainX.
2. Create a ChainX account at https://wallet.chainx.org if you don’t have one.
3. Click Map on the Assets page https://wallet.chainx.org/asset to go to the Mapping page.
4. Then you will see the mapping guidance:
Initiate a transfer of any amount (0 is recommended) from the address holding DOT to any address (your own address is recommended) and enter the following information in Data:
Information that needs to be entered in Data : Copy information
The information entered in Data is actually in the hexadecimal form of the current ChainX account. Through it, ChainX will know to which address to issue the corresponding SDOT.
If the “Data format is incorrect” prompt appears, you can try to solve this problem by adding 0x in front of this message.
5. After the transaction is successfully packaged, enter the transaction ID (Txid/TxHash) below. Once the transaction signature is verified, the mapping can be completed and SDOT will be issued immediately.
If you have any problem during the mapping process, please go to https://github.com/chainx-org/ChainX to post or go to https://t.me/chainx_org for help.
Here are some information about Chain X
- 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/v1.0.0
- Official Wechat: interchain
