ChainX Weekly Report|ChainX New Minning Power Distribution Went Online

  1. Ecosystem

The amount of L-BTC lock-up: 9,653

The amount of S-DOT mapping: 1,432,735

The amount of PCX issued: 4,597,400

The rates of PCX locked up for voting:84.3%

2. Community Governance

1)This week’s Chairman of ChainX Parliament: luckyve

On April 7, the PolkaX team completed the development of Proposal No.09 and adjusted the distribution of ChainX mining power. The latest distribution rules are as follows:

1) Every session(about 5 minutes), ChainX generates 50 pcx,Among which 10 pcx are reserved for the creator team;

2) Among the remaining 40 pcx, denoted as S. a) Let TR = 12% of them (that is TR*S = 4.8 pcx), go to the Council Treasury (The address of Council Treasury would be published and financial report would also be released monthly in official social media account); b) Let AR = 8% of them (that is AR*S = 3.2pcx), go to the Airdrop Pool; c) The remaining (which is 1-TR-AR of 40, denoted as AMO, Available Mining Output) would be distributed between PCX miners and X-BTC miners, according to their mining power. i. 1 PCX’s mining power set to 1; ii. 1 XBTC’s mining power is PR_XBTC=400 times of 1 PCX; iii. Other X-Token’s mining power will be clear when they are available; iv. Set a hard ceiling, XR=10%. When sum of all X-Token’s mining power / total mining power >= XR (touch the ceiling), we limit the sum of all X-Token’s mining power to the hard ceiling. Each X-Token reduce their benefits in proportion; v. Fix mining power of PCX / total mining power = 1-XR,that is 90%; vi. At last, if any PCX remains, it goes to the Council Treasury.

3) Let mining income of L-BTC and S-DOT be paid from Airdrop Pool; a) L-BTC and S-DOT share the benefits of Airdrop Pool per cycle, eg: each receives 1.6 pcx as ratio above; b) The mining revenue of L-BTC is distributed according to the user’s lockup ratio; c) The mining revenue of S-DOT is distributed according to the S-DOT proportion mapped by the user.

Note 1: The purpose of the Council Fund(aka. Council Treasure)is to better operate and promote projects, build ecology, and actively embrace the community. Its funding trends are subject to community-wide supervision, and its responsibilities include, but are not limited to: PR & market cooperation (exchanges / wallets, etc.), ecological cooperation (Dapp / open source communities, etc.), quantitative teams, etc

Note 2: This proposal builds the new framework of mining power, that is, the mining power of X-token is converted into PCX’s mining power through a certain function. The current function is a fixed 400 times. In the future, if the price of pcx changes significantly, cause the fixed ratio of XBTC become unreasonable, then, the parliament can only adjust PR_BTC, or use other algorithms to explain the relationship between the mining power of X-Token and pcx.

Note 3: From the month when this proposal takes effect, trust incentives and parliamentary incentives will be adjusted from 20% of the expenditure parliamentary funds to a fixed value, which is 250 PCX per person per month.

3. Development progress

  • ChainX signer releases version 1.0.8, adding checks for nodes to be added
  • ChainX extension releases 1.1.6 and 1.1.7 versions in Chrome and Edge browsers, respectively
  • Solve the white screen problem of trust tools, release a new version of trust tools
  • ChainX Api official documentation article development

4. Community Atmosphere

Community data

Telegram: 3413

Twitter : 8320

WeChat official account: 4080

ChainX account: 4276

5. Upcoming Events

  • On April 16th, the core development member of ChainX Qinghuan is invited by the Starcoin community of the Filecoin community to share how ChainX work with distributed storage.
  • On April 17 ChainX CMO Kristen was invited by Cryptohero’s overseas community to share ChainX’s development before Bitcoin halved

About ChainX

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