ChainX will Issue a Kusama Parachain as the First Test of ChainX in the Polkadot Ecology.
Kusama has been deeply implementing the concept of “crazy” and “fast” since its birth. Just like its price, it makes people crazy or frustrated for a while, but we can also see that the value of Kusama seems to become more and more important.
We all know that Kusama, synonymous with “experimental grounds”, will naturally take the lead in trying out related functions of Polkadot, such as the most important and most anticipated Parachain function. In the just-concluded 2020 Polkadot China Tour, we heard a lot of exciting news. Gavin shared an extremely important message at the Shanghai station — the Polkadot Parachain is expected to go online at the end of the year or early next year. The news also revealed that Kusama’s parachain function is likely to go live sooner. As an important representative of the Polkadot ecology, ChainX will also plan to issue a Kusama parachain as the first test of ChainX in the Polkadot ecology.
Why does ChainX issue a Kusama Parachain?
The ChainX independent chain went live on its mainnet on May 25, 2019, with its own independent consensus validator. After the Kusama parachain function is launched, we will connect to the Kusama network through the parachain. After Polkadot is online, we will also connect to the Polkadot network through its parachain. At that time, the ChainX network will be composed of three parts: the independent consensus chain, the Kusama parachain, and the Polkadot parachain. ChainX is issuing parachains on Kusama, which can prepare and test for the future issuance of DOT parachains, and allow PCX to directly cross the DOT parachains with sufficient real platforms with small economic games.
What are the primary functions of ChainX’s Kusama parachain plan? 1. XBTC on the ChainX independent chain has been extended around the idea of allowing the project party to lock up PCX in exchange for XBTC through mortgages, and circulate XBTC on the Kusama platform, thereby providing huge capital circulation for BTC, which accounts for more than 60% of the cryptocurrency market value. 2. Provide a template module that can be quickly developed to allow independent consensus chains such as ton/bytom to be quickly integrated into this parachain. 3. Provide EVM smart contracts, allowing easy migration of Ethereum smart contracts. 4. Provide Wasm smart contract, which allows easy migration of smart contract Dapp on EOS.
What is the relationship between the ChainX mainnet and the Kusama parachain?
There are enough light nodes to cross-chain BTC on the mainnet of the ChainX independent consensus chain, so that each project party running on the Kusama parachain that needs BTC can cross the BTC to the ChainX independent network, and then pass the two parties in the ChainX network. Sign the lock-up xbtc and issue K-xbtc in kusama, which provides sufficient BTC liquidity for various applications on the Kusama parachain. ChainX plans to map 1:1 to PCX on the Kusama parachain 1:1 to issue a test coin — KCX (temporarily name, will change in the future).
At the same time, ChainX announced at the Shenzhen station of Polkadot China that it will participate in the Kusama slot auction, which will create stronger cohesion for the community. For slot auctions, ChainX plans to use parliamentary funds and 15–20% of the entire network’s computing power to incentivize users, and at the same time provide liquidity for KSM and DOT users who support ChainX bidding slots to ensure user market control.
ChainX also said that after successfully bidding for the slot, it will share the slot with all major public chains and jointly develop with many public chains. Any project that wants to access the Polkadot network can be realized through ChainX. More details about ChainX’s issuance of Kusama parachain and participation in slot auctions will be announced in the future, so keep an eye out for our next article.
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