On May 25, 2019, the world’s first Digital Asset Cross-Chain Gateway to support Cross-Chain Mining and the first Substrate-based chain in Polkadot ecology, integrated Bitcoin light nodes in a pure WASM virtual machine environment for the first time. The ChainX network appeared and PCX was officially born.
The total amount of PCX is 21 million with its issuance halved every two years using a BTC-like model. In the first cycle, 20% of issuance is owned by the genesis development team and used for continuous development funds. After the first halving, this is stopped, meaning all further PCX issuance is owned by the community. This way, the founding development team only controls 10% of the total issuance.
Currently, about 0.6% of the PCX issued every day is allocated to XBTC holders, called Cross-Chain Mining. The PCX mined by the user goes to vote for nodes to maintain the security of the ChainX network and is used for transaction fees. ChainX generates blocks every 6 seconds, so an XBTC transfer takes only 6 seconds. The handling fee is less than 0.1 cents, offset by the rewards from Cross-Chain Mining, effectively making transfers free. The throughput is able to reach 1000 TPS. When connected to Polkadot, this can reach as high as 100,000 TPS.
Why does ChainX issue a Halving NFT?
Since its inception, ChainX has had the same philosophy as the BTC community, creating a purely decentralized community. In the past two years, the development and progress of ChainX is inseparable from the support and construction of the community. In June 2021, ChainX will usher in its first halving. As the halving is approaching, in order to thank the community for its contribution to ChainX in the past two years, a Halving NFT will be launched.
ChainX NFT Type Quantity
There are only 100 ChainX Halving NFTs worldwide, with a total of five types. Among them, the Node Recognition NFT, limited to 10 pieces, used to thank the outstanding nodes that have contributed to the ChainX network; the Community Recognition NFT, limited to 35 pieces, used to thank community members who have made important contributions to the ChainX community; Partner NFT, limited to 35 Pieces, used to thank excellent partners of ChainX; Halving Commemorative NFT, limited to 15 pieces, used to thank the community members who performed outstandingly in the Halving NFT release series; ChainX Design Master NFT, limited to 5 pieces, used to thank the designers who made the winning NFT.
ChainX NFT equity
ChainX NFT is an asset recorded on the blockchain. It is irreplaceable and unique. Holders of the halving NFT will be given the right to represent ChainX, and they are the core of ChainX. In the future, it will have priority in things like ChainX whitelists and more opportunities to enjoy community benefits. Like an Ambassador Badge.
How to get ChainX Halving NFT?
ChainX’s Halving NFT is used to thank excellent nodes, excellent communities and excellent partners. During the release process, we will launch a series of activities in the community. Those who want to get the limited edition ChainX Halving NFT can participate in the ChainX community, the NFT event, design the NFT, and win your exclusive ChainX Halving NFT.
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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