With DOT Transfers Available, ChainX Presents 5 Major Projects

With DOT transfers available, ChainX presents 5 major projects

After three years of research and development, the Polkadot mainnet is being launched in phases. The next phase being the transfers of DOT, expected to launch early in the morning of the 19th of August (UTC +8). ChainX is the first Asset Gateway project of Polkadot to go online and operate steadily for one year. With Polkadot’s milestone accomplished, ChainX presents five projects that will be officially launched after Polkadot’s DOT transfers are enabled!

First: Bridge DOT to realize double mining

Polkadot’s goal is arbitrary communication of assets between chains and does not involve any user applications. However, most of the data transmitted on the blockchain is still assets. ChainX assumes the role of the peripheral blockchain world asset gateway for Polkadot and will bridge external assets such as BTC into the Polkadot ecosystem, and subsequent derivative financial services.

After Polkadot realizes the transfer of DOT, ChainX will begin to bridge it into X-DOT. As Polkadot’s governance token, DOT has a staking function. In order to allow DOT holders to obtain Polkadot staking income and participate in ChainX mining, the ChainX Development team will develop DOT dual mining functions to allow users the benefit of both.

Second: Auction Slots

ChainX has been operating as an independent public chain and after Polkadot is officially launched, it will be connected to Polkadot and become a Polkadot parachain! Since ChainX is an independent public chain, access to Polkadot on the basis of maintaining the original consensus requires planning and it needs to cooperate with the progress of Polkadot slot development.

Third: Bridge more public chains and gradually evolve into the Polkadot secondary relay chain

ChainX ultimately wants to become Polkadot’s secondary relay chain. After polkadot goes online, many people will want to connect to Polkadot, but Polkadot has limited parachain slots and the costs of these are very high. Projects can then choose to connect to ChainX first and through it to Polkadot. As more and more chains connect to ChainX, ChainX will gradually evolve into Polkadot’s secondary relay chain.

Our development team completed the cross-chain bridge of Bitcoin in the early stage, and now the code is all open source. For other mainstream currencies, community members can apply for funds to develop their own bridge. We set up a special development fund with it’s key funding direction being transfer bridges. The maximum application amount for a team is up to 100,000 US dollars. In addition, if other public chains want to connect to ChainX, they will all receive technical support.

Fourth: Onchain Governance

As written in our whitepaper we plan to implement on-chain governance. Since ChainX went into mainnet earlier, it is based on the early version of Substrate 1.0. The on-chain governance model can only be realized after the Substrate 2.0 upgrade is completed. The upgrade is steadily being carried out and on-chain governance will be implemented soon.

Fifth: Dapp Market

The ChainX smart contract platform can greatly expand the applicability of Bitcoin and other cross-chain assets. ChainX core development has already created some Dapps such as the Bitcoin Prophet which launched on the testnet in May and the X-Pawnshop. Alongside this, the ChainX team is developing the Dapp Market and plans to deploy this on a new smart contract side-chain. The cross-chain exchange between the mainnet and side-chain tokens will be realized through two-way mapping. The first batch of smart contracts will be launched by the ChainX team, including Bitcoin Prophet 2.0, referendum contract, X-Pawnshop and task center.

In order to encourage developers to participate in ecological construction, ChainX has launched a series of grants to support development. Developers can directly pull the better applications on ETH and EOS, or develop new products based on their own advantages. These two directions are now the key funding targets.

Once Polkadot’s transfer function is enabled, ChainX will fully commit to the five plans of Dot two-way mining, slot bidding, linking more public chains, on-chain governance and the Dapp Market, creating a new ecosystem of interconnection with Polkadot.

About ChainX

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ChainX

ChainX

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