What is ChainX (PCX)?
ChainX is a scalable BTC layer-2 network built to improve payment speeds on the Bitcoin blockchain and expand its functions. PCX is the governance token of ChainX. The live PCX price can be visible on the ChainX price chart above.
The ChainX crypto project has two modes – custodial and non-custodial. These modes ensure Bitcoin's security and trustworthiness.
In the ChainX custodial mode, it makes use of two custodial solutions – a multi-signature custody scheme and a threshold signature custody scheme. The custodial mode applies a process known as chain-crossing. This is a process where assets are mapped onto the target chain while remaining locked on the original chain. In this process, assets do not disappear from the original chain and can be managed by different parties at the same time in a centralized manner.
In the non-custodial mode, on the other hand, ChainX makes use of the Lightning Network. However, it implements its own version of the Lightning Network – X-Lighting. The network makes fast on-chain payments and smart contract executions possible. In essence, it reduces BTC transaction times and fees by reducing the number of transactions stored on the chain permanently. Rather, transactions are stored in payment channels and then completed outside the chain.
Besides, ChainX supports the deployment of smart contracts due to the use of Web Assembly and EVM. Thus, it provides a quality development environment for decentralized application (dApp) developers. Moreover, it also supports popular programming languages (such as Solidity) and Ethereum’s Web 3.0 protocols.
In the future, the ChainX crypto project plans to add even more features such as BTC futures trading, synthetic assets, and swap agreements.
The platform adopts Polkadot's hybrid "Babe+Grandpa" consensus algorithm. The Babe module generates blocks every 6 seconds, while Grandpa performs the final confirmation. This algorithm's most important feature is that it isolates block confirmation from block generation. It's also important to note that ChainX is one of the first protocols built using Substrate. Thus, it's planned to make it a parachain on Polkadot.
Use Cases of PCX Tokens
There are three primary functions of the PCX coin – governance, staking, and payments.
In terms of governance, ChainX token holders can participate in the decision-making processes of the network.
Furthermore, talking about staking, PCX tokens can be staked to protect the network and generate rewards for doing that.
Lastly, PCX tokens are used to cover all transactions on the protocol.
Interested in buying ChainX coins? Don't forget to check the ChainX price chart above. It features both – the current and the previous PCX price.
Who Founded ChainX?
ChainX was founded by Lipeng Yue in 2016. Yue is a Polkadot community organizer in China. Another important person in the project is Shiqing Guo – he is the core developer.
PCX Tokenomics
Like it is with Bitcoin, the maximum supply of PCX tokens is 21 million. However, every two years, the total supply in circulation is halved. Halving is a process where the total tokens accumulations are reduced in half despite the demand. This process is designed to increase demand and maintain PCX price stability.
