What Is GXChain (GXC)?
GXC was the native token of GXChain, which is a blockchain-based operating data network launched in 2017. It essentially allows organizations and government entities to exchange data peer-to-peer (P2P) while maintaining high levels of security and cost efficiency. Overall, the main aim of GXChain is to build a data internet of value.
If you want to see the GXC price, take a look at the GXChain price chart above.
From GXChain to the REI Network
In August 2020, the developers of the GXChain crypto project started designing the GXChain 2.0 upgrade. However, they decided that, since the upgrade was massive, the whole network had to be rebranded. Thus, they changed the name of the project to the REI Network.
The term "REI" is formed from the first three letters of the words "rapid," "economic," and "innovative," which are the three key characteristics of the REI Network. In addition to that, it stands for free and economical. The GXChain crypto project launched a comprehensive renovation proposal in December 2021. The proposal was approved at block height 46630793, which resulted in the official GXChain rebrand to the REI Network.
The new version of GHChain (the REI Network) is an EVM-compatible public chain that fully supports the development of various types of on-chain decentralized applications (dApps). The REI Network presents a new economic model through token splitting, creates an ecosystem fund, and implements additional governance tools. In a nutshell, the mainnet of the REI Network includes new governance, consensus, tokenomics, and ecosystem.
GXChain Token Conversion to REI
Before the rebrand, the native token of GXChain was GXC. It was used for paying transaction fees, staking, voting for proposals, and so on. However, after the REI Network mainnet was launched, the GXC tokens were converted to REI tokens at a 1:10 split proportion. Thus, since the max supply of GXChain coins was 100 million, the max supply of REI stands at 1 billion. 750 million REI tokens out of 1 billion were released in circulation, while the remaining portion was split between developers, marketing funds, and node rewards.
It's interesting to note that this was not the first time GXChain tokens have undergone a rebranding. When GXChain was launched, its native token went by the name GXS. However, in 2018, it changed its name to GXC. Though aside from the change in the ticker, no other modifications occurred, since the tokens were swapped at a 1:1 ratio.
Besides, if you're curious to see how the GXC price varied throughout the rebrandings, take a look at the GXChain price chart featured above.
