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ChainX aims to facilitate asset interoperability with other blockchains It measures users' mining power based on the market value of BTC, DOT, ETH, ERC20, EOS, and other assets that are deposited in an inter-chain bridge. ChainX is an inter-chain crypto-asset financial blockchain that will become a Polkadot parachain when the platform launches. ChainX is one of the first blockchains built on Substrate, a framework that makes it easy to build upgradable and efficient blockchains. Substrate chains can easily be integrated into the Polkadot network at genesis. ChainX has completed the development of BTC bridge and DEX, with BCH, LTC, ZEC bridges in the pipeline because they all use similar POW consensus and UTXO transaction format. ChainX will continue to relay Ethereum and other POS chains.
What is ChainX?
ChainX represents a significant development in the realm of blockchain technology, focusing on enhancing asset interoperability across different blockchains. This platform is designed to facilitate the seamless transfer and management of crypto assets from one blockchain to another, leveraging the advanced capabilities of Substrate framework. Substrate's flexibility and efficiency make ChainX a pioneering project, especially as it prepares to integrate into the Polkadot network as a parachain. This integration is pivotal for ChainX, as it will enable even smoother interoperability and scalability options.
At its core, ChainX is driven by a community of developers, token holders, validators, and ambassadors, all working towards the common goal of building trust and facilitating asset movement in the blockchain space. The project has already made significant strides by developing a Bitcoin bridge and a decentralized exchange (DEX), with plans to expand its bridge offerings to include other major cryptocurrencies like BCH, LTC, and ZEC, which share similar POW consensus mechanisms and UTXO transaction formats.
ChainX's approach to measuring users' mining power is also noteworthy. It does so by evaluating the market value of assets such as BTC, DOT, ETH, ERC20 tokens, EOS, and others that are deposited into its inter-chain bridges. This method encourages the participation of a wide range of assets in the ChainX ecosystem, further enhancing its utility and appeal to a broad audience.
As the blockchain landscape continues to evolve, ChainX's role in promoting asset interoperability and its commitment to expanding its bridge capabilities position it as a key player in the future of blockchain technology. However, as with any investment in the crypto space, it's crucial to conduct thorough research to understand the risks and potential of projects like ChainX.
How is ChainX secured?
ChainX employs a multifaceted approach to ensure its security, integrating both innovative cryptographic techniques and traditional security measures. The platform leverages the Schnorr signature algorithm, renowned for its simplicity and efficiency in generating short signatures. This cryptographic method enhances security by making it more resistant to certain types of attacks compared to other signature schemes.
In addition to the Schnorr signature algorithm, ChainX utilizes a Mast contract and operates in a non-custodial mode. This means that users maintain control over their private keys and, consequently, their assets, reducing the risk of theft from a centralized point of failure. The platform also incorporates X-Lighting, a technology designed to facilitate faster and more secure transactions.
ChainX's security framework is further strengthened through the use of multi-signature wallets, smart contracts, time locks, Multi-Party Computation (MPC), and end-to-end encryption. These technologies collectively ensure that transactions are secure, transparent, and verifiable, while also providing mechanisms for secure multi-party computation and enhanced privacy.
The platform has also implemented the Blockchain Evolution Virtual Machine (BEVM), allowing for the execution of smart contracts with added security features. Smart contract audits are regularly conducted to identify and rectify potential vulnerabilities, ensuring the integrity and reliability of the code governing transactions and interactions on the network.
SSL encryption is employed to secure data in transit, protecting sensitive information from interception and tampering. This is a critical security measure, especially given the platform's role in facilitating asset interoperability across different blockchains.
ChainX's commitment to security is evident in its architecture and the technologies it adopts. By combining cryptographic innovations with proven security practices, ChainX aims to provide a secure and efficient platform for crypto-asset financial transactions and interoperability between various blockchains.
How will ChainX be used?
ChainX serves as a multifaceted platform within the blockchain ecosystem, focusing on enhancing asset interoperability across different blockchains. This interoperability is crucial for creating a seamless environment where various digital assets can be easily and securely transferred and utilized across multiple blockchain networks. By leveraging its own version of the Lightning Network protocol, known as X-Lighting, ChainX aims to facilitate faster and more cost-effective bitcoin transactions, addressing some of the scalability and efficiency issues faced by traditional blockchain networks.
Furthermore, ChainX supports the deployment of smart contract projects, both from Substrate and Ethereum, indicating its flexible and inclusive approach towards blockchain development. Developers can utilize familiar tools and plugins such as Truffle, MetaMask, and Remix when building on ChainX, which lowers the barrier to entry for blockchain development and encourages innovation within the ecosystem.
ChainX also ventures beyond traditional blockchain functionalities by incorporating social media and NFT platforms, indicating its ambition to create a comprehensive digital ecosystem. These platforms not only expand the use cases of ChainX but also foster a community around its technology, potentially driving user engagement and adoption.
The platform's unique approach to measuring users' mining power based on the market value of various assets deposited in an inter-chain bridge showcases its innovative take on blockchain economics. This method encourages the participation of a wide range of assets, enhancing the liquidity and utility of the ChainX ecosystem.
As ChainX positions itself to become a Polkadot parachain, it underscores its commitment to interoperability and scalability within the blockchain space. The integration into the Polkadot network will likely amplify ChainX's capabilities, especially in terms of cross-chain communication and collaboration.
ChainX's ongoing development efforts, including the completion of a BTC bridge and plans for additional bridges, highlight its proactive approach to addressing the evolving needs of the blockchain community. These developments are poised to enhance ChainX's utility in various industries, including finance, supply chain management, and entertainment, by providing a robust infrastructure for secure and efficient asset transactions across blockchain networks.
It's important for individuals to conduct thorough research and consider the inherent risks before engaging with any blockchain platform or digital asset. ChainX's multifunctional platform offers significant potential within the blockchain ecosystem, but like all investments, it requires careful consideration and due diligence.
What key events have there been for ChainX?
ChainX has marked its presence in the cryptocurrency landscape through a series of significant developments and strategic initiatives aimed at enhancing its ecosystem and expanding its reach within the blockchain community. One of the pivotal moments for ChainX was the launch of its main user-facing application, providing a gateway for users to interact with its features and services more seamlessly. This development was crucial in making the platform more accessible and user-friendly, thereby encouraging wider adoption.
Further diversifying its offerings, ChainX introduced an NFT trading and creation platform. This move tapped into the burgeoning interest in non-fungible tokens, allowing users to create, buy, and sell NFTs within its ecosystem. This not only broadened the utility of ChainX but also connected it with one of the most dynamic sectors of the crypto market.
To foster a more engaged and active community, ChainX established community and ambassador programs. These initiatives were designed to build a strong, supportive network of users and advocates, essential for the growth and sustainability of the platform. Engaging with the community in meaningful ways has helped ChainX to enhance its visibility and strengthen its position in the market.
In 2021, ChainX achieved significant technical milestones, including the completion of the development of a BTC bridge and a decentralized exchange (DEX). These developments are critical in facilitating asset interoperability with other blockchains, a core mission of ChainX. The BTC bridge, in particular, underscores ChainX's commitment to connecting various blockchain ecosystems, enhancing liquidity and enabling smoother asset transfers across chains.
The launch of the Kusama slot auction was another key event, signaling ChainX's readiness to integrate more deeply with the Polkadot ecosystem. As a project built on Substrate, ChainX's evolution into a Polkadot parachain is a strategic step towards achieving greater interoperability and scalability.
Looking ahead, the focus on supply chains indicates ChainX's ambition to address some of the pressing needs in the global economy, particularly in terms of resilience and diversity. By leveraging blockchain technology, ChainX aims to contribute to the development of more secure, efficient, and transparent supply chains, which are crucial for economic prosperity and national security.
It's important for individuals to conduct thorough research and consider various factors before investing in cryptocurrencies. The dynamic nature of the crypto market means that while there are opportunities, there are also risks involved.
What is the history of ChainX?
ChainX represents a significant development in the blockchain ecosystem, focusing on enhancing asset interoperability across various blockchains. This platform is designed to measure users' mining power through the market value of a wide array of assets, including but not limited to BTC, DOT, ETH, ERC20 tokens, EOS, which are deposited into an inter-chain bridge. This innovative approach allows for a more inclusive and expansive participation in the mining process, diverging from traditional methods that often rely solely on computational power.
As an early adopter of Substrate, a framework developed to facilitate the creation of efficient and easily upgradable blockchains, ChainX stands at the forefront of technological advancement within the blockchain space. Substrate's flexibility and efficiency make it an ideal foundation for ChainX, enabling seamless integration into the Polkadot network. This integration is pivotal, as ChainX aims to become a parachain upon Polkadot's launch, further solidifying its role in fostering a more interconnected and interoperable blockchain ecosystem.
The development milestones of ChainX, including the completion of a BTC bridge and a decentralized exchange (DEX), underscore its commitment to enhancing the functionality and accessibility of blockchain technology. The platform's roadmap includes the integration of bridges for BCH, LTC, ZEC, and other cryptocurrencies that share a proof-of-work (POW) consensus mechanism and UTXO transaction format. Additionally, ChainX plans to extend its interoperability features to include Ethereum and other proof-of-stake (POS) chains, broadening its scope and utility within the blockchain community.
Investing in cryptocurrencies, including ChainX, involves a careful consideration of potential risks and rewards. The inherent volatility of cryptocurrency values, alongside the opportunities for cheaper and faster money transfers and the advantages of decentralized systems, presents a complex landscape for potential investors. It's crucial to conduct thorough research and consider various factors before making any investment decisions in the cryptocurrency space.
The live ChainX price today is $0.075033 USD with a 24-hour trading volume of $63,636.66 USD. We update our PCX to USD price in real-time. ChainX is down 3.13% in the last 24 hours. The current CoinMarketCap ranking is #1858, with a live market cap of $938,319 USD. It has a circulating supply of 12,505,375 PCX coins and a max. supply of 21,000,000 PCX coins.