Home » What is GXChain (GXS) – All You Need to Know

What is GXChain (GXS) – All You Need to Know

Jonathan Gibson
June 24, 2018
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GXChain Introduction

From the developers at Gongxinbao (GXB) comes GXChain, a public blockchain that offers decentralized data exchange solutions, being the first exchange of its kind in the world.

The GXS data exchange does not cache personal data, offering its customers privacy. In addition, the exchange protects data copyright, preventing data fraud and counterfeiting and supports bilateral anonymous transactions. The GXS data exchange, which was commercialized on September 24, 2017, can be used for data exchanging in any industry.

Currently, the platform offers solutions for enterprises that engage in network loan, automobile finance, personal loan in internet finance and banks. They also provide data exchange solutions for government institutions and important industries that require data exchange, such as insurance, medical care, and logistics.

The technologies behind GXChain

GXChain is a blockchain that supports the development of a great number of applications. Unlike other public chains, GXChain does not only support smart contract or blockchain as a service (BaaS) but also delivers many exclusive services, such as ID verification, multi-dimensional data, KYC, and swift login.

GXChain currently has 100,000 TPS, which can support most business applications, and it also supports issuing new assets.

Applications created by using GXChain will grow into a critical part of data generation and consumption. Developers and users alike could benefit from using this application.

GXS data exchange, the blockchain’s first application, is proof of GXChain’s feasibility. Data transaction on GXB data exchange platform has passed 700 million times to date.

The second application based on GXChain, GXB Decentralized App (Dapp), deals with personal credit management and face to face credit verification.

GXChain employs delegate proof of stake (DPoS) for record tracking on the blockchain and proof of credit share (PoCS) for data exchange consensus.

DPoS is an alternative consensus system that requires coin holders to vote for “delegates”, who are then in charge of authenticating transactions and managing the blockchain. Stakeholders can also designate witnesses, which are responsible and rewarded for generating new blocks.

PoCS is a consensus algorithm designed by the GXB team to be a solution to the discrepancy of data exchange between big companies and small companies. Each PoCS score of alliance members will be calculated when the data exchange is complete. This means that the PoCS score is based on transaction regularity, and the score will be allocated to the transaction fee. Members with lower PoCS score will be require to pay more transaction fee for the data, while members with the higher score will pay less.

Features of GXChain

GXChain has the following features:

Processing Power and Expandability

GXChain can handle 10000-100000 transactions per second, with 3 seconds blocktime. Seeing as on-chain business constantly increases, GXChain has the advantage of being able to expand horizontally, allowing even higher transaction speed without necessitating a hard fork.

Real-time parameter adjustment

GXChain can change blocktime, blocksize, transaction fee etc. by voting, without requiring a fork like most chains.

Multiple Industries Support

GXB data exchange enables data transaction or exchange in various industry. Businesses and people have the ability to purchase such data.

App development support

Apps developed on GXChain will be supported by various data from multiple industries on the data exchange.

User-Issued Assets

GXChain lets users and companies develop and issue their very own digital assets.

GXChain development kit

Developers can also use modularized services for application development on the blockchain, such as DES, BaaS, Cli-API, Statistical Analysis API, and Blockchain Explorer API.

Data Exchange Service (DES)

DES supports smart contracts, which supports a tri-party bookkeeping agreement, and a peer to peer data exchange protocol based on IPFS. The protocol offers consistent and secure data exchange, as well as automatically recording the history of data exchange. DES can be used for permanent proof of existence, and data copyright recording.

Blockchain as a Service (BaaS)

The blockchain also supports API services. At this time, BaaS supports data storage, proof of existence and verification. GXChain can be used by developers for application data storage, achieving openness of data accounting.

Cli-API

Allows using a command-line wallet, which could visit ledger and process transaction directly.

Statistical analysis API

Supports statistical analysis of GXChain ledger, enabling the development of data visualization functions.

Blockchain explorer API

Enables the validation of various information, such as block, transaction, account information, and support developers to using web and API protocols.

The team

Minqiang Huang is the Founder and CEO, having more than 10 years of experience in data exchange, blockchain, and financial technology. He first became interested in cryptocurrency back in 2012, and since then he started several projects in this market.

He was the former CTO at Hakim Unique Internet Co Ltd, and Director of financial services of HAKIM UNIQUE. He received his bachelor degree in computer science at Shandong University of Science and Technology, and his master in management at Hong Kong Finance and Economics College.

Guojun Tu is the Co-founder and Vice President, and is a serial entrepreneur, having over 21 years of experience in the field of information security, financial transactions, and computer science. Guojun activated as a senior executive at 3 public traded IT company. He received his bachelor degree in computer science at Hunan University.

About the GXS Coin

GXchain issued GXSshares(GXS) their own cryptocurrency, which not only has circulation value, but is also an encrypted cryptocurrency developed using GXChain applications.

GXS is required from users when they develop and validate application and use chain service (such as transaction fee – in-chain transfers) on GXchain. It is the only token to date that functions as a chain application.

The team will buy back part of the GXS tokens at the price of secondary market at that time with 10% of the commission and burn them.

Price Prediction

GXS has a very irregular movement in the market. It had important spikes but also moments in which the price remained stable. It is a very interesting graphic that is worth to take a look at and recognize the moments when the currency can experience an upward movement.

In terms of BTC It started being traded at very high prices, but it remained relatively constant since August 2017. Most of the alt-coins tend to lose part of its price when compared to BTC.

It seems that GXS has an important support level located near $2.5 dollars and it may work in the future so as to sustain the price. At the same time, $5 dollars seems to be a resistance level that has just crossed successfully a few times.

Where to store GXS

GXS coins can only be stored in the GXS wallet which can be created on the GXB website.

Where can you purchase GXS

GXS can currently be purchased on the following exchanges: OEX, Bit-Z, Binance, Gate.io, QBTC or BigONE, and several more which can be found on CoinMarketCap (CMC).

GXS currently trades at $3.02 USD, having a market cap of $181,324,200 USD, and a circulating supply of 60,000,000 GXS out of a total supply of 100,000,000 GXS.

Verdict

GXChain’s aim is to create a reliable and applicable data exchange network, which will enable transference and storage of private data. This type of asset offers many advantages to all parties involved, making it a potentially valuable asset for financial and banking transmittance of personal information.

GXChain Contact and additional information: