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What is ChainX (PCX)?

ChainX (PCX) is an inter-chain crypto-asset financial blockchain designed to facilitate asset interoperability across different blockchain networks. It positions itself as an inter-chain central blockchain for digital assets, aiming to eliminate barriers between assets on separate chains and create a multi-currency integration ecosystem. ChainX is one of the first blockchains built on Substrate, a framework that enables upgradable and efficient blockchain development and allows seamless integration into the Polkadot network at genesis. The project is described as a community-run Layer-2 network of Bitcoin and reportedly the largest Layer-2 network of Bitcoin. It existed as an independent chain before the Polkadot mainnet launched, and it plans to become a Polkadot parachain and eventually evolve into the Polkadot Network as a secondary relay chain. The PCX token has a maximum supply of 21,000,000 coins, with a circulating supply of approximately 12,505,374.7 PCX. ChainX does not conduct an ICO or pre-mining; users can only obtain PCX through mining or staking.

Key Specifications & Tokenomics

• Name: ChainX
• Ticker / Symbol: PCX
• Consensus Mechanism: Proof-of-Stake (POS), combining PCX voting and mining power; will use Polkadot's POS consensus and contract technology
• Underlying Architecture: Substrate
• Category: Cross-Chain Infrastructure
• Tags: Bitcoin Ecosystem, Substrate, Polkadot
• Total Supply: 21,000,000 PCX (also stated as 12,505,374.7 PCX on some listings)
• Max Supply: 21,000,000 PCX
• Circulating Supply: 12,505,374.7 PCX
• Halving: Every two years, similar to Bitcoin
• Founding Team Allocation: About 20% of the first two years' circulation; after two years, the founding team will own 10% of the total
• Mining Income Split: Founding team, Treasury, PCX mining users, and inter-chain asset mining
• Official Website: https://chainx.org/
• Block Explorer: scan.chainx.org
• CertiK Rating: 3.0

Who created ChainX?

ChainX was co-founded in 2016 in China by Lipeng Yue. The ChainX founding team was later renamed as the PolkaX team, which is one of the 11 council members of the network. The other 10 council members are composed of other parties. About 20% of the first two years' circulation of PCX tokens is owned by the founding team for ongoing development funding. After two years, the chain will be totally owned by the community, and the founding team will only own 10% of the total supply. The project is driven by a community of developers, token holders, validators, and ambassadors working toward the common goal of building trust and facilitating asset movement in the blockchain space.

How does ChainX work?

ChainX operates as an inter-chain crypto-asset financial blockchain that measures users' mining power based on the market value of BTC, DOT, ETH, ERC20, EOS, and other assets deposited in an inter-chain bridge. The platform uses a Proof-of-Stake consensus mechanism that combines the computing power of PCX voting and mining power. Assets deposited through the inter-chain bridge automatically convert to their PCX value according to the daily average price, and ChainX issues new PCX according to the total market value of users' assets. ChainX employs the Schnorr signature algorithm, known for its simplicity and efficiency in generating short signatures, which enhances security by making it more resistant to certain types of attacks. The platform has completed the development of a BTC bridge and DEX, with BCH, LTC, and 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. Any chain can establish interoperability with all chains by connecting with ChainX.

What makes ChainX unique and valuable?

ChainX distinguishes itself through several key attributes. It is one of the first blockchains built on Substrate and positions itself as the first chain of cross-chain asset gateways and Substrate, focusing on providing upper-tier facilities across assets. The project aims to unify inter-chain assets through a decentralized approach, allowing any chain to establish interoperability with all chains to break inter-chain asset barriers. ChainX is described as a community-run Layer-2 network of Bitcoin and reportedly the largest Layer-2 network of Bitcoin. It existed as an independent chain before the Polkadot mainnet launched and plans to become a Polkadot parachain, eventually evolving into the Polkadot Network as a secondary relay chain. The project does not sell ICOs or conduct pre-mining, emphasizing a fair distribution model where users can only mine or stake to obtain PCX. The halving mechanism every two years, similar to Bitcoin, adds a deflationary aspect to the tokenomics.

What is ChainX used for?

The PCX token serves multiple functions within the ChainX ecosystem. It is used to pay miner's fees, similar to BTC. It acts as a market value unit and conversion unit in asset markets, where all assets are converted to the price of PCX, similar to ETH and ERC-20 tokens. PCX is used as collateral for trust and consensus nodes, with more collateral leading to more votes from users. In the PoS algorithm, the greater the number of votes, the greater the responsibility for creating new blocks and collaterals, and PCX is also used as collateral similar to EOS. Additionally, PCX functions as an exchange medium for payment exchange on the ChainX network and exchange DApp, similar to BNB. Users who mine PCX can use it to pay miner's fees and validator's deposits, vote for validators, and act as an intermediate currency for trading some minority assets.

How Is the ChainX ecosystem developing?

The ChainX ecosystem is centered on cross-chain asset integration and community governance. ChainX has completed the development of a BTC bridge and DEX, with BCH, LTC, and ZEC bridges in the pipeline because they all use similar POW consensus and UTXO transaction format. The project will continue to relay Ethereum and other POS chains. ChainX parachains are developed using different types of blockchain technology, combining and coordinating various functions. The ChainX founding team, renamed as the PolkaX team, is one of the 11 council members, with the other 10 council members composed of other parties. After two years, the chain will be totally owned by the community. The project is driven by a community of developers, token holders, validators, and ambassadors. MathWallet's investor list, as published on the ChainX Wallet page, includes Fenbushi Capital, Alameda Research, Binance Labs, FundamentalLabs, Multicoin Capital, NGC Ventures, Amber Group, and 6Eagle Capital.

How to mine ChainX?

ChainX does not conduct an ICO or pre-mining. Users who want to own PCX can only mine or stake. Mining is conducted by locking a certain amount of BTC, and users can also own PCX tokens by buying directly from supported exchanges. The mining income of ChainX is split into four different parts: the founding team, the Treasury, PCX mining users, and inter-chain asset mining. The assets such as BTC and ETH that users deposit through the inter-chain bridge automatically convert to their PCX value according to the daily average price, and ChainX issues new PCX according to the total market value of users' assets. The PCX that users mine can be used to pay for miner's fees and validator's deposits, vote for validators, and act as an intermediate currency for trading some minority assets. The token undergoes halving every two years, similar to Bitcoin.

How to keep your ChainX Coin safe?

Users can store acquired PCX on personal wallets. MathWallet offers a ChainX Wallet and PCX Wallet, enabling token storage of over 100 chains including BTC, ETH, Polkadot, Filecoin, Solana, BSC, and Cosmos, and supports cross-chain token bridges and a multi-chain dApp store. The ChainX Wallet application is available on PC and will soon be available on iOS and Android. Ledger Nano S is also supported for storing PCX. As with any investment in the crypto space, it is crucial to conduct thorough research to understand the risks and potential of projects like ChainX. Users should ensure they use compatible wallets and follow best practices for private key management and transaction verification.