GXChain (GXS) Review: Building Data Economy Ecosystem
It’s really difficult to fathom that there’s a blockchain project that’s doing really well regardless of this year’s very volatile crypto market with lots of downturns and unexpected situations. However, such a project exists, and it goes by the name of GXChain.
GXChain is an exciting blockchain project that was developed to support the storage and exchange of personal data. In short, GXChain allows users to generate profits by monetizing their data digitally, all while having complete control over it. By putting the data of users on a blockchain, it provides them with the possibility of managing data with the help of a private key.
What’s most impressive about this platform is the fact that it provides data exchange solutions for a plethora of institutions such as government institutions and various industry corporations from the automotive, insurance, medical, and logistics fields.
The Blockcity app
To accomplish these impressive goals, the team behind GXChain has created a dApp called Blockcity. This mobile app encourages and enables users to market their data in exchange for GXS tokens, in short, to share data and receive incentives. Since there’s no caching of user data, the platform boasts an impressive inclination to privacy protection. The application proved itself so successful that it has currently more than 2 million verified users.
The decentralized data marketplace
The GXChain data marketplace aims to be a valid alternative to traditional data transfer. It provides users with numerous advantages such as fraud protection, privacy protection, and anonymity support, all thanks to its decentralized design. Up until now, the decentralized data marketplace was a big success, bringing over $10 million in revenue.
The components behind the GXChain network
GXChain has support for a broad range of development applications, including support for multi-dimensional data, KYC and ID verifications, swift login, smart contracts, and blockchain as a service (BaaS). In various ways, GXChain is fairly similar to Ethereum since it has support for the issuance of new assets or tokens.
Another noteworthy aspect of the network is the fact that it currently supports up to 100,000 TPS. One of the main advantages of this blockchain platform is the fact that it can expand horizontally, meaning that it can scale effectively in order to accommodate a higher number of transactions and users without requiring hard forking.
The blockchain can also change the blocktime, the blocksize, and the transaction fees through a voting system. Even more important is the fact that users and companies can create their own digital assets.
Unlike the typical Proof of state model (PoS), where miners validate transactions, GXChain offers delegate proof of state (DPoS). This model requires coin holders to vote for “delegates” who are, in turn, responsible for validating transactions and maintain the blockchain. As expected, these witnesses are rewarded with GXS coins.
The GXS token
The GXS token is the system’s fuel, and it is used to develop and validate applications. An interesting aspect regarding the GXS token is the fact that the team promised to buy back part of the GXS tokens and burn them. There will be a total supply of 100,000,000 GXS tokens, and currently, there is a circulating supply of 60,000,000 GXS.
The token had seen better times as it used to trade well above the $5 mark when it was released in June 2017. After a quick rebound in August, the token continued its descent and had since then traded between $1 and $2.
According to CoinMarketCap, the GXS token is ranked 80th, currently trading at $1.23 with a total market cap of $73,701,196.
Purchasing GXS requires users to first have a GXS-compatible wallet installed on their machines. The team behind the project has created an online wallet and various wallets for Windows, Mac, and Linux, as well as for Android and iOS. The wallets are available for download on the project’s official website.
With a fair share of noteworthy achievements under its belt (including the fact that more than 1 billion Chinese people have already started using CXChain), it seems that this blockchain project isn’t going anywhere soon.
GXChain aims to expand until it becomes an even more valuable asset for financial and banking institutions by creating a powerful and trustworthy data exchange network.