Some may describe blockchains as one of the best things to happen in the last decade because of their contribution to DeFi. Decentralized finance has boomed due to the blockchain technology being the underlying system for cryptocurrencies and DeFi solutions. However, the decentralized nature of blockchains comes with several benefits and some disadvantages tied to scalability.
ChainX is a solution built on Substrate to be a layer 2 solution for Bitcoin, a digital asset gateway powered by Bitcoin, and to become Polkadot’s second relay chain. ChainX will help with the scalability of the Bitcoin Network, achieving record transaction speed without compromising network security.
Layer 2 solutions act as an extension of the network improvisation speed without chaining the network mechanism. ChainX is also a digital asset gateway allowing users to deposit Bitcoin, transfer it to X-BTC, and can be traded with other assets across other blockchains.
The ChainX has a native token called PCX, which powers the network. The price of PCX is $6.42, making a 15% increase in the last 24 hours. ChainX was built on Substrate and has all the support of Polkadot to thrive in the market.
The network, which hasn’t fully launched, is already taking the market by storm. PCX reached an all-time high of $17.57 on March 29th, and it is currently just a shadow of its former self.
However, the coin still fell below the $3 mark to trade at $2.96 on July 8th and eventually $2.47 on July 21st. While it may look like PCX is struggling in the market, by the start of the year, the coin was below $3, meaning it has made nearly a 300% rise this year. The bad days for PCX seem to be in the past as it looks set to finish the year strongly.
Recent Developments and Future Events
As a protocol that is meant to transform how people relate with Bitcoin and act as a second relay chain for Polkadot, it has to develop its mechanism ahead of others.
ChainX has completed its Bitcoin bridge with the ZEC and LTC bridges also set to be completed. The ultimate aim is to build a unique system with top-notch interoperability acting as a platform that connects different chains.
ChainX has launched Commonwealth, its governance forum. The platform launched on September 1st and will be used to discuss, fund, and map out future projects developed by the community. This will aid the community development of the network.
ChainX has also partnered with Common Protocol for on-chain governance. The partnership, which was announced last month, will bring about community governance. Common Protocol makes it possible for polls to be held on topics for the growth of protocols. It also creates a system for the creation of proposals by the community.
ChainX is currently working on its Filecoin bridge, which is expected to be released soon. This is important to the network because Filecoin may soon connect all blockchain networks as storage problems are completely solved by its technology.
The total supply of the token stands at 21,000,000. 50 PCX are distributed as rewards in the initial round, while 25 PCX are distributed in the second round. The bulk of the issuance goes to the community, as the development team only gets 10%.
ChainX makes mining more community-based by adopting the “one asset one vote” mining model and is highly incentivized for miners. The total income distribution gives 20% to the team, 16% to the treasury, 57.6% to PCX mining, and 6.4% to interchain mining.
On social media, the DailyCoin team has found lots of traction around the ChainX network.
Twitter user @wendallLambo gave his predictions for ChainX;
Another user, @shitcoinsniper, expects PCX to hit $50 soon. He wrote:
Interchain connection is the future of blockchains. It is better for assets to be connected easily among multiple chains than to stand alone. Polkadot has always aided this connection of networks, and the creation of ChainX makes this even more possible.