Chinese blockchain player, GXChain (GXS), has carried out a major update of its underlying platform. The new changes under Whitepaper 3.0 seek to make it easy for millions of people and organizations to participate in its ecosystem.
GXChain (GXS) Update
Dubbed as Trusted Data Internet of Value, the update details changes in governance and technical structure. Likewise, users will experience changes in application scenarios as well as business models. The changes are geared towards transforming the project into a more decentralized autonomous organization.
Thanks to the new updates, GXChain should find multiple use cases. Its full-scale advantages, ranging from high performance to scalability, makes it stand out as a blockchain project. The ecosystem also comes with a massive data support and a developer-friendly environment.
Updates to governance and consensus are the biggest changes in the GXChain public blockchain ecosystem. Consequently, the blockchain ecosystem will combine on-chain and off-chain governance. By doing so, the ecosystem will put people and computational code at the center of the governance system.
On-chain governance comes with a Committee and TrustNodes. The Committee comes with 11 members all of whom must vote for any changes on the GXChain blockchain. The TrustNodes, on the other hand, comes with 21 members tasked with transaction verification. TrustNodes members will also help in the production and broadcast of new blocks.
The company has also established a GXChain Foundation through off-chain. Registered in Singapore, the foundation will operate as a nonprofit organization. Its main work is to take care of decision-making as well as research & development and global marketing. The foundation will also oversee fund management among other operations.
The released whitepaper details the qualifications as well as credentials that one must have to be a Committee, TrustNode or GXChain Foundation Member. Likewise, there is a clear-cut outline of election and dismissal of Committee members.
The unveiling of the Whitepaper 3.0 comes just days after the data-centric public blockchain inked a strategic partnership with Tuple. The two intend to work together to support the growth of the peer-to-peer data economy beyond China. Tuple and GXChain plan to target customers in the UK with blockchain data products.
“The team brings deep sector experience in the data and blockchain industry, and we are working closely together to launch Data Trading Services in 2019 – a solution with a number of exciting use-cases from the pharmaceutical sector and healthcare, to credit checking and digital identity,” said MQ Huang, Founder of GXChain.
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