With a growing online global user-base, one of blockchain’s biggest challenges is the effective storage and transfer of personal data. Blockchain project, GXChain (GXS), is here to put an end to all you personal-data-management worries.
This exciting blockchain project allows users to manage their digital data while giving them complete control over it. GXChain has an absolute no-compromise policy over the security of users’ data on the blockchain. It does this by allowing users to manage their data using a private key.
The GXChain data marketplace provides additional incentives and features like privacy protection, fraud protection, and anonymity support.
However, the interesting thing is that the GXChain blockchain project is not specific to any particular application or industry. Rather, it spans across a wide spectrum of the industry like insurance, automotive, medical, and logistics fields.
The Working of GXChain Blockchain Network
GXChain is quite similar to Ethereum as it supports the issuance of new digital assets. The platform also supports other development applications like smart contracts, blockchain as a service (BaaS), swift login, KYC , ID verification, and multi-dimensional data.
GXChain incorporates a delegated Proof-of-Stake (PoS) consensus model. This model gives token holders the right to vote for their delegates. The delegates, in turn, will be responsible for validating transactions and maintaining the blockchain. This model also allows token holders of other blockchain participants, whom they trust.
The GXChain blockchain comes with the flexibility of horizontal expansion. That means it has the flexibility to scale and accommodate a higher number of transactions without undergoing any hard fork. Moreover, it also offers the flexibility to change the block size, block time, and transactions per block, through a voting process.
The GXS Tokens
Just like ETH tokens are used as gas on the Ethereum network, GXS tokens are the fuel to develop and validate applications on the GXChain. The total supply of GXS tokens is 100 million while its circulation supply stands at 60 million.
However, to purchase GXS tokens, users need to install a GXS-compatible wallet on their device. The GXS team has developed a dedicated wallet for each of the computing platforms like Macintosh, Windows, and Linux. It also has wallet support for Android and iOS. Users can download the wallet from the official website.
According to data aggregator website CoinMarketCap, the GXS token is currently trading at $1.36 with a market cap of $81,804,395 USD.
The Blockcity App
The GXChain platform has got its own decentralized application (DApp), Blockcity. A kickass feature of the DApp is that it incentivizes users to receive rewards in the form of GXS tokens for sharing their data.
Moreover, the application also provides similar privacy and data-protection like the GXChain platform. The Blockcity decentralized application is a big hit with more than 2 million verified users.
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