The wave of the blockchain industry has encompassed a lot many countries throughout the world. However, it is not devoid of challenges. One major one being transference, storage, and management of private data. Crypto users do not own their data. As a result, their data and other information can be accessed by anybody.
GXChain’s driving principle is to provide a full-proof solution to such demanding disadvantages. It strives to evolve as a reliable public blockchain that offers decentralized data exchange solutions, whereby users can have complete control over their data and manage them on their own.
- Ensures privacy protection, fraud protection, and anonymity support.
- Supports development and issuance of users’ own digital assets.
- Handles 10000-100000 transactions per second, with 3 seconds blocktime.
- Allows data transaction and exchange data in any ecosystem. Currently, it offers solutions to enterprises like insurance,
automotive, medical, and logistics.
- Data can be accessed only through a private key, securely generated and given to users.
- Secures data with G-ID (an ID verification system).
- Does not require a hard fork like most other chains.
The GXChain Technology
GXChain has developed a decentralized mobile app Blockcity. Blockcity deals with personal data sharing and management, as well as credit verification. It offers users rewards in the form of CXS tokens once they validate their identity and information. It does not cache personal data, thus offering its customers complete privacy. Blockcity has over 1 million verified users.
Delegate proof-of-stake (DPoS)
GXChain employs delegate proof-of-stake (DPoS) which requires coin holders to vote for ‘delegate,’ who are then manage the blockchain by authenticating transactions. Stakeholders can also designate witnesses, which are responsible and rewarded for generating new blocks.
Proof of credit share (PoCS)
GXChain also employs proof of credit share (PoCS) to tackle the discrepancy of data exchange between big and small enterprises. Once the data exchange is complete, the PoCS score of each member of the alliance is calculated. The score is later allocated to the transaction fee.
This implies that the PoCS score is based on transaction regularity. And the transaction fee depends significantly on the PoCS score. Members with lower PoCS score will have to incur higher transaction fee compared to members with the higher score, and vice-versa.
In addition to these development applications, GXChain also supports other development applications like smart contracts, blockchain as a service (BaaS), swift login, KYC, ID verification, DES, Cli-API, Statistical Analysis API, and Blockchain Explorer API.