GXChain’s native GXS token has climbed over the last week by a market cap total of nearly $20 million. It’s up 13% in the last 24 hours alone and now ranks 65th.
This rise follows the platform’s updated white paper.
Gongxinbao, or GXChain, is a Chinese startup that began in September of 2017. It’s a platform for storing, exchanging, and protecting data through blockchain technology. It uses the delegated proof of stake model to allow users’ transparency and control of data. Additionally, it is built on a decentralized model, but also contains its own technology for validating people’s identities. Like other proof of stake systems, such as the Ethereum (ETH) network, GXChain is fast and low-cost.
GXChain is part of an important trend of exploring the uses of blockchain outside of digital currency alone
It’s a way to connect customers, developers, and businesses, allowing them to exchange information securely. Like many other companies inspired by Ethereum (ETH), GXChain envisions an ecosystem with a native token. This token must be able to accrue value based on user-base and proven reliability over time.
GXChain validates each user based on collected information about them, including credit and overall financial standing. However, the company guarantees that they do not store or cache the information once they complete authentication.
Furthermore, GXChain rewards those who use the system more frequently. They’ve developed their own algorithm they call Proof of Credit Share. Basically, each person on the network is assigned a score based on how often they make transactions. A higher score will calculate a lower transaction fee.
The white paper doesn’t mark a big change as much as a continued journey ahead
The changes are fairly general. Much of it is version updates and improvements to their network security and performance. One more notable update will be v2.0 of GXChain itself in 2019. This new version aims to be more developer friendly, and to grow the user base.
And recently, the Chinese government rated it very highly in their cryptocurrency report. The investigators spoke of its “trustworthiness” as well as “performance advantages”.
Moreover, the updated white paper doesn’t change the core operation and vision of GXChain. It provides a reminder that they are continuing to research and develop, and they wish to reach an ever wider audience. Many speculators have clearly identified it as one to watch.
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