BEST Project on Polkadot (Like DOT, Love CHAINX)

interoperability is a hot topic and for good reason today's project is seeking to connect native assets to other blockchains we've seen just how hot interoperability has been between cosmos wanchain and similar projects find out what gym i'm talking about today and why this one could be a game changer let's get it bitswap is the hottest new way to trade tokens crawling all the top decentralized exchanges bizwa will get you the very best price and value for your trades bitswap is changing the game try it now at bitswapdex.com welcome to bitboy crypto the largest crypto channel in all the interwebs my name is ben every day on this channel i show you how to make money in crypto if you like money and crypto then make sure to hit that subscribe button today we are covering chainx a project we actually highlighted is one of our top three polka dot projects a few months back and it's proven to be a great pick after the success of my last video on chainx they reached out to me and asked if i would do an update video so thank you to chainx for sponsoring this video chainx seeks to make native blockchain assets interoperable with other blockchains chainx network wants to make it possible to exchange assets cross-chain in a peer-to-peer fashion the team opted for proof of stake consensus instead of proof of work to secure the network and govern it chainx actually uses a hybrid proof of stake called no lie babe and grandpa these two mechanisms within chain x handle the block generation and confirmation the babe module is responsible for block generation with new blocks being created every six seconds while the grandpa module is what handles block confirmations they say grandpa's got handles but the cross chain exchange of assets is accomplished through the use of polka dot parachains chainx is currently operating as a layer 2 relay network on the polkadot blockchain with four major modules according to the whitepaper these are number one the pcx module the module is based on the native token pcx this includes pcx staking paying fees on-chain governance distributing interchange mining rewards and backing bitcoin financial derivatives number two the dex module this enables cross-asset transactions allowing circulation of assets on different chains while minimizing transaction costs number three the inner chain module this is user assets to enter exit different chain assets including x tokens the interchange module also includes interchange transaction verification on chain mining of assets a trustee chip program and a deposit and withdrawal program for the x tokens which are non-native assets like xbtc for example of course they're not from exhibit the relay module is number four it's used for information exchange and verification between chainx and outside chains this includes a chain information update program a chain monitor program and an interchange information collection and transmission program chainx uses an alternative form mistaking referred to as asset mining which separates it from other blockchains so what is asset mining for answering that question it's important to mention how chainx works in the chainx protocol computing power is generated through votes this means users are rewarded based on the number of votes that they have a greater number of votes means greater computing power which translates to larger staking rewards chain x uses a one asset one vote model for what it calls mining it splits that into two different forms of mining these are voting mining and enter chain asset mining pcx is used as a computing power unit within voting mining is the process of staking pcx to participate in mining entertain asset mining is different and involves depositing other assets such as bitcoin or ethereum to participate in the asset mining all of these assets have computing power which is calculated based on numerous factors like fixed computing power calculation market price discount calculation and other key metrics which are described in more detail in the chainx white paper interchange assets are discounted when participating in mining the ratio in terms of mining power is adjusted through community voting chain x is a bridging and d5 solution which is aiming to bring bitcoin in a tokenized form to polka dots ecosystem through their ticker xbtc its sister network sherpa x will do the same on polka dots testnet kusama chainx will also be bridging other blockchains such as binding a smart chain polka dot and will act as a secondary relay chain to polka dot which will seamlessly support its pair chains before moving on we need to discuss xbtc and what it will be used for xbtc will be used for swaps on the polka dot ecosystem to facilitate the inability to have the real bitcoin asset on chain however xbtc will also be integrated into a college network a top-notch device app as a utility to be used as collateral for taking crypto loans it will also be used as a staking asset allowing users to stake xbtc that's not all by simply holding xbtc in your wallet you will generate a share of the pcx block rewards when you swap bitcoin for on-chain xbtc the real bitcoin will be sent to a swap vault the btc will remain locked inside the vault until you swap your xbtc back for real bitcoin finally by holding xbtc in your wallet to get pcx it essentially covers you for the transaction fee paid on the bitcoin network to do the minting this basically means you can mint bitcoin without a fee so let's jump into the staking rewards for the pcx token itself as mentioned earlier chainx is powered by the pcx coin with a supply similar to bitcoin at 21 million pci staking is currently generating 41 apy each block generates 50 pcx just like bitcoin used to generate during its initial genesis days what's more pcx also has a having event built into its code after the having event at pcx expected in june of 2021 blog rewards will instead generate 25 pcx per block but unlike bitcoin in addition some of the rewards from the team will get allocated to the community this means the having will mean that the apy will not be exactly half but will increase slightly more further if you're a holder of pcx you'll soon receive an airdrop of the sherpa x token which as i just said will be the test net version of chain x built on kusama which of course is polka dots test net after sherpa x becomes kusama's pair chain the team will route xbtc of chain x to sherpa x via spider this is our testing purposes to make sure everything works as intended before releasing the chain x main net all pcx holders will receive ksx air dropped either at a one to one ratio or almost one to one ratio with their pcx holdings this will also depend if sherpa x is utilized as a pair chain to kusama before or after the having event which is due in june 2021.

Chainx is also working on a solution to support polka dots pair of chains to share that network load and will act as a secondary relay chain similar to a secondary parent chain to polka dot i know this is confusing but if you think of building a lego castle you need every building block to perfectly fit to finish the castle but let's pretend that your castle had to be built with only red blocks and these blocks had different grooves so they couldn't easily connect to each other chainx is one of the foundational building blocks which allow for another block to be put on top of it this next block acts as the secondary relay chain allowing chainx to take some network weight off of the overall polka dot network to further understand chainx's purpose of supporting polka dots parrot chains you have to know a little technical details about how polka dot works now without getting too technical on the polka dot network all the pair chains are children of a parent chain called the relay chain relay chains contain some representation of a global state of all the pair chains combined the relay chain has its own consensus algorithm called grandpa consensus not to be confused with chainx's grandpa consensus also not to be confused with my grandpa grandpa helps to finalize blocks on the pair of chains on polka dot for more on the good old grandpa consensus make sure to watch my deep dive into polka dot which you can click above to get to so chain x is seeking to support polka dots pair of chains and we'll do this by acting as a secondary layer relay chain which will serve similarly to a secondary parent chain to the polka dot network pcx can be currently purchased on cue coin and mxc and the team is working to get it added to more exchanges as fast as possible if you're further interested in chainx or have any questions you can check out their telegram group at t dot me chain x underscore org you can also follow the project's progress on medium let me know what you guys think about chainx down below in the comments that's all i got be blessed boy out

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