What is ChainX and How to Stake PCX
What is ChainX?
I highly advise you to read the whitepaper to fully understand, but I’ll try to give a small summary below.
ChainX is a community-driven project built on the next-generation blockchain framework substrate, the largest Layer-2 network of Bitcoin using the Light-client protocol with smart contract support, will evolve into the Polkadot network as a secondary relay chain in the future.
Its economic system is similar to bitcoin, where it’s total amount will be capped at 21 million and it’s reward halved every 2 years. Mining is done by Asset (BTC ETH FIL etc.+) and PCX staking. Holding an X-Asset like X-BTC, mines PCX which can be used for transaction fees.
ChainX adopted the light client inter-chain technology. Asset crossing chains is a process in which a user locks the asset in the original chain, maps asset onto the target chain where withdrawal is available, and finally unlocks the asset in the original chain.
Assets do not disappear in the original chain, but instead are transferred to the decentralized trust of Light Node Protocol, or to a centralized trust managed by an individual or individuals.
How to stake
Staking PCX is done through a signer + DApp combo, which can be found here: https://dapps.chainx.org/
You can change the language in the bottom right.
1. Download the Signer
In the top right, download the signer and install it on your desktop.
2. Make a Wallet
Open and click on New Account. Save your Mnemonic and choose a name and password.
3. Sync the signer with the Dapps
Go back to https://dapps.chainx.org/ and sync your signer as show in the picture below.
4. Vote on a Node
After depositing PCX from your exchange of choice navigate to “Staking” and find the node with the red panda called ExxiBox. Click on Vote and delegate your PCX (Leave about 0.01 PCX for transaction fees).
Use your signer to ‘sign’ the transaction with your password. There’s no difference in rewards between nodes and the PCX remains in your possession, but it does give me a little kickback if you decide to delegate your PCX to me.
Note: Memo is a message you can add to the transaction, feel free to add anything or leave it blank.
5. Claim your interest
Your interest can be collected in the top right, using the ‘claim’ button. I suggest you claim and re-stake this daily for compound interest, but that’s completely up to you.
That’s it, welcome to ChainX!
Alternatively there’s a mobile wallet called MathWallet you can use instead. I’ve written a guide for it here:
https://medium.com/@Exxibition/mathwallet-and-mobile-pcx-staking
Available Exchanges
Taken from CoinGecko there’s three exchanges that currently list PCX.
They are pretty much the same so pick the one you like most. The only difference is MXC has a much higher volume.
Additional Info
- Official website: https://chainx.org
- Wiki: https://github.com/chainx-org/ChainX/wiki
- Twitter: https://twitter.com/chainx_org
- Medium: https://medium.com/@chainx_org
- Telegram: https://t.me/chainx_org
- White paper: https://chainx-static.oss-cn-hangzhou.aliyuncs.com/chainx_en.pdf
- Reward Calculator: http://Exxibox.com