FAQ on DMC to DMCX
We’re thrilled to announce the launch of the DMC Cross-Chain Bridge test! Our newly designed bridge seamlessly converts data storage capabilities from DMC’s original Layer 1 to X Layer, empowering users with advanced multi-eco data management. X Layer’s infrastructure, built with DMC, connects storage providers and data consumers more closely than ever.
Join us in testing this groundbreaking feature and explore enhanced data management capabilities while continuing to benefit from DMC’s original Layer 1. Below is the frequently asked questions to help you understand DMC to DMCX.
1. What is $DMCX (the token of DMC2.0)?
$DMCX is a standard ERC20 token issued on X Layer (an ETH Layer 2 built by OKX). $DMCX can be transferred to the ETH main-net through the L2<->L1 bridge of X Layer, allowing it to be used within the entire ETH ecosystem. The main contract of $DMCX is deployed on L2, and transaction fees are paid using $OKB, which is much cheaper than on L1.
2. The relationship between $DMCX and $DMC?
Datamall Chain is based on the core logic of storage mining. It obtains effective space through staking, stores data, and submits storage proofs to gain effective storage power. Based on the growth of the total storage power of the current chain, miners can receive power rewards. DMC (1.0) uses PST as the staking coin, while DMC 2.0 uses GWT as the staking coin.Both are part of a whole. $DMC is the preliminary test coin for a native datamallchain, issued on centralized exchanges (Gateio, LBank, Bitmart). $DMCX, as the officially optimized coin, is the token for DMC 2.0, initially issued on X Layer and planned to be issued on all EVM-compatible chains. To expand more ecosystem applications, the DMC project will build numerous cross-chain bridges with partners.
3. What upgrades does DMC2.0 have over DMC (1.0)?
a. Introduction of New Features DMC2.0 is not just an upgraded version of DMC1.0, but a new type of decentralized storage solution aimed at enhancing user data security and privacy protection. Through the innovative ERC 7585 consensus mechanism and smart contract technology, DMC2.0 provides more efficient storage and retrieval services.
b. Ecosystem Integration DMC2.0 will be deeply integrated with the existing Web3 infrastructure, enhancing interoperability with other decentralized applications. It supports a multi-chain ecosystem, promoting the use and adoption of DMC2.0 across a broader blockchain network.
c. Community and Governance A community governance mechanism is introduced, allowing users to participate in the development and decision-making of DMC2.0. By developing a voting governance website, it keeps pace with storage providers, enhances consensus, and becomes more open. Additionally, DMC2.0 incentivizes community members to actively participate in network construction and maintenance through dividend and reward mechanisms.
4. How to get $DMCX ?
Here are a couple of ways to get $DMCX:
4.1 Obtain $DMCX on OKX wallet, please choose X-layer as selecting the network
4.2 Convert $DMC to $DMCX via the cross-chain bridge https://crosschain.dmctech.io/#/Home. Please refer to Question 6 on step-by-step procedure.
4.3 Mine $DMCX on Foggie Max IO
a. Register Device: Obtain and register your Foggie Max IO device. Foggie Max is available on shop.fogworks.io;
b. After setting up Foggie Max IO, please ensure its connection to DMC2.0
software as directed here:
https://fog-works.gitbook.io/foggie-max-io-user-manual.
c. Start mining $DMCX by providing storage space. If you run into any questions, please go to customer service on Discord: https://discord.gg/fogworks.
4.4 Stake GWT to earn rewards and convert to $DMCX
a. How to get GWT? 1) convert DMC > PST>GWT via cross-bridge at
https://crosschain.dmctech.io/#/Home
b. Join the public data mining game, and choose one of the roles to play: data publisher, data investor, and data guardian by staking the GWT to earn GWT rewards.
5. What is GWT? How does it relate to $DMCX?
GWT (GB per Week Token): A stablecoin in the DMC system representing the storage of 1GB of data for one week, with no issuance limit. It will initially launch on X Layer. Similar to USDT, it is planned to be issued on all EVM-compatible chains in the future. Numerous cross-chain bridges will be built to facilitate GWT circulation across all chains. The core logic of storage mining involves staking GWT to obtain effective space, storing data, and continuously submitting storage proofs to gain effective storage power. GWT power rewards will be given based on the total storage power of the current chain and its growth.
6. What is the cross-chain bridge procedure?
6.1 Preparations for Using Cross-Chain Bridges:
a. Install the DMC1.0 wallet plugin in Chrome browser (please make sure to
choose Chrome for smooth operation) and get a DMC1.0 wallet account.
b. Install the OKX wallet plugin in your browser and have an OKX wallet account.
6.2 Install DMCX and GWT in the OKX Wallet on Chrome Browser. Please install the plugin and follow the instructions to set up a password :
a. Scroll to the bottom of the wallet homepage and find “Manage Tokens.”
b. Search for DMCX directly and click the “+” on the right to add it.
c. In the “Manage Tokens” page, select “Custom Token.”
d. Choose X Layer and enter the contract address
e. The token information for GWT will appear; click “Confirm.”
f. Return to the homepage, scroll to the bottom, and you will find DMCX and GWT.
6.3 Log in to the cross-chain exchange website
a. follow the guide to transfer, stake, cross-chain, and exchange $DMC,
b. ultimately obtaining $DMCX.
7. What is the exchange ratio between $DMC and $DMCX on the cross-chain bridge?
The cross-chain bridge essentially involves cross-chain storage space, meaning the storage space-proof PST of DMC1.0 is exchanged for the storage space-proof GWT of DMC2.0. Since space exchange is not a one-time process, there will be a daily limit on the storage space exchange via the cross-chain bridge (the specific value will be announced by the cross-chain bridge). The exchange ratio between DMC1.0 and DMC2.0 will be announced then
8. Can all $DMC be exchanged for $DMCX in a lump sum?
The daily volume has a maximum limitation.
9. Can GWT on X-Layer convert to PST on Datamall Chain?
Sorry. Not yet.
[About Datamall Chain]
Datamall Chain is an Omni decentralized data Storage network with the DMC token serving as a utility token, aiming to incentivize real data transactions within the Web3 ecosystem. It offers a stable, reliable, and secure decentralized storage infrastructure for WEB3, enabling users to securely store and exchange data. By combining the decentralized nature of blockchain technology with the automation capabilities of smart contracts, DMC provides an innovative solution that emphasizes data ownership and trustworthy data transactions.
- BTC — DMCs, the BRC20 tokens issued by the DMC Foundation, aggregate value, and consensus through BTC and lay the foundation for BTC storage expansion.
- ETH — ERC7585, a key component of the DMC 2.0 initiative, defines MixHash and storage proofs to deliver secure and efficient decentralized data storage solutions on EVM-compatible networks.
- FIL — Foggie Max is compatible with Filecoin’s storage protocol and can run Filecoin Station.
- OKX — DMC integrating with X Layer
Website: www.dmctech.io
Twitter: www.twitter.com/datamallcoin
Discord: discord.gg//dmcoffical
DMC inscription: s.dmctech.io
