#Mainnet | REI Network Mainnet is Launching in 24 Hours!
Dear community,
REI Network (REI) mainnet will be launched on Dec 30, 2021! REI Network is not a new project. It is an innovation and upgrades made by GXChain to adapt to the trend of the blockchain. It is an EVM-compatible, lightweight, and free public chain that adopts the DPoS+BFT consensus mechanism. REI Network released the REIcosystem 150 Million $REI Grants on December 20 to expand its efforts to support more decentralized projects on REI Network in the future. Now REI Network mainnet is open for the observation period. For more information, please refer to the official website: rei.network
The REI Network mainnet will be officially launched on December 30, 2021, according to the roadmap, as well as the mainnet observation period and $1.5 million Bug Bounty Program. Community developers, users, and ecosystem builders could participate in the program to look for bugs or build applications on the mainnet. The REI Network mainnet launch includes full compatibility with Ethereum, consensus mechanism upgrade, the introduction of node election functions, and optimization of some functional details.
After the mainnet observation period is over, we will implement the token split plan. On the basis of keeping the total market value of GXC tokens unchanged, the total issuance is adjusted from 100 million to 1 billion, and the split ratio is 1:10. The new token after the split is REI, and the old token name is GXC.
The new token REI will be applied to the REIcosystem after the mainnet launched. The main application scenarios include:
1. REI Network super node election;
2. Participate in network validation of REI Network;
3. Staking to obtain free on-chain resources;
4. Participate in REI Network community governance;
5. Paid as GAS as the native token of REI Network;
6. Paid as REIcosystem growth fund.
After the REI Network, mainnet observation period is over, $REI and $GXC will co-exist for a period of time. The exchange contract between $REI and $GXC will remain valid for at least half a year, during which users can swap at any time; REI Network Foundation has reached a cooperation with crypto exchanges supporting $GXC token spilt and these crypto exchanges will automatically split tokens at the end of the mainnet observation period.
The Background of Rebrand & Split
GXChain was founded in 2016. After three years of development, GXChain 1.0 introduced the WASM virtual machine on graphene, supported mainstream programming languages to write smart contracts, and realized the right to vote in the DPoS election mechanism. GXChain has won support from community users and fulfilled its historical mission. Since 2019, the boom of DeFi has given GXChain another chance. To keep pace with the trend of the blockchain and provide community users with a public chain with better performance and lower cost, GXChain Foundation decided to upgrade itself to REI Network while maintaining the advantages of GXChain itself after a governance proposal voting (https://proposal.gxchain.org/#/).
In addition to refactoring GXChain on the code construction, endowing it with new meaning “REImagine, REInspire, REImpact, REInventing” to its brand, and more importantly, all of the foundation’s GXC token will be used for the development of the on-chain ecosystem, which is not only conducive to the prosperity of the on-chain ecosystem but also conducive to the power concentrated in the community. However, in the current application scenario, the limitation of the total issuance of GXC tokens restricts subsequent token circulation, the issuance of ecosystem funds, and the use of tokens. The split of the GXC token is imminent.
Information for Token Split
In this token split plan, on the basis of keeping the total market value of GXC tokens unchanged, the total issuance will be adjusted from 100 million to 1 billion, and the split ratio is 1:10. At the same time, the token name is changed from GXC (GXS ) to REI.
Time for splitting: when the REI Network mainnet observation period ends.
Tips
GXC will be renamed and split after the REI Network mainnet observation period is over. Please pay attention to official news, and exchange the token by the official converter, and be wary of scams!
Join the GXChain Community
GXChain 2.0 is an EVM-compatible public blockchain. As an Ethereum para chain, it owns the features of lightweight, free and dev-friendly. GXChain 2.0 is to effectively solve the current high cost and low-efficiency problems of public chains. Therefore, GXChain can achieve free, low-cost development, and rapid migration of applications, and can be shared and symbiotic with the EVM ecosystem, also supporting the development of Defi, GameFi, and NFT.
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