The Third Round is Here! GXChain2.0: Reconstruction and Free!
Since version 1.0 of the GXChain main chain went online on 2017–06–10 21:52:26, we have jointly witnessed its safe operation for 1,172 days, carrying 95.94 million transactions and 1.267 million on-chain accounts. Looking back from the point of time, it is precisely because of every persistence that we have the solid cornerstone of GXChain, and it is also because of your colleagues that we will feel sincerely gratified!
Finally, its historical mission has been completed, and we are about to usher in GXChain2.0!
In GXChain 2.0, we refactored and optimized the economic model from the bottom of the code, and “free” will soon become its core.
Looking back at the development of the public chain, the public chain represented by Ethereum is carrying DeFi, and the “overload” of the blockchain ecology has also become a new normal, with high handling fees and long transfer times. , Are exploring the “new bottlenecks” of the public chain ecology and economic model time and time again.
GXChain2.0 was born from this, “free”-the core concept of GXChain2.0, will also embrace the new chapter of the next generation with its brand-new attitude. Looking ahead, the needs of developers and users that are currently overflowing in other public chain ecosystems such as Ethereum will not become redundant in the crowded and limited existing public chain, but will continue to burst into existence on GXChain Constant new energy.
The first two keywords brought about the launch of individual agreements, but this time, it was a complete upgrade of the main chain. The key words of the third wave are around the new GXChain2.0:
Reconstructing public chain economic model with DeFi
Use DeFi for free
The purpose of refactoring is not only to optimize functions and user experience. As a technical team who has been deeply involved in the blockchain field for many years, refactoring is also for our better ideals:
-Let GXC become a more valuable and supported digital asset
-Build an infrastructure that can better support the data economy
-Build a decentralized digital financial center (DeFi Center)
GXChain2.0 is a comprehensive reconstruction and optimization of GXChain from the underlying code to the economic model, including:
-Restructure the distribution of distributed ledgers and computing resources
-Build an economic model based on “free”
-Implement a built-in value exchange protocol
-Reconstruct the node selection, block generation randomness, irreversible mechanism and penalty mechanism of DPoS consensus
How to reconstruct the public chain economic model with DeFi?
For the PoS public chain, the economic model is not only about security and stability, but also has a profound impact on the sustainable development and development boundaries of the entire ecology. A good economic model can provide a benign blood circulation system for the public chain, keep the public chain alive for a long time, and make the core assets of the main chain become hard currency in the ecology.
Stake is the most common and core form of DeFi. For example, the liquidity mining of Yam and YFI is Stake’s other tokens to obtain the output income of platform tokens. GXChain 2.0 is a new generation of blockchain based on the PoS consensus mechanism, and all rights and interests will be obtained through staking. Specifically, it includes the following aspects:
-Staking is eligible for block production
-Staking votes to earn interest
-Staking gets the right to send transactions for free
-Staking for free computing resources
-Staking to obtain synthetic stablecoins
-Staking becomes a cross-chain collaboration node
-Staking becomes a trusted oracle data node
How to use DeFi for free?
Ethereum has been criticized for its high fees. The high fees have greatly increased the cost of users participating in DeFi, which will crowd out most ordinary users and increase the capital threshold for user participation. The first principle of GXChain2.0 design is “free”, that is, GXChain2.0 is a blockchain infrastructure with zero friction for transactions. “Free” includes but is not limited to:
-Create an account for free
-Send transactions for free
-GXC holders get more rights for free
Free means that GXChain 2.0 minimizes transaction friction, which can greatly reduce the capital threshold for users to participate in transactions, and also greatly reduce user transaction costs and developers’ use costs, which will attract more fresh blood to GXChain . It’s like a highway once it is free of charge, there will be a surge in traffic.
In addition, GXChain 2.0 will also include a series of refactorings of the infrastructure maintained by the official team:
-A brand new block explorer
-A series of GXChain wallets with better experience: web wallets, mobile wallets, browser plug-ins
-Rebuilt multilingual SDK
-Detailed technical documentation
The reconstruction of GXChain2.0 from the bottom is a huge project. We will announce the technical roadmap and timetable one after another, and strive to go online as soon as possible.
Thanks to the programmers for their hard work day and night, the cross-chain (GXC-Relay) and the first phase of the oracle (GXC-Oracle) announced in our first wave of keywords have been developed ahead of schedule and are being audited by three security companies at the same time. The first version of GXC-Oracle will provide GXC-Relay with cross-chain data services, which will be earlier than the previously announced date and will be launched simultaneously with GXC-Relay.
GXChain 2.0 is coming, let us look forward to the changes it brings to us. And in this era that needs to run and grow, the new vision in GXChain 2.0’s mind will truly inspire his courage to embrace the world. This road may not be enough to fight the stars and the tides ebb and flow, but we believe that the purest focus on love This is what we always insist on!
Come on, witness a brand new beginning with us-GXChain 2.0 is here!