Web3 Foundation is excited to announce ChainX’s contribution to Polkadot and the Web 3.0 community. ChainX is an inter-chain crypto-asset financial blockchain that will become a Polkadot parachain when the platform launches Q3 2019. ChainX is one of the first blockchains built on Substrate, a framework that makes it easy to build upgradable, efficient and innovative blockchains. Substrate chains can easily be integrated into the Polkadot network at genesis.
This collaboration is unique in that includes a commitment to community and technology. Commenting on ChainX’s utility, W3F Executive Director Peter Czaban writes, “We are excited about ChainX’s commitment to integrating with Polkadot and allowing assets from multiple interesting chains to be held in a single portfolio.”
As a leading member in the Chinese community, ChainX’s core developer, Lipeng Yue, was the first person in China to translate the Polkadot paper into Mandarin. Lipeng is also a Polkadot community organizer in China and has spoken at and helped organize a number of Polkadot meetups in Hangzhou with CryptoGeek and in Shanghai. Lipeng is presenting ChainX at an upcoming meetup in Beijing 6 December.
ChainX’s core developer Shiqing Guo said: “Not every blockchain start-up team should be building modules from scratch. Substrate and Polkadot are pretty promising in that a lot of this work is done for you for free. ChainX will also achieve higher security due to Polkadot’s pooled security. ChainX will route our mapped assets (BTC, ZEC, ETH, ERC20, ERC721, ADA etc.) into other parachains via Polkadot Relay Chain. At the same time, the original assets of the Relay Chain and other parachains can also be routed to ChainX to enjoy various crypto-asset financial services.”
ChainX’s core developer Guanghua Guo said: “In order to meet the needs of fully decentralized cross-chain transactions, a new chain embracing the light client of existing blockchains is inevitable. Low-level language Solidity as well as other blockchain script language are obviously not suitable for the increasingly complicated on-chain logic. Aside from the basic modules of blockchain (p2p network, consensus, RPC, storage etc.), we also need a more powerful high-level language with crypto development library support. Substrate just solves our problem perfectly, the design of which is inherently flexible and extensible. With Substrate, we can directly extend its Runtime modules by using high-level languages like Rust to implement light clients in WASM environment and obtain system’s native execution performance at the same time. Substrate has the most advanced tech stack and the most reusable components of any developer framework, including libp2p, PBFT, Aurand, GRANDPA finality, economics, and governance. It’s novel light client design will definitely help us shift to multi-chain architecture when the performance of a single chain reaches capacity. It will be much easier to implement cross-chain communication with our chains in the future.”
About Web3 Foundation
The Web3 Foundation is a Swiss foundation fostering and shepherding the cryptographically-enabled protocols that safeguard decentralization and enable the vision of Web 3.0. The Web3 Foundation employs researchers who research novel cryptographic methods and funds teams developing bleeding-edge software protocols. W3F’s primary project is the Polkadot project, but they also help set standards and help to organise teams, both online and offline, to better coordinate with each other and document progress, including workshops, meetups, and the annual Web3 Summit.
ChainX is an inter-chain crypto-asset financial blockchain in Web3-Polkadot ecology. ChainX has completed the development of BTC bridge and DEX, and we can expect BCH, LTC, ZEC bridge will be done soon because they all use similar POW consensus and UTXO transaction format. ChainX will launch at Q4 2018 and will continue to relay Ethereum and other POS chains.