All about GSX Token System
We have recently embraced the arrival of Professor Eric Maskin to our team as new Chief Economic Advisor. Mr Maskin is well-known as the Nobel laureate for Economics and one of the most accomplished economists in the world, and we are more than confident that his expertise and wisdom will contribute greatly to the economy related aspects of X Genomics, especially the ecosystem.
The ecosystem X Genomics aims to build is a global-level service platform for sharing big human genetic data through the use of blockchain, where genome-conscious individuals and interested organizastions such as genome sequencing institutions or schools with research purpose can all participate, get what they need and be rewarded for their contributions to the system. And one of the key elements that allows things work smoothly is the token system, which is what we’re going to talk about today.
GSX is the token of the X Genomics blockchain, an equity certificate on the X Genomics ecological chain, and an economic means of X Genomics ecosystem. GSX’s main role is to provide liquidity for digital asset transactions on applications, which are built based on X Genomics, and to help with transactions on X Genomics ecosystem. For example, if you are a user of X Genomics who has uploaded genome information to the system, once your data is used, tokens will then be assigned to you automatically. As for research institutions, they will obtain tokens if they make great progress on the research based on big genetic data. More so, if other groups such as medical institutions or scientists want to use the X Genomics’ data to help with their research, they’ll also need to use GSX tokens.
As for the tech part, the system utilizes blockchain to avoid the biggest issues of any previous payment system — privacy and security, as anonymity and traceability are rooting in the nature of this amazing technology.
Both blockchain technology and genome sequencing are relatively new advents compared to many and it is quite normal that people might be holding second thoughts about them, yet as a team devoted to combine them together into something great, as well as a team comprised of top talents who know their business, we are positive that they are the future — at least a pretty big part of it.
Let’s close with a quote from Mr. Maskin at the 2018 Global Technology Finance (China-Shenzhen) Summit as a noted guest: “Some applications of blockchain technology are great. It really changed our lives. Anonymity is a new step in our new era. It hasn’t been done in the past few hundred years.”
For more information on X Genomics:
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